The world number No.3 was fined $40,000 ($A55,000) and forfeited more than $31,000 ($A42,000) in prize money and all rankings points he earned from singles and doubles action at the Abierto Mexicano tournament.
After a review, the ATP issued an additional fine of $25,000 ($A34,000) and an eight-week ban from any ATP-sanctioned event but suspended those provided that over the next year, he does not incur any more fines for unsportsmanlike conduct.
"If I do that again, they have every right to ban me. It's as simple as that," Zverev told reporters before the start of the ATP Masters 1000 tournament in Indian Wells, California.
"If I do that again it means I haven't learned, right? I think everyone in life deserves a second chance, everybody makes mistakes.
"But if you repeatedly make mistakes, it means you haven't learned.
"So if that happens again, you should ban me. But I'll do everything I can to make sure it doesn't happen, not only in the next year but my whole career."
After losing in doubles at Acapulco and upset over a line call in the match, Zverev approached umpire Alessandro Germani's chair and came perilously close to hitting him as he swung at the official's stand before heading towards his courtside seat.
The 2020 US Open runner-up then approached the chair a second time and again hit it while shouting expletives.
The 24-year-old German called the incident the biggest mistake of his tennis career and said he was embarrassed to even walk around the locker room at Indian Wells.
"I can guarantee you I will never act this way again in my career. It was definitely the worst moment of my life, of my career, in general," he said.
