Fastnewsfeed

  • Home
  • Gadgets
  • Health
  • Lifestyle
  • Technology
  • companies
  • News
Menu
 Home / Finance / Which Bank Is Best For Zero Balance Account?

Which Bank Is Best For Zero Balance Account?

by Amit Bose / Finance / 28 Jul 2020

which bank is best for zero balance account

Source

With the intention of encouraging individuals to make savings as well as open a Savings Account, banks offer a zero-balance account. The idea zero-balance account is simple. It is a Savings Account, but here you do not have to keep a certain balance. Despite this, you will still get the usual services that come with a normal Savings Account. Let us know everything about the zero-balance account and also know which bank is best for zero balance account…

What Does It Mean By Zero-Balance Savings Account?

Table of Contents

  • 1 What Does It Mean By Zero-Balance Savings Account?
    • 1.1 Zero-Balance Account’s Restrictions On Withdrawing And Depositing
      • 1.1.1 Restrictions On The Number Of Deposits And Withdrawals
      • 1.1.2 Limited Number Of Transactions Allowed
      • 1.1.3 KYC To Be Completed Within 1 Year
    • 1.2 Facilities With Zero Balance Saving Account
      • 1.2.1 Easy Transaction
      • 1.2.2 No Need To Maintain Minimum Balance
      • 1.2.3 Get Free Passbook
      • 1.2.4 Interest Accrues On Deposits
      • 1.2.5 Net Banking and Mobile Banking Facility
      • 1.2.6 ATM Card Facility
    • 1.3 Know Which Bank Is Best For Zero Balance Account?

A zero-balance account is a savings account in which you do not have to keep any minimum balance. It can be opened without depositing any money and can be kept running without any balance. Since it can be opened only on zero balance and can also be opened on zero balance, hence it is called zero balance account.

Zero Balance Account facility has been implemented with a view to inculcating the habit of saving and providing general banking facilities to low-income people. “Pradhan Mantri Jan Dhan” Account is also opened as Zero Balance Account. But do you know which bank is best for a zero balance account? Let us know in this article below

Zero-Balance Account’s Restrictions On Withdrawing And Depositing

Surely, a zero-balance account is a boon for lower-class families. However, there are some restrictions on withdrawing and depositing money with a zero-balance account. So before knowing which bank is best for zero balance account, let us know the restrictions first. So, the restrictions are as follow-

Restrictions On The Number Of Deposits And Withdrawals

In a zero-balance account, normally a maximum can be deposited up to a maximum of 1 lakh rupees in a year. In that also, the balance present at any one time cannot be more than 50 thousand rupees. During any one month, no deposit or withdrawal can be made more than Rs 10,000.

Limited Number Of Transactions Allowed

With a zero balance account, you get a limited number of transactions every month. Banks generally offer withdrawals only 4 times. If you withdraw money more than this, then the bank converts your zero-balance account into a Regular Savings Account. In such a situation, some banks only charge extra fees and maintain the account as a zero-balance account.

KYC To Be Completed Within 1 Year

Zero balance accounts are valid for 1 year only. Submit their full KYC identification and address documents within 12 months is mandatory. If not doing so, that account will be closed.

Facilities With Zero Balance Saving Account

With a Zero Balance Savings Account, you get these following types of services-

Easy Transaction

Just like a savings account, you can make money transactions, recharge money, pay bills or fees, do online shopping with a Zero Balance account.

No Need To Maintain Minimum Balance

In a zero-balance savings account, you do not have to have any minimum balance. If there is no money in the account, it will not be closed nor will there be any penalty. Whereas, the penalty is levied for not maintaining minimum balance in a normal savings account.

Get Free Passbook

Like a normal savings account, a free passbook is issued with a zero-balance account. In this, all the records related to your transaction are recorded. However, passbooks are not issued with some zero balance accounts opened online.

Interest Accrues On Deposits

You get interest rates like normal savings accounts on the amount deposited in a zero balance account. This can range from 3 to 6 percent annually, depending on the individual bank. In private banks, interest rates are higher than in public banks.

Net Banking and Mobile Banking Facility

Like a normal savings account, Internet banking and mobile banking are also available with zero balance account. That is, you can do online transactions sitting at home with the help of your computer or smartphone. You can do bill payment, recharge, etc.

ATM Card Facility

You also get a Debit card with a zero-balance account. You can use this at any bank’s ATM to withdraw money, view mini statements, and also use other services. You can also pay when you shop at stores, stores, or e-commerce sites.

Know Which Bank Is Best For Zero Balance Account?

For clienteles in India who wish to open a savings account but don’t want to experience the hassle of keeping a minimum balance in their account, can opt for the zero-balance savings account. So, let us know here which bank is best for zero balance account

Top Zero Balance Savings Account

Account Name Bank Name Rate Of Interest (%)
Pratham–savings account (BSBDA) IDFC Bank 6% to 7%
Digital Savings Account RBL Bank 5% to 6.75%
Indus Small Savings Account IndusInd Bank 4% to 6%
811 Kotak Mahindra Bank 4% to 6%
Basic Savings Account Axis Bank 3.50% to 4%
Basic Savings Bank Deposit Account HDFC Bank 3.50% to 4%
Basic Savings Account ICICI Bank 3.50% to 4%
Basic Savings Bank Deposit Account State Bank of India 3% to 3.25%
Basic Banking Account Standard Chartered Bank 0.5% to 4.90%

 More Recommended Articles :-

  • Functions Of Office Manager To Know About
  • A Knowledge About Fashion Industry Waste Management
  • What Are The Impact Of The Growth Of Textile Industry In India
  • 10 Effective Ways to Save Money on a Tight Budget
  • 10 Easy Ways on how to Save Money as a Student
  • 10 Best Way To Save Money : Tips You Can Use
Which Bank Is Best For Zero Balance Account? was last modified: July 28th, 2020 by Amit Bose
Tags:which bank is best for zero balance account, Zero balance account, zero balance savings account

Related Posts

  • A complete guide on PF account A complete guide on PF account
    by Loknath 16 Nov 2022
  • Demat account SBI Know All Important Details Of Demat Account SBI
    by Amit Bose 3 Mar 2019
  • Metatrader 4- How Forex Traders Can Improve Their Trading Results
    by Loknath 12 Feb 2021
  • Tips to Get the Best Insurance Plan for Your Maruti Car
    by Loknath 14 Dec 2021

About The Author

Amit




Fastnewsfeed Copyright © 2023.
Contact Us I About Us I Disclaimer | Privacy Policy  
Manage Cookie Consent
We use cookies to optimize our website and our service.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}