One of the most important innovations in the banking sector, the Zero Balance Savings Account is indeed a valuable asset for customers. Reliable banking institutions extend the best of savings account services and facilities to their customers, be it in terms of the overall banking experience or satisfaction. So how can you describe a Zero Balance Account? It is quite simple actually; these accounts are those types of accounts which do not have a minimum balance obligation. These types of accounts are very useful to you, as you get an opportunity to save the extra income from various sources. For instance, a zero balance account can help you save up for a long due vacation, or even meet daily monthly household expenses. Moreover, boons of digital banking are further helping you to inculcate regular saving habits seamlessly. A digital bank account keeps you hassle free and makes your banking experience an enjoyable one. However, it is important to keep certain things in mind before you sign up for a digital bank account, which offers you lucrative offers on regular savings. Let’s discuss!
Conversion to a Regular Savings Account
One of the main reasons why people prefer Zero Balance Savings Account is that it is easy for customers to meet a particular amount of monthly balance. At banks like Kotak Mahindra, no penalty dues need to be paid in case there are fewer funds in the account. At the same time, if you, as a customer, maintain the Zero Balance Account for regular deposits, then there is a high probability to convert this account into a Regular Savings Account.
Majority of banks in India have set an amount that a customer is able to withdraw per day from the ATM or even bank branches per month. It is important to note that this rule applies to Zero Balance Savings Account as well.
With the advancement of technology in today’s digitalized world, banks can help you open your online bank account within minutes. All this can happen with just a tap on your smartphone. In fact, you do not have to leave the house to visit the bank branch; everything can be done from the comfort of your home.
Terms and conditions do apply
It is essential to do an extensive research on the various zero balance account schemes offered by banks, before selecting the one that suits you the best. Banks like Kotak Mahindra ensure providing you with in-depth information about their savings account offerings, so that you are able to make an informed decision.
The Reserve Bank of India firmly states that every bank in India must offer options to the customer. This includes the Basic Zero Balance Account and the Normal Zero Balance Account.
It is important to note that these types of accounts can be opened without any conditions on age and income, but most of the Indian banks make this option available to salaried customers.
Rate of Interest
It does not depend on the type of bank balance; the rate of interest to be paid is the same on all accounts.
It is safe to say that with the booming advancements in technology, it is now easier than before to open a Zero Balance Account in minutes, and with its numerous advantages, more and more people are opting for it. When are you?