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One of the most popular bank accounts is a saving account. It is a space for people to park their funds and have liquidity to withdraw the funds when needed. However, one feature of a saving account is that the depositor needs to maintain a minimum balance. Depending on the bank, the minimum account balance requirement changes as does the penalty for not meeting this requirement. If the minimum balance is not met, banks charge some form of penalty or a charge which is debited from the bank account.
On the other hand, banks also offer a zero-balance saving account which has no minimum balance requirements. Its features are as follows – 1.Zero penalties on balance: Unlike regular savings accounts, a zero-balance account has no penalty in case there is a low balance or zero balance maintained in the account. This can greatly help customers who have small savings that don’t meet the minimum balance requirements. However, some types of accounts may also restrict the maximum account balance as well. 2.Rate of Interest: A zero balance savings account earns interest at the same rate as a regular saving account in the bank. Since interest is paid at regular rates, this saving account becomes a good option for people with small savings to earn interest income. 3.Different accounts: Depending on the bank, there are different types of zero balance saving account:
4.Banking services: A zero-balance saving account provides all other facilities to the customer such as free internet and mobile banking. Along with this, the account provides users with an ATM cum debit card. This card can be swiped at merchants and used for e-commerce transactions. Once you log in to net banking and mobile banking app, you can get access to all of the facilities available there such as fund transfers, balance checking, opening fixed deposits and recurring deposits etc. The bank does not distinguish between a regular savings account and a zero-balance savings account in terms of the facilities offered. 5.Other banking facilities: A zero-balance savings account provides other facilities such as a free passbook facility, free bill payment facility, email statements, locker facility on payment of additional locker charges, cash and cheque deposit at branches, etc. You can opt for account opening online or offline. The process to open zero-balance account is very simple. You will need to submit your KYC documents along with a fully filled application form. Some accounts may only require a signature or thumbprint along with KYC documentation. Once the application is processed, the account will be opened.
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