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A bank account that is predominantly used for storing sums of money is called a savings account. A saving account is a financial instrument offered by all banks in India. These accounts hold amounts of money safely and assist individuals in earning interest on these sums of money. However, the interest rates earned on the account gets determined based on the minimum average balance maintained by the account holder. Any individual owning such an account can also make withdrawals at any time they want. These accounts have made the feature of storing money securely easy and convenient for their customers.
With the sudden rise of technological development and the revolutionary growth of the banking industry, the process of opening the account has become effortless nowadays. You can get an online saving account opening done in a jiffy. If you have access to data and computer, you can visit the bank website and with just a few clicks, they can open their saving account. A lot of banks have also provided mobile banking apps as a way to conduct banking anytime anywhere. The documents required for opening a savings account are listed below: 1. Photographs: All banks require at least two passport-sized photos along with the application. Identity and age proof: Any authentic, registered and recognised document which is issued by a legal entity and a competent authority, inclusive of recent photograph and the real full name of the individual, can be used as an ID proof. PAN card, voter ID, passport, Aadhaar, and driving license are the documents that can be used as ID proofs while applying for a saving account. Address proof: An authentic, registered and recognised proof of address which is issued by a legal entity that includes the address of the applicant can be used. A customer can provide driving license, voter’s ID, utility bills, passport as some of the documents for residence proof. Senior citizen proof: Several banks provide a senior citizen saving account to their customers. Any applicant who is elderly and wishes to open the account can go ahead with this. They must give proof of their age to the financial institution. The welfare department provides a senior citizen card and this document is the most preferred one as proof. A saving account comes handy during the time of an emergency when they require immediate funding. They are always accessible, making it convenient for individuals to handle their finances or withdraw funds from time to time. A saving account also offers an interest rate to keep the real value of money stable throughout the years. Holding a saving account improves an individual’s financial stability, as well as these funds in the account, generally hold a limit on the number of withdrawals that can be done.
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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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October 2020
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