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If you want to avoid the balance maintenance hassle, then one of the Saving Account types, Zero-Balance Account, is meant for you. It is in which there is no minimum balance required. In standard accounts, each bank has its minimum balance prerequisites that a depositor should maintain. If the depositor fails to maintain that the bank charges a penalty.
But in this Saving Bank Account, all penalties and charges get waived off by the bank. Most banks also pay the same interest rates here. There are different types of Zero-Balance Accounts: Basic Savings Bank Deposit (BSBD) This type waives off minimum balance requirements and restricts the number of debits in the account. Jan Dhan Account These accounts are meant for the Economically Weaker Section as a part of their financial inclusion scheme by the Government. Salary account Companies offer such accounts to pay income to their employees. However, if the Salary Account does not receive salary for a period, it gets converted to a Standard Account with minimum balance maintenance. Pension account This gets opened by people who are to retire and will receive pensions. The pension amount gets credited into the account. Children saving account This account gets linked to the parent’s account so that periodical transfers get done. You can any do online Saving Account opening or offline. The steps are: Online account opening: It is a simple online process. Before you do so, choose which bank you want to open the account with. Each bank has different features, and you can compare them by browsing online on Most banks have a form to open a Bank Account online. Once done, a customer care executive gets back to you to handle the remaining formalities. Generally, these accounts are available only to individuals. HUFs cannot open them. Even non-residents do not have access. To open this account, submit Know Your Customer (KYC) documents:
Offline account opening The offline procedure to open Zero-Balance Account is different from the Digital Banking process. Here, you visit the bank branch and submit your KYC documents along with a fully completed application form. Once they get processed by the bank, your account is accessible.
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October 2020
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