5 Smart Things You Need to Know About Zero Balance Savings Account - PowerPoint PPT Presentation

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5 Smart Things You Need to Know About Zero Balance Savings Account

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Title: 5 Smart Things You Need to Know About Zero Balance Savings Account


1
5 Smart Things You Need to Know About Zero
Balance Savings Account
2
  • Zero balance savings account is a form of account
    where the account holder is free to operate the
    account without maintaining a minimum account
    balance. In simple terms, this bank account is
    suitable for those who want to keep away from the
    hassles of maintaining a monthly average balance.
    Here are the few significant things you need to
    know about zero balance savings account.

3
It can be used as a secondary account
  • As per the guidelines of RBI, all banks can offer
    such facility to those who are looking to open a
    bank account. You can use zero balance savings
    account as a secondary account in order to
    maintain your regular savings account more
    effectively.

4
No minimum balance required
  • A basic savings bank deposit account or zero
    balance savings account scores over a regular
    savings bank account because it does not require
    any minimum balance to be maintained. Not
    maintaining the required minimum account balance
    in a regular savings account could attract a
    penalty, which varies from bank to bank. But, in
    case of zero balance savings account, there is no
    such compulsion regarding minimum account
    balance.

5
Rate of interest is same
  • The rate of interest in case of zero balance
    savings account is similar as that of the regular
    savings account.

6
Limited number of transactions
  • As per RBIs guidelines, theres no restriction
    on the number of deposits and withdrawals. But,
    all banks have set a maximum withdrawal limit of
    four in a month. This includes withdrawals from
    NEFT, ATMs, RTGS, EMIs, bank cash withdrawal,
    etc. Although, it is all up to banks whether they
    want to offer additional withdrawals without any
    cost or to charge a fee. Moreover, theres no
    such limit in case of making deposits.

7
One account can be opened at a time
  • You cannot convert an existing savings account in
    to zero balance savings account. You can open a
    new one. In addition, you are allowed to open
    only one zero balance account in a bank.
    Therefore, if you have a regular savings account
    in a bank then it has to be closed within 30 days
    from the opening of zero balance savings account,
    otherwise the bank will close it on its own after
    30 days.

8
  • Besides, if you are looking to open an online
    savings account with zero balance, opt for Axis
    Bank and enjoy exclusive offers and reward
    points.
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