What is a zero balance savings bank account? It’s a savings account that you can open with zero balance. Slowly, you can deposit as much money as you can, and earn monthly interest on your savings. The best zero balance account has no minimum balance requirement to ward off your financial worries further! That being said, here are some other useful things to know about a zero balance savings account.
How to Open a Zero Balance Bank Account?
The best zero balance account is open to all the citizens and residents of India.
To create this account, just visit the nearest branch of the bank. Then follow the needful documentation procedure.
You may have to submit the documents below to the bank:
- Aadhaar Card
- Passport-size photograph
- Voter’s Identity Card
- Job Card issued by NREGA and duly signed by a State Government officer
- Valid permanent driving license with photograph
- Letter issued by the National Population Register with your name and address details
Which Bank is Best for Zero Balance Account?
The best bank for zero balance account opening is the one that offers the following top benefits:
Competitive interest rates
You can enjoy the best interest rates in the industry with the top zero balance account. The interest gets compounded monthly to maximise your savings. So, you can earn interest on your balance that would include interest on the previous month’s interest! Thus, as your wealth grows, your savings can even act as a source of your second income in difficult times. Moreover, the interest would be automatically credited to your savings account every month for your convenience.
Free transactions and services
The best zero balance account allows unlimited free ATM transactions at any bank anywhere in the country. You can also enjoy free unlimited cash deposits at both home and non-home bank branches.
Other free banking services may include:
- A free chequebook
- A free debit card
- Bill payments through online banking using your zero balance account
- Intrabank fund transfers at the bank’s branches and through internet banking
- RTGS payments through online banking or at the bank branches
- NEFT payments via internet banking or ar the bank’s branches
- RTGS Collection
- NEFT Collection
- IMPS- outgoing
- DD/PO- duplicate issuance, revalidation or cancellation
- ECS Collection- transactions
- Cheque collection- local clearing
- Account closure
- Standing instruction: set-up, amendment or execution
- Balance Confirmation Certificate
- Balance enquiry at the bank’s branches or channels
- Activation of your inoperative or dormant account
Various other benefits
The best bank for a zero balance account also comes with the following other benefits:
- 24×7 customer support to solve your banking queries anytime
- Lots of rewards and vouchers
- Amazing cashback offers
- Superfast transactions at any Micro ATM
- A high daily limit of ATM cash withdrawals
- A high daily POS limit
- Free personal accident insurance coverage of a high amount
Now that you see the multiple advantages of using a zero balance savings bank account, open the account right away. For that, remember to choose the best bank offering all the above benefits to optimise your banking experience!