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All You Need To Know About Zero Balance Savings Accounts

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Do you want to open a bank account but have no substantial savings? Do you wish to save money in a bank without the hassle of maintaining a minimum balance? If the answer to any of these questions is yes, you will be glad to know about the zero balance savings account. A zero balance savings account is a deposit facility that helps you save your money in the bank without the need to maintain a minimum balance.  

The main aim of a zero balance savings account is to provide people with affordable access to bank accounts. Usually, banks charge you with a penalty if you fail to maintain a minimum balance in a regular savings account. However, this is not the case with a zero balance savings account and thus the name. You can also open a zero balance account under Pradhan Mantri Jan Dhan Yojana and enjoy affordable access to bank services like net banking and debit cards. 

Features and Benefits of a Zero Balance Savings Account

No penalty

Banks do not charge any penalty when you fail to maintain a minimum balance in a zero balance savings account. You can save and maintain as much as you wish.

Debit card and ATM

You enjoy most of the facilities of a regular saving account with a zero balance savings account. After you have opened this savings account and completed your KYC formalities, you will be provided with a debit /ATM card, which you can use globally at the bank’s ATMs. You can also ask for a free chequebook with a zero balance savings account. 

Net and Mobile Banking

One of the prime facilities of a savings account includes Net Banking and Mobile Banking, which you get with a zero balance savings account too. You can use the online banking facility through a computer or mobile and access your bank account to check the balance, view bank statements, and send and receive money. You might also get a locker facility with a zero balance savings account, but you will have to apply for it. 

UPI payment

A savings account helps you in making fast payments through Unified Payments Interface (UPI) with the help of various payment apps. You can use this facility with a zero balance savings account as well. 


You can earn interest at the same rates as that of a regular savings account. 

How to Open a Zero Balance Savings Account? 

To open a zero balance savings account, you should be an Indian resident and over 18 years of age. Some banks could ask you to close your regular savings account, if you have one, when you apply for a zero balance account. You can open a zero balance savings account through a banks’ website and mobile application. All you need to do is to fill the application form with the basic details and complete the KYC (Know Your Customer) process. You will have to submit PAN details, Aadhaar card, or driving license as identity proof. You can also visit the nearest branch to open the zero balance savings account.

It is also important to know the limitations of a zero balance account. There could be restrictions on the number of withdrawals and the number of transactions you can make with this account. Additionally, your account could become dormant in case you do not make any transaction for a specified period. To access the account again, you would need to get it activated from the bank.

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