When you visit a bank to open an account, you have numerous options to choose from. For choosing an account that best suits your needs, you must first understand the concepts behind each one of them and be aware of their underlying differences.
Zero-balance savings account
A zero-balance saving account offers you the facility to open an account with no need of minimum balance at the time of opening an account. Usually provided by major banks, zero-balance savings account assists you to withdraw money as and when required, thus addressing your liquidity needs.
In most cases, the account offers additional facilities such as ATM cum debit card, mobile banking, internet banking, and online money transfer.
This saving account is given to the class of customers such as salary account holders and under the Pradhan Mantri Jan Dhan Yojana. PMJDY is a scheme with the aim of financial inclusion.
Features of zero-balance account
Generally, you must keep a minimum Monthly Average Balance (MAB) in your regular savings account. If it is challenging to maintain the minimum required balance in your account, non-maintenance charges will be levied
Documents required:
For opening the zero-balance saving account, you just must submit the necessary KYC documents like identity and residence proof.
Other benefits of zero balance savings account
High-interest rates: When you open zero-balance savings account online, the interest rates are higher than the manual option. Although no minimum balance is considered for this purpose, the online route has more advantages.
Easy to open: Your PAN and Aadhaar are enough to open zero-balance account. You need to set a PIN then and start using the account. The welcome kit will also contain chequebook and a debit card which is integrated with the mobile banking apps.
No KYC balance up to INR 1 lakh: Such accounts allow you to maintain a certain amount of funds, especially for new holders. The maximum permitted balance by banks is INR 1 lakh.
Transaction charges: One of the many perks is zero transaction costs. If you wish to withdraw or deposit some funds, do not worry about deduction or transaction costs. Mobile banking apps need a unique authentication password known as mPIN for authenticating payments and transactions.
Shopping and entertainment: These are two areas of life that no one wants to comprise on. The virtual debit card enables you to pay for your favourite product at all the sales terminals.
Benefits of savings account opened under PMJDY
Zero-balance savings account
A zero-balance saving account offers you the facility to open an account with no need of minimum balance at the time of opening an account. Usually provided by major banks, zero-balance savings account assists you to withdraw money as and when required, thus addressing your liquidity needs.
In most cases, the account offers additional facilities such as ATM cum debit card, mobile banking, internet banking, and online money transfer.
This saving account is given to the class of customers such as salary account holders and under the Pradhan Mantri Jan Dhan Yojana. PMJDY is a scheme with the aim of financial inclusion.
Features of zero-balance account
- No restrictions on maintaining a regular monthly balance.
- No charges levied on the debit card or ATM card.
- Free passbook issued at the time of opening the account.
- Free net banking facility to account holders.
- Offers unique benefits for salary account holders based on the businesses
Generally, you must keep a minimum Monthly Average Balance (MAB) in your regular savings account. If it is challenging to maintain the minimum required balance in your account, non-maintenance charges will be levied
Documents required:
For opening the zero-balance saving account, you just must submit the necessary KYC documents like identity and residence proof.
Other benefits of zero balance savings account
High-interest rates: When you open zero-balance savings account online, the interest rates are higher than the manual option. Although no minimum balance is considered for this purpose, the online route has more advantages.
Easy to open: Your PAN and Aadhaar are enough to open zero-balance account. You need to set a PIN then and start using the account. The welcome kit will also contain chequebook and a debit card which is integrated with the mobile banking apps.
No KYC balance up to INR 1 lakh: Such accounts allow you to maintain a certain amount of funds, especially for new holders. The maximum permitted balance by banks is INR 1 lakh.
Transaction charges: One of the many perks is zero transaction costs. If you wish to withdraw or deposit some funds, do not worry about deduction or transaction costs. Mobile banking apps need a unique authentication password known as mPIN for authenticating payments and transactions.
Shopping and entertainment: These are two areas of life that no one wants to comprise on. The virtual debit card enables you to pay for your favourite product at all the sales terminals.
Benefits of savings account opened under PMJDY
- Not required to keep a minimum balance.
- Interest on deposits as per current bank rates.
- Accident-insurance cover of Rs. 1 lakh.
- Direct transfer from government schemes is credited in the account.
- Your have overdraft facility also available for 6 months.
No comments:
Post a Comment