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What is the disadvantages of zero-balance account?
Disadvantages of Zero Balance Savings Account Only Indians can open a zero-balance account. This account can is not opened by NRIs (Non-resident Indians) and PIOs (Persons of Indian Origin). Online zero balance accounts have an initial balance limit of Rs. Foreign contributions cannot be made to zero balance accounts.
What is the advantage of zero-balance account?
Benefits of zero balance accounts: No ATM/debit card charges. Free net banking. Complimentary passbook and checkbook is issued as part of the welcome kit, at the time of opening the account. Special privileges and offers for salary account holders based on the category of company/institution.
Is zero-balance account better?
A zero balance savings account is best suited for people who find it difficult to maintain a minimum balance and earn just enough to meet their requirements. There is no upper limit on account balance and the interest rate is 2.70 per cent and the bank also offers the basic Rupay ATM-cum-Debit card for the account.
What happens to bank accounts with zero balance?
Zero-balance accounts have a limit on the number of transactions you can make per month. Usually, banks allow only four monthly withdrawals. If you do make more than the permitted number of withdrawals, the bank will convert your zero-balance account into a regular Savings Account.
How much can we keep in zero balance account?
Zero Balance Savings Account is a type of account where you are not required to have a minimum balance. A majority of banks in India keep a limit of Rs 10,000 per account to maintain the account. Note that banks themselves will not offer a zero balance account, rather customers are required to ask the banks for it.
How much money can we deposit in zero balance account?
RBL Zero Balance Account: Customers can invest in fixed deposits. Maximum of Rs. 1 lakh can be deposited in this account. Customers have to submit signatures after a year to continue using the account.
What is the use of zero account?
Corporations sometimes use zero balance accounts to ensure that funds are readily available throughout different departments, to eliminate excess balances in separate accounts, and to maintain greater control over the disbursement of funds.
What are required for zero account?
You will have to submit the basic KYC documents – Identity proof and address proof. What other benefits do I get with a zero-balance savings account? With a zero-balance savings account, most of the banks offer a free ATM-cum-debit card, passbook and cheque book.
Which bank zero balance account is best?
Latest Interest Rate for Zero Balance Savings Account
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| Kotak Mahindra Bank | 811 | 4\% to 6\% |
| Standard Chartered Bank | Basic Banking Account | 0.5\% to 4.90\% |
| HDFC Bank | Basic Savings Bank Deposit Account | 3.50\% to 4\% |
| Axis Bank | Basic Savings Account | 3.50\% to 4\% |
What is the difference between zero account and normal account?
For, bank customers are not required to maintain any minimum average balance with a zero balance saving account, unlike a normal bank account. While the regular savings bank account requires the customers to maintain a certain monthly average balance (MAB), there is no need to do so with a zero balance account.
Which is the best zero balance account?
What is the meaning of zero balance?
What is a zero balance? A zero balance is what shows on a credit card customer’s bill when the outstanding balance has been paid and there were no new charges during the billing cycle.