What is zero balance savings account?
We all know a lot about savings account and its features but one of the most popular types of savings bank accounts is the one with zero balance. Now the question arises, what is a zero-balance savings account? To know the details about this great banking product read on and understand its features in detail.
A Zero balance Savings Account can be considered a deposit account or a kind of regular savings account that is a facility provided by a bank or financial institution to deposit your savings. In most cases, banks in India offer a savings account to maintain a minimum balance in the account. If you unfollow the protocol, you will be liable to pay a maintenance fee. However, specific Savings Accounts do not demand their account holder to maintain a minimum balance, and such savings bank accounts are known as zero balance savings account. It is considered one of the major benefits of zero balance accounts amongst savings bank account holders.
What are the benefits of a zero balance savings account?
This particular type of savings account comes with varied benefits that set it apart from its counterparts. With the major feature of non-maintenance of any minimum balance, it is studded with added advantages as mentioned below.
No minimum balance
As the name suggests, the basic benefits of a zero balance account are that you will not have to maintain any kind of balance in the account and can use the money till the last penny is available. It is considered great for salaried employees and students. In addition, non-maintenance saves people from paying the low-maintenance penalty that they will have to pay for a traditional savings account in case of any default.
Easy to open
If you have heard of the phrase “easy peasy lemon squeezy” this is exactly who you can be a holder of a zero balance savings bank account. One of the traditional ways is to go to a bank branch and open an account like all other savings accounts. Another simple and quick way is to open the site of the bank you desire to have an account with choosing the option of a zero balance savings account. Upload soft copies of your documents and voila! Your account is ready for use in just a few minutes.
Mobile banking and net banking
If you are someone who is busy with his or her work on the weekdays and cannot visit the bank branch. Features like net banking and mobile banking bring the bank to your fingertips. The banking services will be available to you with just some clicks on your mobile phone or laptop. This is one of the most important benefits of a zero balance account that allures the customers.
Easy transaction
Who does not like easy transactions when it comes to banking services? We think none of us. An individual can make payments through this account with the help of net banking and mobile banking. Payment of general utilities like phone bills, water bills, electricity, dish recharges and more can be done within seconds.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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