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Know the benefits of opening a zero balance saving account

Are you considering opening a zero-balance saving account for yourself? Savings account in a bank is one of the most traditional, yet the safest forms of investment offering a myriad of benefits to the account holders. The zero-balance saving account is a type of bank account that is aimed at a specific category of the customers like the salary account holders. Based on the PMJDY (Pradhan Mantri Jan Dhan Yojana), this is a saving scheme offered by the Central Government of India that has been created with the aim of financial inclusion of each & every citizen of the country. This form of account is considered suitable for those individuals who wish to keep themselves away from the hassles of maintaining a MAB (monthly average balance).

Under the scheme of the savings account, you are able to save money, deposit money, withdraw money, transfer funds, and even earn some lucrative interests on the given investments. The zero balance saving account comprises of various specialized accounts as well including saving account for kids, saving account for women, saving account for senior citizens, and so more to help the citizens of India enhance their overall savings.

Features of the Zero Balance Saving Account

The zero-balance saving account under the PMJDY (Pradhan Mantri Jan Dhan Yojana) offers several specialized features including the following:

  • There is no specific condition of maintaining the minimum MAB (Monthly Average Balance)
  • There are no additional charges on the utilization of the saving account’s ATM or debit cards
  • Complimentary passbook for the bank account is issued with the welcome kit during the account opening
  • Majority of the leading banks offer free online or net banking services to the account holders of the zero-balance saving account
  • The banks also provide special privileges to the salaried account holders based on the institutions and the company

Benefits of the Zero Balance Saving Account

There are several benefits offered by opening & maintaining a zero-balance saving account with any leading banking institution. Under this type of account, the interest rates are calculated based on the minimum account balance. Moreover, the interest rates are generally calculated on either a quarterly basis or half-yearly basis –this depends based on the type of the given saving account along with respective bank’s rules & regulations. In the current era, most of the leading banks like Kotak are offering the interest rates on this type of saving bank account in the 6% percent based on the deposits that are made into such accounts and zero balance banking.

There are several banks that make use of the terms like minimum quarterly balance, minimum daily balance, or simply minimum balance with respect to such accounts. The average balance in these accounts implies the total amount that needs to be maintained in your respective savings account over a certain course of the period. However, when it comes to the zero-balance saving bank account by Pradhan Mantri Jan Dhan Yojana (PMJDY), there is no need of maintaining any minimum account balance. Such accounts are offered to a special category of account holder like the salary account holder through the PMJDY (Pradhan Mantri Jan Dhan Yojana).

By opening a zero-balance saving account with any bank, you are offered a list of benefits including the following:

  • No need of maintaining any minimum balance
  • Interest earned on deposits as per the respective bank interest rates
  • Accidental insurance cover of around 1 Lakh INR
  • Direct benefits of transfer from the various government-based schemes that are credited to these types of accounts
  • Overdraft facility is usually offered after 6 months of operation that seems satisfactory
  • Free accidental insurance cover and RuPay debit card
  • No charges on the ATM cum debit card
  • Free passbook and cheque book every year
  • No charges on Internet banking
  • No charges cash deposit transaction

Under Zero Balance saving account, the account holder is expected to not exceed the overall credit in the given account over 1 Lakh INR in the particular financial year. Additionally, the debit balance of the account should never be made above 50,000 INR at any given point in time.

Even after so many benefits of the zero-balance saving account under the PMJDY (Pradhan Mantri Jan Dhan Yojana), if there is the absence of any customer-oriented transaction for a certain period of time, the particular account will become dormant. As such, you might be not allowed to make transactions through the ATM, smartphone or Internet banking.

If you wish to avail the benefits of the zero-balance saving account, get one for yourself right away! Have a great time!


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