Savings accounts are sine qua non for financial stability and independence. A regular setting aside of cash reserves for a rainy day or simply for future plans is a penny wise move and more and more individuals are getting into the habit of saving by creating savings bank accounts. Most savings bank accounts, however, always require that an individual ensure a certain amount of cash balance in the bank account. It is understandably worrisome and stressful to have to shoulder the burden and responsibility of assuring cash balances in the savings accounts and hence, most banks around the country have come up with an inventive, innovative solution: zero balance saving accounts.
A zero balance saving account is, to put it quite simply, a savings account that does not require a customer to set aside a minimum balance in their bank accounts at all times. Zero balance saving accounts free the user from the chains of minimum balance and thereby, enable them to freely and confidently create a bank account which would cater to their savings needs. A zero balance saving account works exactly like any other savings account. Most banks allow their customers that opt for a zero balance saving account online to avail of all the facilities that come alongside a regular savings account.
Zero balance saving accounts online are an innovative concept that can be credited with making banking more accessible and friendly for the general public especially those that tend to be sceptical and wary of banks and banking policies in general. Banks are now aggressively marketing 0 balance saving accounts to tier 2 and 3 cities with a primary focus and emphasis on the zero balance nature of the savings bank accounts. A 0 balance account is extremely beneficial to people who might be more comfortable with having an option to empty out and liquidate all their savings for some reason.
To help align with the ease of opening the zero balance savings account across the country, the IDFC First Bank comes up with the special Pratham Savings Account scheme. Under this bank account opening scheme, the customers can open the respective account only with the help of their Aadhar Card. The application of opening a zero balance savings account with this bank can even be applied at the micro ATM. Some additional features of the account include Internet & mobile banking, free & unlimited ATM services, and various others.
Any resident of the country is eligible to open a 0 balance saving account with the IDFC First Bank. A Pratham savings account (BSBDA) at the IDFC First Bank, which is essentially a 0 bank balance saving account, can be opened by any resident individual either singly or jointly. If an individual thereby, holds a BSBDA (Basic Savings Bank Deposit Account) they will automatically forfeit the right to open another savings account and will therefore, be considered illegible to open any other savings account deposit in the IDFC First Bank. In the case that an individual already has a prior savings account in the IDFC First Bank and wishes to open a 0 balance saving account in accordance with the Pratham Savings Account Scheme, it is required that they close the other savings accounts within 30 days from the date of opening of the 0 balance saving account.
Documentation can be a cumbersome process with respect to bank accounts. When opening a zero balance saving account with IDFC First Bank, a consumer need only provide the following to the bank: a recent passport size photograph of the account holder and address and ID proof documents.
IDFC First Bank accepts the following documents as valid proof of address and identity for the process of zero balance saving account online open:
An individual that decides to go through the process of zero balance saving account online open and opens a zero balance account with IDFC First Bank with the Pratham Savings Account Scheme can avail of an interest rate of 6% p.a. (per annum) on a balance of up to Rs. 1 lakh. An individual with a balance of Rs. 1 to 2 lakhs in a zero balance account at the IDFC First Bank receives an interest rate of 6.5% p.a. on the invested money. An interest rate of 7% p.a. can be availed on a balance of Rs. 2 lakhs to Rs. 10 crores. In order to learn of the interest rate offered by IDFC First Bank for a balance of more than Rs. 10 crores on a zero balance saving account, the individual must contact the bank authorities themselves.
Opening a zero balance savings account is enticing enough considering the zero balance feature. However, apart from that, opening a zero balance saving account with IDFC First Bank, provides the account holders with a free Visa Signature Debit Card for life, unlimited fund transfer and free ATM transactions alongside minimal and transparent charges.
To help align with the ease of opening the zero balance savings account across the country, the IDFC Bank comes up with the special Pratham Savings Account scheme. Under this bank account opening scheme, the customers can open the respective account only with the help of their Aadhar Card. The application of opening a zero balance savings account with this bank can even be applied at the micro ATM. Some additional features of the account include Internet & mobile banking, free & unlimited ATM services, and various others.
Make sure you avail the benefits of the zero balance savings account offered by various banks in India.
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