Zero Balance Savings Account is the account Where the account holder is free to operate the account without strings of maintaining a minimum balance.
Features of Zero Bank Savings Account
- No condition of maintaining a minimum Monthly Average Balance or Quarterly Average Balance.
- Free ATM/Debit card that can be used to transact worldwide.
- Free cheque book of fixed amount of leaves per year. Subsequent request for cheque books are charged a nominal fee.
- Complimentary passbook is issued as part of the welcome kit, at the time of opening the account.
- Access to internet banking and online transactions and standard charges for payment transfers.
- Specific number of free transactions every month,subsequent transactions are billed a nominal fee.
- Special privileges and offers for salary account holders based on the category of company/institution.
Zero Balance Savings Account Opened Under Pradhan Mantri Jan Dhan Yojana (PMJDY)
An ambitious mission from the Ministry of Finance, Govt. of India, this program is a national mission for financial inclusion by means of providing easy access to financial services such as Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension to all citizens in an affordable manner.
Benefits of Savings Account Opened Under PMJDY
- No need to maintain a minimum balance.
- Interest on deposits as per prevailing bank rates.
- Accidental insurance cover of Rs.1.00 lac.
- Direct benefit transfer from Government schemes are credited to this account.
- Overdraft facility is offered after 6 months of satisfactory operation.
- RuPay debit card and free Accident insurance cover.
General Terms & Conditions for Zero Balance Savings Account Opened Under PMJDY
- The total credit in the account should not exceed Rs.1 lac in a given financial year.
- The debit balance should not exceed Rs.50,000 at any point of time.
- The account holder should submit all documents as per KYC guidelines from RBI.
- Other terms that are specific to the bank where the account is being held.
