What Is A Zero Balance Savings Account?

What is the benefit of zero balance account?

You can deposit and withdraw money for free.

You also get to check your balance, just like in any other savings account and also enjoy through the RuPay debit card.

Funds can be transferred for free without any charges.

The account also comes with mobile banking facility, free of any charges..

Which bank is best for salary account?

Top 5 Salary Accounts in India, 2020Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

Is yes bank good for savings account?

YES BANK’s savings accounts allow you to not only save money but also to put that money to work for you. With every YES BANK savings account, you can earn attractive interest rate*. YES BANK savings account customers receive an ATM-cum-debit card, with access to a wide network of ATMs all over India.

What is the limit of zero balance account?

8) SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank’s ATMs. 9) For SBI zero balance savings account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied.

Which bank has lowest minimum balance?

ICICI Basic Savings Account.HDFC BSBDA Small Savings Account.SBI Basic Savings Bank Account.Axis Bank Small Basic Savings Account.Indus Small Savings Account.Standard Chartered Bank’s Basic Banking Account.RBL Bank’s Abacus Digital Savings Account.IDFC Bank Pratham-savings account (BSBDA)

Is Modi giving money to bank account?

One such fake news that is doing the rounds is that the Centre is depositing an amount of Rs 3,000 in all accounts under the Pradhan Mantri Mandhan Yojana. However, this is a completely false piece of news and the Centre has not made any such announcement and the YouTube video, claiming this, is completely fake.

What is minimum balance in HDFC Bank?

To maintain HDFC Bank Savings account, you require a minimum balance of Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.

How can I open a zero balance bank account?

A regular savings account can be opened with a zero balance by visiting the bank’s access point or even by requesting the doorstep service. Some of the facilities offered are IMPS service, free quarterly account statement, etc.

Which bank account is best for students?

Best Student Bank AccountsChase Bank College Checking Account: Best Overall.Capital One 360 MONEY Account: Best For High School Students.Bank of America Advantage Banking: Best For Encouraging Saving.Discover Cashback Debit Account: Best Fee-Free Account.PNC Virtual Wallet Student Account: Best For Creating a Budget.More items…

Which bank is safest in India?

List of Best, Safe Banks in India1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. … 2) State Bank of India. … 3) ICICI Bank. … 4) AXIS Bank. … 7) Kotak Mahindra Bank, IndusInd Bank.

Which savings account is best?

Best savings accounts & rates of December 2020Best Overall Rate: Citibank – 0.70% APY.High Rate: Vio Bank – 0.66% APY.High Rate: Popular Direct – 0.65% APY.High Rate: Ally Bank – 0.60% APY.High Rate: American Express National Bank – 0.60% APY.High Rate: Synchrony Bank – 0.60% APY.High Rate: Comenity Direct – 0.60% APY.More items…

What is a zero balance bank account?

A zero balance account (ZBA) is pretty much exactly what it sounds like: a checking account in which a balance of zero is maintained. When funds are needed in the ZBA, the exact amount of money required is automatically transferred from a central or master account.

Which bank is best for zero balance account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

What are the disadvantages of zero balance account?

Cons of opening a zero-balance savings account:Only residents of India are eligible to open a zero-balance savings account. … Since the zero-balance savings account can be opened with minimum documentation, at no point in a financial year can the total credit in the account exceed Rs. … At no point can the balance in the zero-balance account exceed Rs.More items…•

What is minimum balance in Yes Bank?

Rs. 10000Customize your Savings Account in 4 simple steps by choosing – debit card, pricing options, account packages and Yes Delights. Minimum Balance Requirement is Rs. 10000 (which can be waived off by maintaining a fixed deposit of minimum Rs. 50,000 or recurring deposit of minimum Rs.