Having no minimum balance requirements, zero balance bank accounts are a sort of savings account.
New Delhi: Even though the economy of India is expanding quickly and is on the path of becoming the biggest economies of the world, a large number of individuals still lack access to basic banking services. This is particularly true in remote locations where residents might not have access to a nearby bank branch or may not be able to afford the minimum balance requirements of a regular savings account.
Also Read– Stock Market Updates: Sensex Jumps Over 300 pts, Nifty Above 19,500; Wipro Rises 2%
The Indian government has put up a variety of initiatives to encourage financial inclusion in order to address this issue. The bank account with zero balance is one of these schmes for those who are not able to minimum balances in theri accounts. Having no minimum balance requirements, zero balance bank accounts are a sort of savings account. Thus, anyone may create a bank account with a zero balance and begin saving money, regardless of their level of income and here are some of the smart options which offer zero balance accounts.
HDFC Zero Balance Account
This account offers free international or RuPay debit cards, NEFT and RTGS transfers, and phone banking. Moreover, account holders can also withdraw cash four times per month from ATMs of other banks for free.
State Bank of India- Basic Savings Bank Deposit Account (BSBDA)
Also Read– Patanjali Foods Shares Surge 5%; Company’s Offer For Sale Now Open For Retail Investors
Anyone with valid KYC documents can open this SBI savings account, which has no upper limit on the maximum balance. The account holder will receive a basic RuPay ATM-cum-debit card, and withdrawals can be made at any State Bank of India branch or ATM.
Axis Zero Balance Account
Up to Rs 10,000 may be put in cash with a zero balance debit card for RuPay. Moreover, four ATM withdrawals from an additional bank are also complimentary each month.
Indusland Zero Balance Account
Indian citizens who are at least 18 years old are eligible for the zero balance bank account here. Every month there are five free transactions for the passbook, debit card, and checkbook. Moreover, fund transfers through RTGS and NEFT are also free.
Also Read– Stocks To Watch: Wipro, Patanjali Foods, Federal Bank, RVNL, Bandhan Bank, CSB Bank, DLF
AU Digital Savings Account
The idea of conducting all banking and financial-related business via video chats has been presented by AU Small Finance Bank. As a result, from opening an account to making a deposit or for any other question, one just initiates a video call with the bank, wherein the questions are answered in real time by a bank employee. You can open a zero balance account here with a lot of ease, as per Forbes.
