What is the difference between zero balance and normal saving account ?
There must be some disadvantages with zero balance bank account. because if not then why customers will open normal bank account instead of zero balance bank account ?
What is the difference between zero balance and normal saving account ?
There must be some disadvantages with zero balance bank account. because if not then why customers will open normal bank account instead of zero balance bank account ?
The zero balance savings account is a basic savings bank account. The account is opened to encourage more customers to open bank account and do transactions through bank. In a standard SB account, the customer is supposed to maintain a minimum balance on all days of the year. This may not be feasible for certain type of customers and as there is a push that all should have a bank account, this product is introduced. This also improve the circulation of currency and stop hoarding of cash, especially rural and semi-urban towns and cities of India.
Once a customer has an account, she/he will be privy of other associated services as well, basically encouraging customers in semi urbank towns to have a bank account. This will also allow the Government to pass on benefits directly to their bank account in case of need
Thank you very much for your response.
So if there are no disadvantage for a customer to open zero balance bank account then everyone should open only zero balance account, right ?
So why normal savings account exist ?
Note: I want to know what is the “disadvantge for user” with the zero balance saving account?
Extra fees etc?
Cons of opening a zero-balance savings account:
Thank you very much, you are awesome.
Not the BSBA accounts but many banks offer normal savings account without the need for any minimum balance…You just have to sign up at right time when they have such offers…have zero balance accounts in HDFC, ICICI, INDUSIND,DCB, KOTAK, RBL, EQUITAS, BANDHAN, AU BANK, SBI etc