Worried Over Minimum Balance Requirements? Here Is The Best Way OutFri Aug 07 2020 / By: Rashmi
The spread of coronavirus across the globe has created a big dent on the financial conditions of everyone. With pay cuts, salary delays and even lay-offs, there is hardly any money coming in people’s bank account. In this situation, people who forget to maintain a minimum balance in their accounts get charged with hefty fines.
Amidst all this, top banks such as Axis Bank, Kotak Mahindra Bank and Bank of Maharashtra have announced a revision in the penalty charges of non-maintenance of minimum balance. The penalty has increased and so has the troubles of common people.
The Best Way Out: Open A Zero Balance Savings Account
One of the best ways is to open a zero balance savings account. If you are a salaried employee, chances are high that you already have it. Otherwise, you can also open one online.
Be it SBI, HDFC or ICICI or Kotak Mahindra, almost all the leading banks offer this zero balance savings account that offers various features and benefits. Some of the best ones include:
· No Need to Maintain Minimum Balance: As the name suggests, you do not need to maintain a minimum balance, unlike a normal savings account. You will not be charged with any penalty even if you have no balance in the account.
· Easy Transactions: Zero balance accounts offer net banking, allowing you to make easy cash transactions. You can use this option to pay your bills and make payments online.
· Free Debit Card and ATM access: A zero balance account also offers you ATM access with Debit card across all the outlets.
· Mobile Banking: Banks also offer mobile banking services with zero balance account which you can easily access from your smartphone. From checking your bank balance to making transactions and paying utility bills, you can use all these services easily through your mobile.
· Interest Rates: In some banks, the interest rate on a zero balance saving account is the same as that on a regular saving bank account.
Apart from the features listed above, you can also avail various other benefits such as banking on Whatsapp, Virtual Debit Card, Personalized account number and so on.
Different banks offer different features of zero balance account but one thing that remains the same is that you do not have to maintain a minimum balance.
For more such articles and updates from the banking sector, keep browsing bankingontips.com.
Apply for Kotak Bank Zero Balance Saving Account: Click Here
Apply for IndusInd Bank Zero Balance Saving Account: Click Here