Whenever an unforeseen emergency crops up Wholesale Buddy Hield Jersey , the first financial instrument that we look up to is a savings account. It is the medium where we securely save our hard-earned cash and earn reward in the form of interest rate. Considering the savings account is very popular amongst the masses, it has undergone a facelift regarding the utilities. Some of the prominent ones being:
1) Save money and earn high interest 2) Transfer cash via the internet and mobile banking 3) Open an account online and monitor the same on a regular basis 4) Issue cheques for payment to beneficiary鈥檚 5) A free debit card for cash withdrawals and purchase of items 6) A saving account is also used for Electronic Clearing Service (ECS) and bill payments
Based on your eligibility, banks offer you different types of savings account. Generally Wholesale Malachi Richardson Jersey , a saving account holder has to maintain a minimum balance all the time. If they fail to do so, the bank charges penalty. However, breaking the norm Wholesale Harry Giles Jersey , banks have introduced a zero-balance savings account.
What is zero-balance savings account? It is a no string attached savings account where the account holder does not have to maintain a minimum balance. This account is usually offered to salary account holders and to those who are part of the Pradhan Mantri Jan Dhan Yojna (PMJDJ). In order to understand if you qualify for this account, inquire about the same to the nearest local branch.
What are the features of zero-balance savings account?
1) You do not have to maintain a minimum Monthly Average Balance or Average Quarterly Balance
2) You receive a free debit card and chequebook after opening the account. You can use the debit card worldwide, especially if it is a MasterCard or VISA card
3) You also get a complimentary passbook as part of the welcome kit
5) You can transact freely for a specific number of times per month. Subsequently, you will be charged a minimal fee
6) Salary account holders are offered exclusive benefits based on the company you are working with
To put it simply, a zero-balance savings account is similar to Basic Savings Bank Deposit Account (BSBDA) that all banks offer. Both these account holders are not obliged to maintain a minimum balance on a day-to-day basis. The customers who hold a BSBDA account also receive a debit card.
About the author:
Mihir Yande is a chartered account who offers tax advice to customers. He spends his free time writing on the savings account and related topics. Check out his write-up as he talks about the zero-balance savings account
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Posted On : Nov-24-2010 | seen (335) times | Article Word Count : 577 |
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