Not all banks allow customers the luxury of maintaining zero balance accounts. It is important to open accounts in banks that do.
The money we save is important to us. Every rupee saved can help one tide over a bump on the road in the future. For diligent money savers, their savings bank account is the most important entity in their financial lives. The money saved in savings accounts is a precious resource for the future, aimed at bailing out the account holder and his loved ones during a crisis. It holds the key to daily expenses, and also offers liquidity in case of emergency.
And yet, an annoyance that most savings bank account holders face is having to maintain a minimum balance as specified by the bank. Most banks stipulate a minimum balance of Rs 5,000 per month, while premium bank account holders may have to maintain minimum balance up to Rs 25,000 per month. The bank levies a penalty every time the account balance is found to go below the specified amount.
In contrast, some reputed banks in India offer customers the benefits of zero balance saving accounts. As the name suggests, these are savings accounts that do not insist on a minimum balance amount per month. These are accounts that offer the most rudimentary transactions – not more than four withdrawals a month, unlimited deposits and basic banking products such as cheque book, pass book and debit card.
Reputed banks in India also offer the Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts to customers. Apart from the benefits already mentioned, these accounts offer free banking services (including pass book and cheque book issuances) and daily deposit, withdrawal and remittances. For customers who are not well versed in the English language, the bank offers explanatory booklets in Hindi. These help clear many misconceptions about banking and how to use the services ingrained in the PMJDY account.
Even more conveniently, banks in India offer customers the option to open zero balance saving accounts online, from the privacy of their homes. For those who are unable or uncomfortable about using the Internet for banking purposes, designated customer service phone numbers and local bank branches can help with information.