What Happens if My Bank Account Balance is Zero?

If you have a zero balance savings account, then you won’t be charged any penalty, but in case of a regular savings account, a penalty is levied when you don’t have a minimum balance. I recently opened a zero balance account in BDO, and I can say there is no compulsion to maintain a minimum balance here. Let me tell you what happens if my bank account balance is zero.

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What Happens if my BDO Account is Zero Balance?

It depends on what type of account you hold. As Sima has also mentioned, zero balance accounts don’t need any initial deposit, nor do you have to maintain a minimum balance. If you have a basic account with BDO, you don’t need to maintain a balance and having zero in your account will not affect you as much. 

If you don’t have the basic account, I can share some steps you can take to open one.

1. Download the BDO app from apple store or google play.

2. You’ll see an option for Open Basic Account.

3. Fill out the application form and submit. It usually takes around 3 working days to get the approval.

4. Once your account is approved, you can open the BDO Pay and sign up using your username and password.

Information Required to Open Basic Account

There is certain mandatory information I have to provide while opening a basic account with BDO. 

1. Personal details like name, contact information, address, gender, citizenship, etc

2. Financial information like job position, primary source of income, nature of work, gross annual income, work email address, work address, etc

I hope this gives you some idea about BDO zero balance account.

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How to Open Zero Balance Account?

A zero balance account is a savings account that has zero balance and is not charged. As per the Reserve Bank of India (RBI), it is also known as a Basic Savings Bank Deposit (BSBD). The main aim of such accounts is to encourage people to do more savings. But there is a zero balance account transaction limit set for it. 

Most banks will allow you to make four withdrawals, and if you make more than that, your zero-balance account will be converted into a regular savings account.

In a regular savings account, a penalty charge gets levied by the bank if you have no balance in your savings account. But that is not the case for a zero balance account. In a zero-balance account, no penalty gets levied if you have zero balance in your account, as you do not need to maintain a minimum balance there. So if you have the query- "What happens if my bank account balance is zero?" let me tell you that nothing will happen, so don’t worry.

There are multiple benefits of investing in a zero-balance account like-

You do not need to maintain a minimum balance in a zero-balance account

The customer can enjoy several benefits for having a zero-balance account like 

• Free passbook

• Free cash

• Cheque deposits and more

So this is the meaning and zero balance account transaction limit known to me.