Nowadays, banks offer a variety of financial services to enhance customers' banking experiences, and a zero balance account is one of them. Want to know what is zero balance account? A zero balance account refers to a type of bank account in which the balance at the end of each day is zero. Read on to know about zero-balance accounts.
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A zero balance savings account is exactly what its name implies. It is a savings account that allows the account holder to use the account freely without maintaining a minimum balance.
According to the Reserve Bank of India (RBI) guidelines, the 0 balance account is legally referred to as the Basic Savings Bank Deposit (BSBD) account.
With a zero balance account, you will get an option to open the account without having any amount.
This type of account is often used by businesses that want to maximise their cash flow and reduce excess funds in their checking account.
Zero balance accounts are ideal for companies with variable cash flows or major transactions on a regular basis. For example, if an organisation receives a significant payout at the end of the month, the extra money can be transferred to more profitable accounts the following day. This guarantees that they increase their profits while maintaining a zero balance in their checking account.
What is Zero Balance Account in SBI?
I got multiple benefits when I opened a zero balance account in the State Bank of India (SBI). I was allowed to open a savings account and get the ATM-cum-debit card with zero balance. Both the deposit and withdrawal were absolutely free for me. Using an SBI zero balance savings account, I can withdraw a maximum of up to 4 times in a month. Moreover, SBI never asks for maintenance charges with a zero balance account.
This is all from my end on what is 0 balance account. Let me know if you have any more queries, I can help you out.
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What is Zero Balance Account?
Nandi
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2023-05-22T10:17:03+00:00 2023-05-22T10:18:17+00:00Comment
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