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Zero Balance Account: Today everyone has a bank account. In most banks there is a requirement to maintain minimum balance in the account. If you do not do this then the bank charges penalty for this. But there is such an account in SBI in which no penalty is taken from you even if you have zero balance. This type of account is called Basic Savings Bank Deposit Account (BSBDA) in banking language. Whereas in common language people call it zero balance account. Know here what are the benefits of this account.
These are 5 big benefits
– In other bank accounts, penalty has to be paid for not maintaining minimum balance, but in this account you will not have to pay any kind of penalty. This is its biggest specialty.
– You can keep any maximum amount in the account. There is no limit to it.
– In this, the account holder is given the facility of bank passbook, basic Rupay ATM-cum-debit card, mobile and internet banking. However, free check book is not provided.
– On opening a zero balance account, you can withdraw and transfer money with the help of Aadhar card like a normal savings account, along with this the facility to withdraw or transfer money with the help of UPI app is also included in it.
– There is no charge on cash transactions through electronic channels like NEFT/RTGS. Also, if you open a closed account, you do not have to pay any fee for that also. At the same time, if you close your zero balance account, then you do not have to pay any fee for this also.
Who can open this account?
Any person who fulfills the KYC conditions can open this zero balance account. If you have documents like Aadhar Card and PAN Card, then you can easily get it opened. Facility to open joint account is also provided in zero balance account. In this, all the account holders have to submit their documents.
It is also important to know this condition
You can open a zero balance account in a bank only if you do not have any other savings account in that bank. According to the official website of the bank, if you already have a savings account and have also opened a zero balance savings account, then the earlier account will have to be closed within 30 days. Zero balance savings account holders can make free withdrawals up to 4 times a month from ATM or branch channels of the bank or other banks.