Understanding the features of your savings bank account
Opening a savings account is an excellent move by the people because it allows them to save their money and builds wealth out of it. The savings bank account is a service offered by banks to deposit small amount of money at regular intervals. These savings can be used to pay off personal loan or manage sudden expenses without difficulty. Ideally, a savings account allows you to deposit money, keep it safe with authorities, and withdraw funds as needed. The money saved in such bank accounts earns interest. Though, the interest rates are relatively lower; but, they boost the growth of money in the long run.
There are many banks and financial institutions that offer Zero balance saving account facility. The best thing is that such accounts do not require you to maintain any kind of minimum balance slot. Apart from this, you get to enjoy facilities of complimentary passbooks, no fee on debit or ATM card, and free net banking for the Zero balance savings account holder. This makes Zero balance bank accounts to be a more viable choice without doubt.
Features of Zero Balance Accounts:
- No need to maintain any minimum balance in the account
- Complimentary passbook is given with the Welcome Kit
- No charges levied on the usage of Debit or ATM Card
- Special privileges to the salaried accounts with zero balance
- Free net banking facility for Zero balance account holder
Features of Savings Account:
- Money stays safe and interest rates adds to the balance in long run
- Easy access to cash in terms of deposits and withdrawals
- Welcome Kit given to the account holders
- Need to maintain minimum balance as per banks policy
- Limited withdrawals are provided to the account holder
- ATM card service is provided to the account holders
Difference between a Normal Savings Account and Zero Balance Account:
The most important difference between the two accounts is that normal savings bank account requires you to maintain a minimum balance. If you are not able to maintain the required balance; then, penalties are charged by the bank. But, this kind of issue is not with the Zero balance accounts as you do not have to maintain any amount as a minimum balance. Apart from this, you will not be charged any penalty in not maintaining any balance in the account. Depending on the requirement, you can select e type of account to be opened in the bank.
Having an account is mandatory because it allows you to save money and conduct transactions without any problem. Of course, it is the need to keep finances safe that such accounts have been accentuated by the authorities. These accounts are a preferred choice for many people because it allows them to transact with their cash, be it shopping, money transfer, paying personal loan or simple withdrawal, everything seems possible. The banks provide 3 to 4 percent of interest on savings bank account, which increases your money in the long run.
