Zero Balance Account Opening Benefits and Process.

What is Zero Balance Account?

This account normally provides a customer free of mind from maintaining a specific amount to keep his/her account active and the bank should not charge any penalty for non maintenance of account. This kind of account will not charge you a single penny.I will provide you with step by step details about this account and discuss each and every topic.

Minimum Balance Requirement :-

As I already mentioned in the above line that this is a Zero balance account.So,you don’t need to maintain any specific amount.Even your account will keep active on nil balance.

Sometimes during the account opening process few banks asked to fund your account with some amount of money,but still don’t worry. This is an Initial process and you are not bound to maintain this. As immediately after account opening you can transfer the amount to your other account or else you can leave it as a bank deposit.

Interest Rate :-

Zero Balance Saving account will provide you a normal regular interest as per bank policy and RBI Norms. Some banks provide additional interest on your deposit. 

Example :- Axis Bank provides additional interest on above Rs 20000 deposit in Axis Asap Account. They convert the extra amount in Insta FD and you start getting Higher interest,which is equivalent to 6 - 6.50% or current FD rate.

Banking Facilities :-

Normally Zero Balance Savings Account provides you a free Net Banking,Internet Banking  and Free Mobile Banking. So,that you can do your all transaction without any problem smoothly.

You can make fund transfers,Bill payments,IMPS,RTGS and many more using Net Banking and Mobile Banking.

You can also buy life insurance,Health insurance and invest in Mutual funds,fixed deposit  using your net banking and mobile banking.

Loan Facilities :-

Zero Balance Savings account holders also can apply for loan car, home loan, personal loan, credit cards as per their eligibility. As all above mentioned loans you can apply online and as per your requirement the bank asks you to submit your documents to your nearest branch.

Charges :-

Charges are different bank to bank and some time it would be the same.Here I will provide you all charges details of Axis Asap and in my later post i will provide you specifically each and every bank charges.

Account Closure Charge :

If you close your account within 14 days from the date of account opening or after 1 year,then there are no additional charges there,but if you close your account before 1 year or after 14 days of account opening,then the bank will charge you Rs 500 + applicable taxes.

Average Balance Maintenance Charge :-

Since I already told you that it's a Zero Balance Account.So,the bank will not charge anything for non maintenance of average balance or minimum balance.

Debit Card Charges :- 

Axis Asap Account provides you with a facility of Virtual Debit Cards. If you opt for a Virtual Debit Card,then the Bank will not charge you anything.

If you opt for a Physical Debit Card,then it will cost you Rs 500 + Applicable taxes.

Account Opening Process :-

 Zero Balance Savings account opening process is very simple. Here I will share my experience with the Axis asap account process.

Axis Asap Account open from Digital Platform.

1.You need to Visit Axis Bank Website or Directly Click in this link :- https://www.axisbank.com/retail/accounts/savings-account/axis-asap/benefits-for-you

2.Click on Open Axis Asap.

3.Click On Open with aadhar option.

4.Enter your basic details,Mobile No and click continue.

5.You also need to enter your PAN Card details.

6.Once Form complete click on submit and make initial funding of Rs 10000 and set your virtual debit card PIN.

7.Your account is opened and you will get your banking savings account’s account number on your registered mobile no.

 Now you can use all facilities with a cash withdrawal facility.

So,this is it. I will provide you all available bank details and their zero balance account opening process in my next blog.So,please subscribe to my blog for future blogs. Also I will Provide you details on Virtual Debit card in my upcoming blog.