These days opening saving account in ban account is quite easy, customer just need to follow some basic rule to get their account number and active account. Sometimes picking the correct bank and account may become tough but after it will be quite easier to operate this type of account as it has no criteria of managing minimum account balance. Apart from zero balance saving account, if customer will not maintain minimum account balance then as per policy of bank penalty will be imposed. As per order of government of India this type of account will be opened under Pradhan Mantri Jan Dhan Yojana (PMJDY). In case someone is not capable of operating regular saving account then opting zero balance saving account to utilize banking facility.

Valuable Facts Related to Zero Balance Saving Account

Account Holder and Rate of Interest

As per rules of RBI, same interest rate will be offered to all users of zero balance saving account like normal saving account user will get. This account can be operated by individual, as a joint account, either or survivor or any other options as per need.

Facility of Internet Banking

As this account is free with condition of managing minimum account balance, but still account holder will be free to use the facility of internet banking. User just needs to contact in their bank branch regarding use of service.

Cheque Book and ATM Card Facility

All customers will get ATM card and cheque book after account opening to perform transaction and passbook to keep record of all performed transactions.

No penalties

As we know that bank imposes penalty in case of account is not managed as per regulation, as this account will be free from all these regulations and customer may save amount as per their financial condition and source of income.

Account Dormant

Account will become dormant if account holder will not perform any transaction for certain time period. All facilities like transaction via ATM, mobile and internet banking will not be allowed, after reactivation of account these facility will be enabled for customer.