Simple Guide On Zero Balance Saving Account

A savings account is a deposit account that pays interest at a bank or a financial organization. Though these accounts often produce a low interest rate, their security and dependability make them an excellent choice for funding for short-term requirements.

What do you mean by Zero Balance Saving Account?

A Funds Account is a bank-provided deposit account into which you may put your savings. Banks often provide a Savings Account with the requirement that you set a constant amount in the account. Otherwise, the monthly charge needs to be paid.

Some types of Savings Accounts, however, do not need a minimum balance and are referred to as zero-balance Savings Accounts. The concept is straightforward: you may create a Savings Account, but you are not required to have a minimum amount in it.

You are not required to have a minimum amount. As a result, there really is no punishment in the event of a zero balance. This is the key enticement for people to open this sort of account.

Some Drawbacks of Zero Balance Saving Account

Transactions that are restricted

The amount of transactions you may make each month is limited with zero-balance accounts. Banks typically allow just four month transfers. If you withdraw more than the allowed number of times, the bank will change your nil account into a standard Savings Account. Some banks also might charge a fee for these additional transactions.

Savings Accounts are limited in number

According to the Reserve Bank of India’s (RBI) new regulation, you can only have one Zero Balance Account with one bank. Moreover, if you’ve a Zero-Balance Savings Account at one bank, you might not have any other Savings Account in a particular bank

When you open a Zero-Balance Savings Account, you must supply the bank with a statement stating that you do not hold a Zero-Balance Savings Account with any other bank.

How to open a Zero balance account in PNB online?

You may open a PNB account online by filling out and submitting an application form. The online form is available on the Punjab National Bank’s official website. You may also visit a PNB bank branch and complete an account opening form there.

• Go to the PNB site and choose PNB Link https://www.pnbnet.org.in/OOSA/.
• Click Here to create an Online Zero Savings Account without E-Sign.
• On the PNB Account opening online form, Choose a branch. Select the Account Type, Enter the Customer Name, Mobile Number, and Email Address. Tick the declaration and checkboxes.
• Try entering the Security Code and press the Submit button.
• A TCRN (Temporary Customer Reference Number) will be produced upon completion of the application form.
• The individual’s mobile phone number and email address will be provided.
• After getting the TCRN, the customer must send the number, application form, and necessary KYC papers for confirmation.
• Permission was obtained, the account will be activated within 3-5 working days.

Features of Zero Balance Saving Account of PNB

There is no minimum balance

Zero balance savings account is not required to maintain a minimum balance. As a result, there is no penalty if the balance is 0. This is the primary incentive for people to open this type of account.

Simple Transaction

You may make payments with this Punjab national bank account using a variety of Net Banking services. You may also use this account to pay for services like energy, phone, and water.

Net Banking and Mobile Banking

After opening an account they provide a feature called Net Banking, which allows you to monitor your bank statements and transfer and receive money which can be done online.

While it has its benefits PNB account, a Zero-Balance Savings Account may have an impact on your financial experience, particularly in the event of an unanticipated financial emergency that necessitates numerous withdrawals. As a result, requiring a basic balance Savings Account might be more advantageous.

You may enjoy tempting incentives and promotions, as well as quick loan access and rapid cash transfer, by creating a minimum balance Savings PNB Account. You may also receive Sweep service, locker service, foreign Debit Cards, automatic bill payments, discount advantages, and other perks. Making investments is also simple! Most significantly, you may avoid fines for AMB non-maintenance (average monthly balance).

Conclusion

Banks have recently announced zero balance savings accounts that may be created online with no documentation. Individuals may readily open these accounts using their PAN and Aadhaar card. Individuals that don’t want or are unable to maintain a minimal average amount may benefit from a zero-balance savings account. Many banks, like Kotak Mahindra Bank and ICICI Bank, have implemented video KYC, allowing consumers to create a full-fledged savings account without leaving their house.