Different types of Zero-Balance Accounts you can open in India

Savings Accounts are the most popular and the first account people open. These give people a place to park their funds, receive payments, make payments etc. Each account comes with minimum balance maintenance and an average balance you should always maintain. If you fail to maintain them, then a penalty gets charged.

The Zero-Balance Savings Account is a type of Savings Account that does not have a minimum balance maintenance provision. In a Regular Account, each bank prescribes the balance to maintain. But here, all penalties and charges on minimum balance are waived. Most banks also pay the same interest rates on these accounts as they do on a Regular Account. You can choose from different types of Zero-Balance Accounts:

Basic Savings Bank Deposits

This account waives minimum balance requirements and restricts the number of debits. If the customer has an existing BSBD Account, they cannot open a Bank Account in another. The bank provides these customers with other regular banking services at its discretion.

Basic Savings Bank Deposits

This account has specific restrictions on transactions. The maximum balance in such accounts must not exceed Rs. 50,000 at any time. The total credit should not exceed Rs. 1 lakh, and the withdrawals are limited to Rs. 10,000 monthly. If the balance exceeds the maximum balance, the account gets restricted till the balance does not reduce. This account is a basic account for those who do not have many requirements.

Jan Dhan Accounts

The Economically Weaker Section can now open a Savings Account online as part of the government's financial inclusion scheme. Banks also provide other benefits with Jan Dhan, such as free Accident Insurance and RuPay cards.

Salary Accounts

Companies maintain these accounts to pay salaries for their employees. They work like Regular Accounts without the limitations of the BSBD Account. The Salary Account is also used for making and receiving payments. However, it is converted to a Savings Account with minimum balance requirements if it does not receive a salary.

Pension Accounts

This account is meant for those earning pensions. The amount is directly credited into the account. It only applies to those covered under the Pension Scheme and those closer to retirement or retirement.

Minor Savings Accounts

This account gets linked to the parents' or guardians’ account. Banks offer these to improve financial literacy among kids. Minors can operate the account, use a Debit Card to make purchases, withdraw cash using the card, etc. This helps them learn how banks and savings work.   

Conclusion

It is possible to open a Zero-Balance Account online. The procedure is simple: fill out the application form and upload relevant documents. Once processed, the account is accessible.