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The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
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An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
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17 Oct 2022
Know Everything about Zero Balance Savings Account
What is a Zero Balance Saving Account?
Some of the zero balance accounts are as follows
How to open a zero balance savings account?
Should you open a zero-balance account?
Conclusion
Frequently asked questions (FAQs)
Banks these days are offering different banking products to enhance the banking experience for their customers and zero balance savings account is one of them. Account holders in a zero balance savings account can operate the account with zero balance.
Generally banks have the Quarterly Average Balance (QAB) policy for the savings account and when the account balance does not meet the QAB requirements, a non-maintenance charge is levied whereas in a zero balance savings account, the QAB policy is not applicable and therefore no minimum balance is required, making it a ‘no minimum balance savings account’, same as BSBDA or BSBD Small account.
Central Government Employee
State Govt. Employee
PSU Employee
Employees of Local Bodies
Employees of companies with major holding of Govt.
Minimum QAB Balance
Nil
Cheque Book
Free Unlimited.
Internet banking / Mobile banking
free
The sub – categories are as follows -
a) Baroda Military Salary Package (BMSP)
b) Baroda Central Forces Salary Package (BCFSP)
c) Baroda Police Forces Salary Package (BPFSP)
Indian banks offer zero-balance savings account opening facilities online and offline.
If you are one who prefers banking services offline, the following steps are for you:
Step 1: Visit your nearest bank branch.
Step 2: Enquire about the 0 balance account from the bank representative.
Step 3: Ask for the account opening application form.
Step 4: Fill in the form carefully and submit the same along with the required documents such as address proof, identity proof, income proof and a passport-size latest photograph of yours.
Once the bank verification is successful, you will be notified by the bank through an sms or e-mail.
If you do not wish to visit the bank physically and wish to do the procedure from the comfort of your home, follow the given steps for an online bank account opening with zero balance.
Step 1: Visit the preferred bank’s official website using your mobile phone or laptop.
Step 2: Explore the 0 balance account facilities and initiate the process by filing the application form required to open a zero balance savings account.
Step 3: Upload the digital copy of all the necessary documents such as Aadhar and Pan card and submit the application form.
Step 4: Get your KYC verification through video KYC online.
If the bank verification is successful, you will be provided with a customer ID and account number by the bank.
Step 5: Once you receive your customer ID and account number, log in via net banking or mobile banking in order to create a password and commence online transactions.
Of Course Yes. A zero balance savings account does not just free you from the string of maintaining a minimum account balance but also helps you manage your finances and track your expenses. It helps you lower your expenditures and inculcate the habit of saving.
Undoubtedly, a zero balance account offers much more flexibility in comparison to a regular savings account that requires minimum balance maintenance. It adds to the financial inclusion of an individual as a 0 balance account and offers all the banking facilities that a regular savings bank account offers to its customers such as Internet banking,Mobile Banking , cards, customer support, etc.
So, what are you waiting for? Visit your nearest branch or bank’s website (except Baroda advanatage zero balance savings account and Basic savings bank deposit account ) and open a zero balance savings account in simple and easy steps and enjoy hassle-free banking facilities.
Can I Convert My Account To A Zero-Balance Account?
Yes! You can. It is very easy to convert your existing savings account to a zero balance account by following the steps given below:
Why should you choose to open a zero-balance bank account online?
Choosing an online bank account opening with zero balance is always a better choice.
There are several valid reasons to opt for an online savings account opening zero balance. In recent years, there has been a plunge in digitalisation in every sector, including banking. As per the RBI’s guidelines, all banks and financial institutions have to allow their customers and prospective customers to access banking services digitally. Also, the process of opening a zero balance savings bank account is an extremely simple task and much easier than the offline process as it only takes up a few minutes. Above all,
Can we save money in a zero-balance account?
Indeed. You can save money in a zero balance account due to many reasons such as:
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The Pradhan Mantri Jan Dhan Yojana account is a financial umbrella provided by the Government of India to make economically backwards Indian citizens fall within a structured financial institution. The program endeavours to reach out to every adult to open accounts with affordable banking for all. Low-income unorganised sectors, with daily wagers, cannot opt for private banking facilities owing to eligibility criteria that impede them from maintaining those accounts. But the PMJDY allows all banking privileges to Indian citizens in zero balance accounts allowing them to save as they earn without depending on private and insecure saving cooperatives.
Savings give financial security and relieve stress. They are fundamental for a secure financial future. It is the fund that bails you out through rough times like the Pandemic. If it hadn't been for those wisely guarded pennies, people who went through layoffs or salary reductions could not have survived. Without their savings to fall back on, things would have been difficult. Saving account interest rates may have dropped but they still add 2.75 -3.35 % (subject to change) per year to your deposit. So, while we realise it is healthy to save, you should know the types of savings account that will best serve your purpose and be beneficial for your small, medium or large saving behaviour. Here’s a quick checklist that will help you to make a more informed decision.
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