A zero balance account is a savings account that has zero balance and is not charged. As per the Reserve Bank of India (RBI), it is also known as a Basic Savings Bank Deposit (BSBD). The main aim of such accounts is to encourage people to do more savings. But there is a zero balance account transaction limit set for it.
Most banks will allow you to make four withdrawals, and if you make more than that, your zero-balance account will be converted into a regular savings account.
What happens if you have 0 money in your bank account?In a regular savings account, a penalty charge gets levied by the bank if you have no balance in your savings account. But that is not the case for a zero balance account. In a zero-balance account, no penalty gets levied if you have zero balance in your account, as you do not need to maintain a minimum balance there. So if you have the query- "What happens if my bank account balance is zero?" let me tell you that nothing will happen, so don’t worry.
Why Should You Invest in a Zero-Balance Account?There are multiple benefits of investing in a zero-balance account like-
You do not need to maintain a minimum balance in a zero-balance account
The customer can enjoy several benefits for having a zero-balance account like
Free passbook
Free cash
Cheque deposits and more
So this is the meaning and zero balance account transaction limit known to me.
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Authors Of The Question
What Happens if My Bank Account Balance is Zero?
Mayank
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1 Answers
1 Year
2023-05-23T10:02:57+00:00 2023-05-23T11:15:50+00:00Comment
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