There are several banks in India that offer zero-balance savings accounts, which do not require a minimum balance to be maintained. Some options for zero-balance savings accounts in India include:
- Basic Savings Bank Deposit Account (BSBDA) offered by the State Bank of India (SBI)
- Jan Dhan Yojana account offered by the Government of India
- PM Jan Dhan Yojana account offered by the Government of India
- BSBDA Small account offered by various banks
- Pradhan Mantri Jan Dhan Yojana – AADHAAR Seeded account offered by various banks
It is important to note that while these accounts do not require a minimum balance, they may have certain restrictions on the number of transactions that can be carried out each month or charges for certain services. It is advisable to compare the features and fees of different zero-balance savings accounts before choosing one that best meets your needs.
Difference between Savings Account and Salary Account
Savings accounts and salary accounts are both types of bank accounts that are designed to meet the financial needs of different types of customers. Some key differences between savings accounts and salary accounts are:
- Purpose: Savings accounts are designed for individuals to save and grow their money, while salary accounts are specifically designed for individuals who receive a regular salary or income.
- Minimum balance requirement: Savings accounts usually require customers to maintain a minimum balance, while salary accounts generally do not have a minimum balance requirement.
- Interest rates: Savings accounts generally offer higher interest rates compared to salary accounts, which often offer lower interest rates or no interest at all.
- Overdraft facility: Salary accounts typically offer an overdraft facility, which allows customers to borrow money from the bank up to a certain limit. Savings accounts do not generally offer an overdraft facility.
- Services and features: Salary accounts often come with additional services and features, such as free cheque books, ATM cards, and online banking facilities, which may not be available with savings accounts.
- Eligibility: Savings accounts are generally available to all individuals, while salary accounts are usually only available to individuals who receive a regular salary or income.
It is important to consider your financial needs and goals when choosing between a savings account and a salary account. It may be helpful to compare the features and fees of different accounts before making a decision.