Regular Savings Account Vs Zero Balance Savings Account

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In the age of digitization, the definition of a bank account has changed with multiple REGULAR and ZERO Balance Savings Account to choose from.

When multiple banking institutions are competing against each other to justify why to select them and not the other. Let us, consumers identify the elephant in the room, and look at what exactly we are getting.

We will try and understand the basket of benefits a Zero Balance Savings Account is providing us over a Regular Savings Account.

What is wrong with Regular Savings Account?

The good old savings account that is available in the market are good enough, but with a couple of constraints.

  • You can save only after you maintain the minimum balance requirement as per the Bank’s guidelines
  • You pay additional charges if at a given time the required balance is not maintained

Verdict: You save but you might lose.

Also Read: A Small Story About Credit Card – Short and Simple

Why Zero Balance Savings Account is the talk of the town, and where to look at if you are planning to open a savings account?

Zero Balance Savings Account - Kotak 811 Let’s dive in:

No compromise on interest – the current interest rate for a Zero Balance Savings Account is charting up to 7%* p.a. Wherein, Kotak Mahindra Bank’s Kotak 811 is among the favourites with a steady interest return policy ranging from 3.5% to 6% p.a.

Zero account balance – Open your account the easiest way without any requirement to maintain a minimum account balance. This surely will let your money ride the growth train. There are no hidden or additional charges associated with a Zero Balance Savings Account (one less thing to worry about).

Online account opening facility – this is what we call #BANKFROMHOME. Visit the bank’s official website, key in your KYC details and hit the Apply Now button. Kotak 811 is winning the race in this regard with India’s first-ever zero-contact, video KYC savings account.

Virtual Debit Card – has made online, day to day transactions easy and convenient. No need to carry cash or a physical card. The virtual card is loaded with all the features of the physical debit card plus an auto-enabled international usage facility. These cards are free, and as a customer, you’re entitled to avail of one once you open your zero balance account. So, pay your bills and shop as you feel seamless.

Scan & Pay – is surely the new way to pay. Just scan the merchant or billers QR code via your Bank’s App and make payment from your zero balance account instantly.

IMPS & NEFT – are electronic fund transfer mechanisms across the banking platform. These are trusted, fast and easy ways to transfer funds to the payee’s account. The Kotak 811 account comes with an added benefit, they allow you to transfer money online free of any charges.

Also Read: Top 7 Benefits of Opening Zero Balance Account Online

Verdict: Considering today’s market and what we consumers want from our Bank’s, Zero Balance Savings Account is surely the way ahead offering multiple benefits and no additional charges.

Download App – Kotak 811 Instant Account Opening App

*Terms and Conditions apply

Sanjana Mahabale is a Data Analyst Volunteer at Safecity. An engineer by credentials, analyst by profession, a writer by passion and a feminist by all means, she has written creative and technical articles for EduArena, Dose Internet Media, Toonpanda, Housing, and a couple of other start-ups. Reading and writing top her list of hobbies