Maximise Your Savings With Federal Bank's Zero Balance Savings Accounts

Maximise Your Savings With Federal Bank's Zero Balance Savings Accounts


Importance of Savings Accounts for Financial Stability and Growth

Savings and financial stability play a very important role in the financial well-being of an individual, especially in a world where uncertainties are common. One of the most secure and reliable methods of protecting oneself against unforeseen financial emergencies is via the humble savings account. It encourages individuals to save a portion of their monthly income as well as generate wealth by way of interest earned. Banks offer a wide range of savings accounts, amongst which the zero balance savings account is the most popular.

Understanding Zero Balance Savings Accounts

A zero balance savings account is one where the account holder need not maintain a minimum balance, i.e., the account can be operated with a zero balance and not incur any penalty.

Though a zero balance account has all the essential features of a regular savings account, it differs in one important aspect—minimum balance.

A regular account requires maintaining a minimum balance. Failure to do so could lead to the levying of a penalty or charge that can erode the interest earned. This makes a zero balance account a very attractive option for those who want a flexible bank account.

A zero balance account can be kept active without the need to maintain a specific minimum amount. This means the account holder can use the account, even if they withdraw all the funds to meet urgent requirements.

Why Choose Federal Bank's Zero Balance Account?

Zero balance account banks like Federal Bank offer a hassle-free banking experience as they eliminate the need for a minimum balance and initial deposit. Federal Bank's Zero Balance Savings Accounts are the perfect solution for individuals who want a flexible way to save and manage money. It takes care of simple banking needs and offers a free ATM card, monthly statement, and a cheque book.

Benefits of Federal Bank Zero Balance Savings Accounts

The Federal Bank Zero Balance Savings Account offers numerous advantages that make banking more beneficial and accessible for customers. Here are the key benefits:

1. Low barrier to entry

In contrast to other savings accounts, opening and maintaining this account is easy, as no minimum balance is required. 

2. No maintenance charges

There are no maintenance charges levied on the account. So, customers need not worry about penalties, in case they need to withdraw all the funds during an emergency.

3. Interest rates

Federal Bank’s Zero Balance Savings Accounts offer competitive interest rates, making them an attractive option for those who wish to save and accumulate wealth.

4. Additional perks

The account also offers a free debit card, ATM access, mobile and internet banking facility, a free chequebook, and other perks.

Types of Zero Balance Savings Accounts in Federal Bank

Federal Bank has 3 different zero balance accounts - Fed Selfie, Basic Savings Bank Deposit Account (BSBDA), and Fed Excel. Listed below are the features and eligibility criteria for each type of account: 

 

Fed Selfie

Fed Excel

BSBDA

Minimum balance

Nil

Nil

Nil

Account maintenance charge

Nil

Nil

Nil

Debit card

Master Card Crown Debit Card

Visa Signet Platinum Debit Card

Rupay Classic Debit Card 

Free cheque book

10 cheque leaves a year

10 cheque leaves a year

20 cheque leaves a year

Eligibility criteria

Resident individuals -18 years and above but below 70 years.

Resident individuals satisfying either of the eligibility criteria below:

  • Qualified professionals like doctors or engineers or those having a government-approved degree
  • Sell-employed professional with qualifications like CA/ACCA/ICWA/CFA/CS/CFM/MCA/MBA/PGDBA/PGDBMand advocates
  • Members registered with JCI, FICCI or Chambers of Commerce.
  • Promoters of start-up business units (government-approved/sponsored) or IT villages.
  • Indian Residents can open a sole or joint account.
  • Minors can open an account (parent/ guardian required)
  • The account holder cannot have another savings bank deposit account with Federal Bank; if they do, they must close it within 30 days from opening this account.

How to Open a Zero Balance Account Online with Federal Bank

Fed Excel and BSBDA

Individuals can easily open an online bank account with zero balance by downloading the online form. Once the form is duly filled out, it must be submitted along with the necessary documents to the nearest branch.

Fed Selfie Account

Individuals must download the FedMobile App and complete the SMS activation using the mobile number registered in Aadhaar. The KYC can be completed through the app, and the account can be opened easily without going to a branch.

Conclusion  

Federal Bank Zero Balance Savings Accounts are a great way to start saving and achieving financial stability. These accounts, with zero maintenance charges, can help individuals maximise their savings and accumulate wealth over time.

So, experience the convenience of online bank account opening with zero balance with Federal Bank today, or contact Federal Bank for more information on savings accounts.