Big change in the rules of zero balance savings accounts, know whether there will be benefit or loss

Zero Balance Account Rules: In the rules related to zero balance savings accounts of banks Big change from January 1 Is going to happen. This change will affect crores of customers who use Basic Savings Bank Deposit Account (BSBDA) or other zero balance accounts including Jan Dhan. The new rules may make your banking experience easier and may also add a little burden in some cases. Let us understand what the changes are and how they will affect you.

What will the new rule change?

According to the information received from the banking sector, now some Fees for additional services (Service Charge) can be taken. Earlier, many services in these accounts were absolutely free, but after the new changes, banks can charge customers for the following services –

1. Additional ATM Withdrawals
2. More check book pages
3. Exceeding cash deposit limit in branch
4. Charges on SMS alert services

However, the basic structure of the account will remain the same—i.e. There is no requirement to maintain minimum balance Will happen.

Why are changes being made?

Banks argue that the continuously increasing operational expenses on millions of zero balance accounts are becoming a challenge for them. Even after the increase in digital banking, the cost of branch operation, ATM maintenance and service updates is increasing. The purpose of these changes is to make banking services sustainable.

What will be the benefit to the customers?

Digital transactions will get a boost
Mobile banking, UPI and internet banking services as before Free will remain
Possibility of adding new features when KYC is updated in accounts
Now on zero balance accounts in some banks increase interest rates Preparation of

Where can there be harm?

Charges may apply for withdrawing or depositing excess cash from the branch.
If you are more dependent on ATM then the charges may increase
Monthly expenses will increase slightly due to increase in SMS alert charges.

Who should take precautions?

The new rules will affect you if you visit multiple branches every month, do a lot of cash transactions or use ATMs frequently. In such a situation, it would be better if you use digital transactions more and keep KYC updated in your account.

The new rules of zero balance savings account can lead customers towards disciplined banking. Those doing digital transactions will only benefit from this, while those dependent on cash may have to pay some additional charges.