The no-balance scheme is also to encourage people from all walks of life to open a savings account and to enable them to save and hence, earn a nominal rate of interest. Banks also offer zero-balance savings accounts for those who want only basic banking facilities like withdrawals and deposits. There are different kinds of savings accounts for different needs.
A savings account is one of the most popular types of bank accounts, despite some of its limitations.
It is a safe way to store your hard-earned cash and earn a nominal interest. A savings account is often the first bank account for many as it is very easy to open and operate.
