Zero Balance Account

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Zero Balance Account

An account that maintains no funds in it because the account holder transfers only enough funds into it to cover checks written on it. A zero balance account exists so companies can prevent excessive balances on accounts and more effectively control how they distribute funds.
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The scheme encompasses opening of zero balance accounts, easy loans, insurance and pension.
Talking about some major initiatives of his government, he said he started the Pradhan Manatri Jan Dhan Yojana which allowed poor people who did not have bank accounts to open zero balance accounts. "Today, the poor have learnt how to save and Rs67,000 crore have been deposited in these accounts."Referring to the cleanliness campaign launched in India, he said:"Which citizen does not want cleanliness?
Zero Balance Accounts are offered by most financial institutions to meet the customer's needs for a certain type of account, such as health insurance, employee payroll, or other specific needs.
Global Banking News-August 9, 2017--Kotak Bank offers debit card at INR99 for zero balance accounts
Latest reports further suggest that banks have played a trick to convert zero balance accounts into operative accounts.
Mumbai: Top lender State Bank of India has said it has seen a steady decline in the number of zero balance accounts opened under the financial inclusion drive and their count is now below 46 percent.
The number of zero balance accounts that continue to exist with most banks is glowing evidence to this persistent issue.
MUMBAI -- People belonging to weaker sections in the country can also open zero balance accounts in foreign banks such as HSBC, Citibank and Standard Chartered Bank and avail free ATM-cum-debit card facility.
"More than 2,000 zero balance accounts of local people were opened at the branch and a fake website with its server in the USA was also created to dupe the investors," the local district superintendent of police Upendra Kumar Sinha told the media yesterday.
Current problems relate to special situations such as double billing and erroneous billing by computer conversion input personnel and the inability by computer personnel to promptly correct debit errors and computer generated erroneous interest charges by input credits to the computer system to zero balance accounts.
We used zero balance accounts, or ZBAs, to control the cash movements centrally.