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GLOSSARY

Zero-Balance Account

✓ Last verified 14 Sep 2026
The short version A zero-balance account (like a Basic Savings Bank Deposit Account) requires no minimum balance to be maintained, avoiding the penalty fees that apply to a regular savings account that falls below its required minimum.

Unlike a regular savings account, which typically charges a penalty if the balance falls below a set minimum, a zero-balance account (commonly a Basic Savings Bank Deposit Account, or a similar student/salary-linked variant) has no such requirement. These are commonly used for financial inclusion efforts, student accounts, and salary accounts opened by an employer, where the account holder shouldn't be penalized for a naturally low or fluctuating balance.

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