Similar to the basic savings account, zero balance savings account also aims to promote the saving habit of individuals. Unlike other savings accounts, the account holder doesn’t need to maintain a minimum balance with a zero-balance account. Even if the account balance is zero, no fine or other penalties will be charged to the account holder.
Any Indian citizen over the age of 18 years (except NRI) is eligible to open a zero-balance savings account with Areekode Service Co-operative bank. Any existing saving account holder can’t open a zero-balance account.
The bank offers attractive interest rates for zero-balance savings accounts.