Zero-Balance Account Benefit: Generally speaking, keeping a savings bank account’s minimum balance high is crucial. If you don’t do this, banks will penalise you. When it comes to savings account interest, the standard rate is approximately 4 percent. However, there is one bank that offers interest on savings accounts in the form of fixed deposits, or FDs, with no minimum balance requirements. No limitations. Allow us to introduce you to this bank’s unique savings account.
Introduction of RBL Bank’s Go Account
We are referring to RBL Bank, which launched the Go Account, a digital savings account, recently. You are receiving interest on this zero balance account at a rate of 7.5 percent. RBL Bank’s website states that you can get a free credit report, a free premium go debit card, and simple cash withdrawals with this account. In addition, there is comprehensive cyber insurance as well as accident and travel insurance up to Rs 1 crore.
Subscription-Based Model with Annual Fee
This RBL Bank zero balance account is a subscription-based bank account. An annual fee must be paid in order to receive this benefit. The first year’s subscription fee is Rs 1999; thereafter, you must pay Rs 500 a year. Additionally, you must pay GST. Nevertheless, this annual charge will be waived if you use the debit card that comes with this account to make more than Rs 1 lakh in purchases in a single year.
Documentation Requirements
You need both an Aadhar card and a PAN card in order to open this RBL Bank account. You can open this account online or through the app if you have these documents. Since it’s a digital account, you can use a smartphone to access it from home.
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