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Savings bank accounts are the most popular and basic banking facilities. Indian banks offer several lucrative features to attract customers, and one among them is the savings account without any minimum balance requirement. Some banks also started offering zero balance accounts as part of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which aims at providing a savings bank account to every Indian citizen. Let’s learn more about zero-balance savings accounts and look at a few banks giving the highest interest rate on these accounts.

What is a Zero Balance Savings Account?

Most banks require their account holders to maintain a minimum balance in their accounts at all times. That means the money lies idle in the bank account for a whole month to fulfill the requirement. Some banks calculate it as the minimum average balance in a month. If the average balance goes below that requirement, banks charge penalties from the account holders. Those who do not want to maintain a minimum monthly balance can open a digital bank account with a zero balance. The account type does not have a minimum balance requirement, allowing account holders to use every penny they deposit in their accounts.

Benefits of a Zero Balance Bank Account

A zero-balance bank account has various benefits that make it better than its counterparts. These include the following:

• No Minimum Balance: The primary benefit is that account holders do not need to maintain any minimum balance in their account, which means they can use even the last penny available in their savings. It is an ideal facility for students and salaried employees with limited resources.
• No Penalties: A zero balance account saves consumers from paying low-maintenance penalties that most traditional savings accounts levy in case of a default.
• Easy to Open: Traditionally, people had to visit bank branches to open a savings account. Today, they can follow the digital bank account zero balance opening procedure to open an account from the bank’s website. Provide a few details, and voila. The user can start using the new account within minutes.

Top Banks Offering High-Interest Rates on Zero Balance Savings Accounts

Below is a list of top banks offering zero-balance savings accounts with high interest rates:

1. RBL Bank

Known as the Basic Savings Account, the zero balance savings account is one of the unique features of RBL. These include a free RuPay Card with high withdrawal limits, free money transfers using RTGS and NEFT, unlimited ATM transactions, and higher FD interest rates. Facilities of mobile banking, net banking, bill payment, SMS alerts, etc., ease the journey of using an RBL savings account.

Also Read: Best Bank Accounts for Housewives To Save Money And Earn More

2. SBI (State Bank of India)

The bank offers different bank account types, including the zero balance savings account. Individuals holding valid KYC documents can open this account at any SBI branch across India. The account comes with attractive interest rates and other benefits, including a RuPay ATM and debit card, no minimum and maximum balance, cash withdrawal at any SBI branch or ATM, mobile/net banking, etc.

3. HDFC Bank

HDFC is one of the leading banks in India, and many people prefer to open accounts. Their BSBDA or Basic Savings Bank Deposit Account is the a balance savings account that meets every individual’s banking needs. Account holders can access banking facilities across India at any HDFC bank or ATM and avail of digital services like net banking, mobile banking, SMS alerts, free passbooks, regular e-statements, etc.

4. YES Bank

Although the bank offers different types of savings bank accounts, Smart Salary Advantage, Smart Salary Exclusive, and Smart Salary Platinum are their free savings account variations. Besides high-interest rates, account holders get access to mobile and net banking facilities, free NEFT and RTGS services, e-statements, free demand draft issues, SMS alerts, bill payments, and a high daily cash withdrawal limit.

5. ICICI Bank

ICICI is a prominent bank in India offering robust security features with their savings accounts. Their Basic Savings Bank Deposit Account (BSBDA) is a zero-balance account that allows individuals to save up consistently and earn high interest rates. Apart from no minimum balance requirement and no initial deposit, the account offers single and joint holding, a free RuPay card, internet banking, mobile banking, free cash deposits, and other facilities.

Zero-balance savings accounts are quite popular among students and low-wage earners. However, do bear in mind that not all banks offer competitive interest rates and plenty of features with such an account. Therefore, check the bank’s interest rates and basic services before opening a free savings account with zero balance requirements. Proper research will help you find a bank account that suits your needs and offers maximum benefits.

Finance is the lifeline for every business venture as it helps in their overall growth, expansion, and sustenance. It is next to impossible to run a business without adequate financing. Therefore, it is important to understand Business Finance. In the subsequent sections of this article, we will understand what Business Finance is, what are Business Loan benefits, and what are types of business finance. So, keep reading on.

What is Business Finance?

Businesses require funds from time to time to maintain their cash flow. They require substantial working capital to ensure smoother business operations and increase profitability. Whether it is buying new equipment, hiring new staff, expanding to larger premises, or buying new inventory, business owners require financing for their businesses. That is where Business Finance comes into the picture. 

Business Finance refers to funds availed by business owners to meet their various business financial requirements. Prominent lenders have your back and provide business finance at an attractive rate of interest to cater to the needs of your business. 

What are the Benefits of Business Finance?

There are plenty of Business Loan benefits. Below mentioned are some of the significant ones:

• Manage Working Capital

Business finance is of great help in meeting working capital requirements and expanding the business. Additionally, it can assist in maintaining the cash flow during tough times. In the changing economic crisis, business finance can help strengthen your financial stability during lean periods. 

• Improved Financial Management

Business finance can help a company better manage its financial resources, such as by creating a budget or forecasting future revenue and expenses.

• Attractive Interest Rate & Nominal Charges

Many top banks and NBFCs (Non-Banking Financial Companies) provide business finance at an attractive rate of interest. Usually, the interest rate depends on the collateral, loan tenure, and borrower’s creditworthiness.

In addition to this, some of the reputed NBFCs offer business finance with nominal processing charges and without any prepayment charges. Thus, borrowers can save on their lending costs by availing of finance at an attractive interest rate and nominal processing fees. 

• Improved Business Credit

Getting business finance can also help in improving your business’s creditworthiness. However, you will need to make payments on time and repay the loan within its loan tenure to see your business credit score improve significantly. In the future, this can help you avail of more financing at attractive terms. 

• Helps in Starting the Business Operations

Business finance can help business owners to purchase land, capital assets, and other required assets without any difficulty and can focus mainly on starting business operations. 

• Collateral Free Loans

Business finances are usually offered without requiring any collateral, provided you meet the eligibility criteria. Since business finances are unsecured, they are an especially attractive option for small ventures that may not possess a lot of assets. 

• Increased Competitiveness

Business finance can help a company stay competitive by providing the funds necessary to invest in new technologies or products, or by helping to improve the company’s financial position.

• Better Decision Making

Business finance can help a company make more informed decisions by providing financial information and analysis that can be used to evaluate different options and opportunities. 

What Are the Types of Business Finance?

Given below are the major types of business finance. You can evaluate each one of them and assess the suitability for your business:

• Equity Finance

In this type of business finance, the investors are the owners of the company to the extent of their investment. Equity finance could consist of finance brought into the business by owners or stakeholders. Mainly, an investor contributes a large sum of money towards the business in exchange for a share in the business. When the business starts generating profits, investors earn the benefits based on the number of shares they own.

• Debt Finance

As its name suggests, debt finance is money that is borrowed from a bank or NBFC. It must be repaid at a predetermined interest rate over time. This does not dilute promoter stakes. 

To conclude

Business finance is the cornerstone of every business. It is required for buying assets, raw materials, and goods, and for meeting day-to-day business financial requirements. In a nutshell, it is required for running all business operations. 

Sending money internationally has become a common practice. With so many NRIs, sending money internationally has become a norm in India. There are many options available for internal money transfers. Banks are not popular in such transactions as they charge nearly 11% of the amount you want to transfer.

There are some basic steps involved in sending money internationally. Let us look at these steps for our understanding.

1. Get Registered

After you have opted for the transaction medium and app, create your account. You need to give your details and documented proof to finish the registration process.

2. Details of the Recipient

You are also required to submit the banking and personal details of the individual you want to send the money to. You also have to provide the location in case the recipient is coming to take the money. Be careful while giving your details, as they should match your official identity card.

3. Select the amount

After you have entered the recipient’s details, you will have to choose the amount you wish to send them. You also have to select the currency for the transfer. 

4. Make the Payment

You will then be required to make the necessary payment. You can choose a credit card transfer to a bank account or any other option for the transaction. Depending on the options available, choose one that fulfills your needs.

5. Tracking the funds

Apps and websites that facilitate international transfers also allow you to track your payment. You will be given a transaction Id for this. You can keep track of the transfer using this Id. Usually, an estimated time frame is provided within which the transaction will occur.

Each of the mediums has its benefits and drawbacks. Depending on your needs and convenience, you can transfer money internationally. 

Let us look at some mediums through which you can transfer money internationally. 

Transfer through Wise

Wise is an online medium that allows you to transfer money internationally. It is a cost-efficient medium that eases your international transfer. They are known to give reasonable exchange rates. If you use a bank account for the transfer, you are charged a fee of less than 1% of the amount you want to transfer.

Depending on the country you are sending the money to, the transfer period can range from 1-3 days. A credit card bank transfer will be done within seconds through this medium. There is a transfer limit of around $1 million in Wise. 

Transfer through OFX 

OFX is another popular medium for international money transfers. It is a swift and safe medium. You don’t have to pay any transfer fee while using this medium, but the exchange rates tend to be higher. 

The duration of the money transfer is not as fast as Wise. The transaction will take around 2-3 business days, depending on the country you are sending to.

You can send a minimum amount of $1,000 for a transaction without an upper limit in OFX. This structure is only for bank accounts. You cannot use debit cards or cash in OFX. 

The medium is well known for its user experience and has a 24*7 support line.

Transfer through PayPal

PayPal is another popular medium used for international transfers. It gives you a lot of accessibility and different varieties of payment methods. You can send the funds to the respective PayPal account. The individual can then transfer it to their bank accounts. PayPal is especially popular for peer-to-peer international money transfers.  

PayPal is a safe and convenient transfer option that comes with hefty fees. You can send a maximum of $60,000 per transaction through PayPal.

To use PayPal for international money transfers, you and the recipient should have PayPal accounts. You can use the online website or the app to complete the transaction. PayPal charges around 5% of the total transaction as a fee.

Transfer through WorldRemit

WorldRemit has low cash transfer fees and covers more than 130 countries for international transfers. Signing up is free of cost on this app. You can do international money transfers using the advantages of credit cards, debit cards, prepaid cards, Google Pay, etc., using WorldRemit. The transfer fee will depend upon the country you send the money to. Often this fee will also depend on the amount of money you are sending. Fund transfers are instant through this medium. But if you want to deliver the cash at home, the transaction will take between 1-7 days. You can send a maximum of $9,000 per transaction.

To conclude, international funds transfer is neither as difficult nor expensive as people think. If you know the right medium, it can be a smooth and effective process. Any of the mediums mentioned above can be beneficial for you. Choose wisely to reap the benefits.

Home Loan surely reduces a person’s financial burden and helps them fulfil their dream of owning a house. But it’s easier said than done. You’ll need to weigh your options and make some decisions before applying for one of these loans to ensure that the conditions suit your financial situation. While many banks provide easy loans at affordable interest rates, it is still imperative to research well and make an informed decision.

If you want to know how much of a monthly payment you can afford towards an EMI, you may use an EMI calculator for a home loan.

Your monthly budget should include principal and interest payments if you consider acquiring a mortgage (EMI). If you want to know how much of a monthly payment you can afford, using an EMI calculator for a home loan is the best option.

You don’t need to be a math whiz to figure out how much EMI you’ll have to pay monthly to pay your loan in full by the due date. Before using the money management tool to organise your budget, you just need to be familiar with some basic ideas, such as:

• The term “principal amount” describes the amount of money you have borrowed and are expected to repay.
• The term of a loan is when you need to pay the interest and principal amount.
• You and the loan provider have agreed on an interest rate, which is the rate you’ll pay on the borrowed principal.
• The term “equated monthly instalment” (EMI) is shorthand for the monthly payment amount; you must pay it per the amortisation plan.

There are several positive aspects to obtaining a home loan. Here is just a sampling of the many situations in which an EMI calculator for a home loan might come in handy:

• Calculating the EMI repayment is easy

All a customer has to do is enter their loan amount, interest rate, loan period, and processing fee. The home loan calculator will conduct the math and display the amount of the EMI (equated monthly instalment).

• Selecting a suitable amortisation schedule

Once the precise EMI amount is known, the borrower may choose a suitable loan payback term. They may calculate whether they can afford a high EMI and choose a short tenure period to pay off the loan quickly, or they can calculate if they can afford an EMI that is within their comfort zone and lengthen the duration of their loan.

• Management of loan

At times throughout EMI payments, a customer may have extra funds that may be used to make prepayments, which is helpful for managing the loan. Whether a customer is interested in seeing the impact of making prepayments on their house loan, an EMI calculator may help them do the math and see if it makes financial sense to do so.

• Competitiveness of loan

Customers may use the loan calculator to evaluate the competitiveness of loan offers from different financial institutions. In addition to the matching EMIs, the total cost of the loan is also shown to allow you to make a better selection.

• Verified findings

Because of humans’ inherent fallibility, incorrect results may be sent to the customer when a computation is performed by hand without their knowledge. Any results from an online EMI calculator for a home loan are guaranteed to be accurate since they are calculated instantly and accurately.

• No confidential details need to be disclosed.

You will not be asked for personal information when you utilize a free online home loan EMI calculator. Alternatively, you should give thought to figuring out your repayment schedule. As a result, you may calculate the details of your mortgage loan using this approach. EMI is the way to go if you want to avoid potential security issues.

Conclusion

Now is the time to use your understanding of house loan EMI calculators. You may take the first step toward owning your own home with the help of a home loan calculator.