Zero account opening 01

The Zero account opening 01

In finance, a Zero Balance Account opening (ZBA) is a system of cash pooling (to consolidate the cash balances of several subsidiaries of a single company). This system is designed to leave in the current accounts of the subsidiaries the minimum amounts to be able to deal with their debts contracted.

The main advantage of this system is to centralize the cash to be able to put it to better interest rates.

This system may have the disadvantage of not allowing enough independence to financial subsidiaries.

It looks like you might be referring to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This is a government-backed life insurance scheme in India aimed at providing affordable life insurance coverage to individuals.

Key Features of PMJJBY:

1. Eligibility: Available to individuals aged 18 to 50 years who have a savings bank account.
2. Coverage: Provides a life insurance cover of ₹2 lakh in case of the policyholder’s death due to any reason.
3. Premium: The annual premium is ₹330, which is auto-debited from the policyholder’s bank account.
4. Policy Period: The cover is for one year, from June 1 to May 31, and is renewable annually.
5. Enrollment: Individuals can enroll through participating banks and insurance companies.

Benefits:

• Financial Security: Provides financial support to the policyholder’s family in case of their untimely death.
• Affordable: The low premium makes it accessible to a large section of the population.
• Easy Enrollment: Simple and hassle-free enrollment process through banks.

For more details, you can visit the official website.

Is there anything specific you would like to know about PMJJBY or any other scheme

It looks like you’re interested in the various Pradhan Mantri Yojanas (PMY). These are government schemes launched by the Prime Minister of India to address various social and economic issues. Here are some notable ones:

Key Pradhan Mantri Yojanas:

1. Pradhan Mantri Jan Dhan Yojana (PMJDY): Aimed at financial inclusion, this scheme provides affordable access to financial services like banking, credit, insurance, and pensions.
2. Pradhan Mantri Awas Yojana (PMAY): Focuses on providing affordable housing to urban and rural poor. It aims to achieve “Housing for All” by 2022.
3. Pradhan Mantri Ujjwala Yojana (PMUY): Provides LPG connections to women from Below Poverty Line (BPL) households to reduce health hazards from using unclean cooking fuels.
4. Pradhan Mantri Fasal Bima Yojana (PMFBY): Offers crop insurance to farmers to protect them against crop loss due to natural calamities, pests, and diseases.
5. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): A life insurance scheme offering coverage of ₹2 lakh for a premium of ₹330 per year.
6. Pradhan Mantri Suraksha Bima Yojana (PMSBY): An accident insurance scheme providing coverage of ₹2 lakh for accidental death and full disability for a premium of ₹12 per year.
7. Pradhan Mantri Kaushal Vikas Yojana (PMKVY): A skill development initiative to provide industry-relevant skill training to youth to enhance their employability.
8. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): Provides income support of ₹6,000 per year to small and marginal farmers, payable in three equal installments.

These schemes aim to improve the quality of life for citizens by addressing various aspects such as financial inclusion, housing, health, agriculture, and skill development. To conclude, opening a zero balance account is a great way for people to have a bank account without worrying about maintaining a minimum balance. It’s especially helpful for those who don’t have a steady income or want to save without any extra pressure. With this account, you can access basic banking services like deposits, withdrawals, and online transactions without any charges. It’s a simple, convenient, and cost-free option to manage your money.