A bank account, especially a savings account, is synonymous to necessity in today’s day and age. However, some
people who wish to open their accounts online get discouraged with the thought
of maintaining a minimum balance in their accounts every month. Now, with the zero-balance
account, you need not worry about the same. You do not be a salaried employee
to do so.
The
younger generation can get their zero-balance savings accounts at an early age, and you can help them
learn the importance of saving and keeping money secure in a bank through the
online mode.
All
you need is a standard set of your KYC documents like your ID proofs, address
proofs, and account opening documentation. You need not be doing strides at
your branch for this, as it is all available on the website of these banks and can
apply for your account in the comfort of your home itself.
If
you are still wondering why to open a zero-balance saving account, then some
reasons show how helpful the account can be –
No
Minimum Balance - One
of the perks is that you need not maintain a minimum balance at any point in
time. Most commercial banks insist on maintaining a balance of INR 5,000 or INR
10,000 (depending on the bank you choose) at the end of every month. If you
fail to do so, your bank has the right to charge you a penalty. However, the
beauty is that the bank would not be levying any additional charge or penalty,
even if the balance is less or zero, and hence the name ‘zero balance’ account.
Internet
& Mobile Banking - When
you open an online
savings account that is zero balance, you get to enjoy all the perks of
internet and mobile banking as well. Right from your e-commerce transactions to
your e-payments, you can do it all in a few taps, anywhere and any time.
Access
to Cards - Just
because it is a zero-balance account does not mean that it does not come with
cards. You get access to ATM and debit cards, which allow you to check your
balance, withdraw, and even make online transactions like any other debit card.
Free
Passbook & Cheque book - Some
zero-balance saving accounts
even offer free passbook and cheque book when you open them. You need not wait
for them to arrive as they are often a part of the account opening kit itself.
Cash
Withdrawal & Deposit - You
can withdraw as well as deposit cash for free! There may be a limitation to the
number of withdrawals one can make from their debit card monthly, but they are
all free of charge. After withdrawals, you will be charged a minimal fee.
Opting for an online savings account with zero-balance
could be precisely what you need. Get started with your banking and open
yourself a hassle-free and balance-free account today!