All of us open a bank account at some point to save our life earnings. By saving from the beginning, there is a storage of money for future emergencies or requirements. We store our income which is a result of their endless effort to work hard and prosper. But there is a condition: Maintenance of Average Monthly Balance (MAB). If account holders fail to maintain MAB, banks charge a penalty.
Is there an
alternative for such accounts?
With changes in the
banking system and rules and regulations, many banks have made the process of opening
the bank accounts relaxed, faster, and hassle-free. They want every citizen to
store their savings in accounts to remain safe, secured, and available during
tough times. Hence, they introduced a unique account with maximum benefits for
encouraging people to open bank accounts.
Banks introduced a
facility which does not require you to maintain a minimum balance. Such
accounts are called zero
balance saving account.
The advantage here is, the bank offers usual facilities like that of regular
accounts.
Features and
benefits
Like every other bank
account, these accounts also have their features and benefits:
No balance
maintenance
Maintaining a minimum
balance is not compulsory. Accountholders need not pay penalties, making such
accounts desirable.
Free transactions
The bank offers free
transaction tools like ATM and debit cards to transactions smoother. A cheque
book with a fixed number of leaves and passbook provision is available with the
welcome kit at the time account opening. The number of free transactions is
limited monthly.
Online banking
Checking account
balance and making transactions online, be it net banking or apps, has become quicker
with this facility. Bill payments take place using this feature.
Locker facility
Some banks also
provide safe deposit locker facilities based on requirement type.
Salary account
holders
There are special
offers and privileges for salary account holders based on their companies.
Documentation
process
The offline or zero-balance
saving account online requires customers to submit necessary KYC papers such as
identity proof, address proof, income statements (if any), and a photograph.
By opening an account
online, the holders can make transactions through mobile banking
apps, UPI, and more. You can book tickets, pay for daily needs, pay bills,
transfer funds from one bank account to another, all digitally.
Conclusion
The banking system has
evolved with time and is accessible with its services. Banks not only take
measures to benefit their existing customers but also introduce schemes that
attract new customers.
