Using an online Savings Account is a hassle-free experience. However, it is compulsory to maintain a minimum average balance to avoid paying penalties. Zero-Balance lets you use your funds without worrying about maintaining the minimum balance. Nowadays, banks offer customers competitive interest rates, cashback, deals, and easy online account opening procedures.
Opening a Zero-Balance Account online is beneficial, especially for amateur employees. It encourages systematic savings without restricting your expenses. These offer convenience with lifestyle benefits and rewards. You can also visit the nearest bank branch to open an account. Let us decode the perks of this account:
No minimum balance requirements
The most important benefit of Zero-Balance Accounts is freedom from the restriction on maintaining a minimum average balance. During emergencies or a financial crunch, account holders can withdraw funds without worrying about adhering to the minimal balance rule. You also attract no penalties for maintaining a Zero-Balance Account.
Access to 360-degree banking services
Nowadays, new-age Zero-Balance Accounts let you enjoy all essential banking services, such as fund deposits and withdrawals, online transfers, and video banking facilities. You can also use your linked ATM or Debit Card to conduct cashless transactions, shop online, or withdraw money from the ATM.
Competitive interest rates
When you open a Bank Account online, the platform provides all the information about its features, benefits, interest rates, and other associated charges. Like regular accounts, Zero-Balance Savings Accounts offer competitive interest rates to their customers, maximising your savings. You can watch your hard-earned money grow consistently without worrying about maintaining a minimum balance.
Convenience
After opening a Zero-Balance Account online, you can perform tasks at your convenience. Enjoy access to over 15,000 bank ATMs, 5,100 branches, and Online Banking services. You need not visit the bank branch for formalities, as everything is managed online.
Easy account opening process
Opening a Zero-Balance Account today is completely paperless and requires minimal steps. You need to submit certain documents, such as two latest passport-sized photographs and address and identity proof documents like a passport or Aadhaar. If you plan to open a joint account with another loved one, you must provide proof of at least one applicant’s address and identity.
Eligibility
To be eligible for a Basic Savings Account, an individual must live in India and not hold a Savings Account with the same bank. If you have an existing account, close it. After opening your account, you cannot hold any other Savings Account in the same bank.
Conclusion
Discover the future of hassle-free banking with a Zero-Balance Bank Account. Redefining convenience and accessibility, it contrasts the plain vanilla accounts we maintained previously. Say goodbye to minimum balance requirements as you start a rewarding and stress-free banking journey.
