Owning a savings account is one of the most financially prudent decisions you can make. From keeping a complete track of your expenses to saving money in a disciplined manner, you can organize your financial life incredibly with a savings account. However, not everyone may be able to maintain a minimum balance in their account at all times. If you want to remain free from worrying about maintaining a minimum balance, a zero-balance account is for you.
You can open one in a few minutes as an online zero balance account requires minimal formalities and allows you to start your banking journey from the comfort of your home.
What is an online zero balance account?
Not all individuals may be capable of or inclined towards maintaining a minimum balance in their accounts at all times. This is where a zero-balance account comes to your rescue. With this account, you don’t have to maintain a minimum balance in your account and aren’t charged a penalty if you fail to do so. Despite this, banks offer the same suite of services to zero balance account holders as they do to their other customers.
So, why should you open an online zero-balance account? Let’s dive in.
Advantages of owning an online zero balance account
No minimum balance
Needless to say, this is the biggest advantage of a zero-balance account. It doesn’t need you to maintain a balance even though it offers the same functionality as a regular savings account. No non-maintenance charges are levied. If you’ve just started your professional journey or simply don’t want the hassle of keeping a certain balance, this account is perfect for you.
New-age banking services
Modern banks offer modern banking services to their savings account customers. Apart from debit cards, you also get to enjoy new-age online banking and mobile banking services. Use these facilities to check your balance, move funds, pay bills, etc. In a nutshell, you can stay on top of your financial life with new-age banking services.
Zero-balance account holders also enjoy attractive rewards and cashbacks on their debit card and online spends. Thus, you save money when you shop online, dine out, watch a movie, etc. Check your bank’s cashback and reward policies to make the most of your account.
Easy to Open
The process of opening an online zero-balance account is simple and quick. In fact, some banks don’t even require you to complete complex KYC formalities to open this account. All they ask is for some basic details and your Aadhar Card.
To sum up
Since there is no monthly average balance requirement, a zero-balance savings account is a convenient banking product. Open an online zero-balance account in a few simple steps and start your journey in a matter of minutes!