- What is a zero-balance savings account?
A bank or other financial institution may offer you the opportunity to deposit your funds in a zero-balance savings account, which is a type of deposit account or ordinary savings account. The majority of the time, banks in India provide savings accounts to keep a minimum amount in the account. You will be required to pay a maintenance fee if you disregard the rules. There are, however, some types of savings accounts that do not require the account user to keep a minimum level. These types of savings accounts are referred to as zero-balance savings accounts. For owners of savings bank accounts, it is regarded as one of the key advantages of zero-balance accounts.
A deposit account type that doesn’t call for keeping a minimum balance is referred to as a zero-balance savings account. Sign up and open a savings bank account in 5 minutes with Fi.Money and RBI licensed Federal bank today! This account includes a VISA Platinum debit card with no foreign exchange fees and no additional costs.
We are all familiar with savings accounts and their benefits, but the zero-balance savings account is one of the most common ones. The subject of what are the benefits of a zero-balance savings account is now raised.
- Here’s more about this fantastic banking product and its features in-depth:
- There is no required minimum balance
The primary advantages of a zero balance account are, as the name implies, that there is no requirement to keep any form of balance in the account and that you are free to spend your funds until every last cent is present. Both salaried employees and students are said to benefit greatly from it. Non-maintenance also spares consumers from paying the low-maintenance fee that they would otherwise have to pay for a conventional savings account in the event of any default.
- Pleasant interest rates
Zero balance accounts let users earn interest on their money, just like ordinary savings accounts. They are, therefore, a brilliant option for those just beginning their financial path.
Although the majority of banks offer these accounts at competitive interest rates, you must keep in mind that interest rates differ from bank to bank. Hence, to get the greatest deal, evaluate the interest rates offered by several banking partners.
- Opens easily
You can hold a savings account with no balance if you meet the requirements. A conventional method is to visit a bank branch and open an account like all other savings accounts.
Open the website of the bank you want to have an account with and select the option for a zero-balance savings account from the menu. This is another quick and easy method. Your papers will be uploaded in digital form. Within a short amount of time, your zero-balance savings account will be usable.
You can visit the bank’s website, enter your PAN card information and Aadhaar details that are linked to your mobile device, complete your personal information, finish a quick virtual KYC, and start a new zero-balance savings account in just a few minutes.
Also, you can select your account number, use fingerprint banking with no password, replenish your savings account in any way, and even receive transaction alerts on WhatsApp.
- Simple transaction
When it comes to financial services, who doesn’t prefer simple transactions? Via this account, a person can make payments with the aid of online banking and mobile banking. It takes only a few seconds to pay for common utilities, including phone, water, power, dish, and other bills.
- Internet banking and mobile banking
One of the most significant known advantages of a zero balance account that attracts customers is Internet banking and mobile banking. You can access the banking services with a few clicks on your desktop or mobile device if you are someone who is not able to visit the bank branch throughout the week due to work commitments. You can access the bank at your fingertips thanks to features like net banking and mobile banking.
At a bank or other financial institution, a savings account is a deposit account that offers interest. Although the interest rates on these accounts are frequently low, their dependability and security make them a great option for short-term financial needs.
Numerous banks recently announced the availability of zero-balance savings accounts that can be opened online without any supporting documents. Using their PAN and Aadhaar cards, individuals can easily open these accounts.
With the help of Fi.online Money’s savings account, you may safely deposit your money, increase your interest rate, send and receive payments right away, look up prices, make more intelligent budgetary decisions, and invest in mutual funds. A zero-balance savings account might be useful for people who don’t want to or are unable to keep their balance at a minimum average level.