With Online Banking, money management has become everyone’s cup of tea. For a beginner, choosing the appropriate type of Bank Account is very critical. A popular and available option is a Zero Account opening online.
Is it the right option for you? Let us understand what it is and whether it is worth it.
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What is a Zero Balance Account?
A Zero Balance Account is a kind of Savings Account where a minimum amount is not required to be maintained. In regular Savings Accounts, there is a defined limit below which the balance should not fall. If it does, a fine is charged.
However, Zero Balance accounts do not hold any such condition and they can freely be used without any charge for crediting or debiting.
Who should open a Zero Balance Account?
A Zero Balance Account serves best for:
- Students and first-time bank users– If you are banking for the first time, such an account provides you with the opportunity to learn how to manage your money without much stress.
- Salaried workers– Some employers deposit salaries in Zero Balance accounts. Zero account opening online can be best suited for those receiving regular payments.
- Freelancers and small business owners– Those with irregular income can benefit from not having to maintain a minimum balance.
- Anyone looking for a stress-free banking experience– If you want an account devoid of hidden charges and a panorama of banking services, a Zero Balance Account is suitable.
How to open a Zero Balance Account online?
Opening a Zero Balance account online is very easy. There is no need for the customers to step into a bank branch. Here are a few simple steps:
- Visit the bank’s official website– Search for the option for a Zero Balance Account opening online.
- Fill in your details- Add name, phone number, email, Aadhaar/PAN.
- Complete the verification– The majority of banks verify your details by Aadhaar OTP. Verification is thereby made very quick and hassle-free.
- Apply– After approval, you will receive your account number and all details.
- Start using your account– You can now have instant access to Mobile Banking, Internet Banking, and other services.
Features of a Zero Balance Account
Some of the benefits that you truly get for Zero Account opening online include the following:
- No minimum balance worries about penalties while using your funds.
- Free digital banking as you have access to mobile and Internet banking for easy transactions.
- Debit card and UPI services and offline payments with no hassle.
- Send and receive your money instantly through NEFT, IMPS, and UPI.
- Attractive Interest Rates with your savings, all without maintaining a balance.
Things to consider before choosing a Zero Balance Account
These are a few important factors that you should consider and research before having a Zero Balance account:
- Limits on transactions– Some banks keep a cap on the number of free transactions allowed in a month.
- Services available– Ensure that the bank provides all the required features such as chequebooks, investments, etc.
- Conversion of Account– Some banks convert a Zero Balance account into a normal account after a certain period and then a minimum balance must be kept.
Is a Zero Balance Account Worth It?
A classic Zero Account opening online is the correct choice for a beginner in online banking. It makes banking available to all without a single penny. Whether you are a student, freelancer, or working professional, such an account is considered to be the most flexible and secure way of banking.
Just choose the best bank, check the features, and start your hassle-free banking today!
