A Bank Account is a basic requirement nowadays. It has become synonymous with using funds in the current economy. Many of us start with a Savings Account to manage finances as it is the primary option to deposit money with the bank. It enables you to conduct numerous transactions with ease. However, it also comes with a minimum balance requirement.
If you do not earn much or want full access to your funds, you require a better option. This is when you can open a Zero-Balance Account online. It lets you carry out regular banking activities without any balance maintenance hassle. Let us understand its features better:
Joining kit
Banks usually provide a joining kit to new customers when they open a Bank Account. You get a Debit Card, passbook, chequebook, and a guidance leaflet that includes essentials to complete basic transactions. The best part is there are no additional costs for this kit. You can use such products immediately after account activation.
Digital Banking services
Besides the general banking services, you can also use the Internet Banking facility. This lets you transact online through the bank’s website, app, and other e-banking portals. It opens numerous opportunities for 24*7 banking from anywhere. Everything is possible digitally, be it bill payments, fund transfers, shopping, or account management.
Easy activation
After opening the Zero-Balance Account, activating Online Banking services and other facilities is easy. The steps are simple and possible through SMS or online. If you have opened the account online, you can skip this step as banks automatically activate the services for you. Once done, you can easily access the included facilities.
Locker services
Based on the bank’s policy and other specialised terms, you get a Safe Deposit Locker for storing all your valuables. It entirely depends on you to opt for this option. However, this offering involves some maintenance fees that differ between banks. Other than this, other facilities are standard as banks want to make the account available for a low cost.
Single Account
If you decide to open any of the Savings Account, you should not hold any other account with the bank. This is the most important eligibility criteria. If you already have one, close the existing account within 30 days after opening a new one. Make sure to consider this aspect before opting for any other account.
If you do not want to stick to your current bank, compare and research other institutions. That way, you can open an account with another bank.
