Over the years, Savings Accounts and zero balance accounts have evolved to offer much more than just basic banking. They now come with a range of benefits and smart online features that make managing money simpler and more convenient.
In this article, we will discuss the hidden features that make online zero-balance accounts modern financial companions.
Hidden features of online zero balance accounts
Available for different entities: Zero balance Savings Accounts are not limited to individuals. They can also be opened by trusts, associations, societies, clubs, non-profit organisations and even government bodies. This is a convenient option for both personal and institutional use.
Virtual and physical debit cards: Depending on the bank, you may receive a physical or a virtual debit card. Virtual cards are ideal for secure online transactions. The physical cards offer easy access to ATM terminals.
Quick and paperless account opening: You can open an online zero-balance account quickly and easily. Most banks can now complete the online account setup process. This eliminates the need for lengthy paperwork or in-person visits.
Limited free transactions: Generally, there is a limited number of free transactions every month, covering ATM withdrawals, fund transfers, and cheque usage.
Full digital access: Zero Balance Accounts offer full access to net banking and mobile banking. With these types of accounts, you can manage transactions, monitor balances, and pay bills easily from anywhere.
Interest earnings: Even without maintaining a minimum balance, your savings continue to earn interest at rates comparable to regular Savings Accounts.
Lifestyle and reward benefits: Additional benefits of these accounts typically include savings on movie tickets, free trial subscriptions to popular entertainment platforms, dining vouchers, complementary insurance coverage, etc.
UPI and contactless payments: You can use UPI, QR codes and contactless payment options for quick, cash-free transactions.
Instant notification and spending insights: By using mobile banking apps, you can get real-time alerts for every transaction and access spending analytics to better manage your finances.
24/7 customer support: You can access 24/7 customer support, which ensures help is available whenever you need it.
How to open an online zero-balance account?
You can open a bank account online in just a few steps through a completely digital and paperless process. Follow these simple steps to get started:
Step 1: You must submit PAN and Aadhaar card details to start the account opening process.
Step 2: Enter your personal details, including your name, address, mobile number and email ID.
Step 3: You can fulfil your KYC requirements through a secure video call with a bank representative.
Step 4: Once your account is verified, it is instantly activated, and you can deposit funds and start using it right away.
Step 5: You can deposit money into your new account at any time through online transfer or UPI.
Conclusion
The most important benefits of Zero Balance Accounts are convenience and flexibility. Additionally, it is important to consider their limitations before making a decision. There are factors like restricted features, transaction limits and limited credit opportunities that can impact long-term financial growth.
Hence, it is essential to assess your goals, compare account options and make informed choices. Ultimately, the right account should strike a balance between everyday convenience and your broader financial well-being.
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