What is a ‘Zero Balance Account’?
A zero-balance savings account can be called a type of ordinary savings account that a financial institution such as a bank offers to individuals so they can deposit their savings. Banks in India typically ask to maintain a minimum balance in the savings account. And if the protocol is not followed, one is liable to pay the minimum fee the bank requests. The term “Zero-balance savings account” refers to a specific type of savings account that does not require its account holder to keep a minimum balance. Thus, this type of account is regarded as one of the critical advantages by account holders.
Key benefits of a zero balance account:
No minimum balance
The key benefit of a zero balance account is, as the name implies that one doesn’t need to worry about maintaining any balance in the account and can utilize the money till every last penny is accessible. Furthermore, non-maintenance prevents consumers from having to pay the low-maintenance fee that they would otherwise have to in the event of a default on a typical savings account.
In collaboration with the RBI-regulated Federal Bank, Fi.Money provides a zero-balance savings account that is simple to start online and can be opened for free. This account includes a VISA Platinum debit card with no foreign exchange fees and no additional costs.
Great Interest Rates
Zero balance accounts are perfect for those just beginning their financial journey. It lets users earn interest on their money just like ordinary savings accounts.
Although most banks offer these accounts at competitive interest rates, one must keep in mind that interest rates vary from bank to bank. Hence, evaluating the interest rates several banking partners offer is essential to get the most excellent deal.
Internet banking and mobile banking
One of the most significant advantages of these accounts is internet banking. Individuals who cannot visit the bank branch throughout the week due to work commitments can easily access the bank at their fingertips using features like net banking and mobile banking. One can quickly access the banking services with a few clicks on their desktop or mobile device.
Enticing cashback offers
One needs to pay a small amount of fee while opening a zero-balance account to acquire a debit card. On transactions completed using them, numerous banks also offer alluring cashback.
Certain services like no-cost passbooks and no-cost deposits of cash and checks are provided without charge to each account holder at any branch.
Simple Account Opening Procedure
This type of account can now be opened online with any banking partner. One doesn’t need to visit the bank branch in order to open a zero-balance account.
An individual can start a new zero savings account quickly and easily by visiting the bank’s website and entering their personal information, which includes their PAN card information and Aadhar details. After that, users can create a PIN and immediately access their account.
Clearly, when compared to a standard savings account that needs minimum balance maintenance, a zero-balance account offers far more flexibility. It provides all the banking services that a traditional savings bank account offers its users, including Internet banking, Mobile Banking, cards, customer assistance, etc., and increases a person’s financial inclusion.
The online savings account from Fi.Money also allows users to invest in mutual funds, earn higher interest rates, send and receive payments instantaneously, track spending, and create more effective budgets. All of this, along with being a zero-balance account!