No Minimum Balance Requirement for Savings Account: See if it’s a Good Fit for You.
A savings account is a basic bank account that allows you to pool in your money and manage it conveniently. You can easily make and receive payments, carry out online transactions, pay your utility bills, etc. by using a savings account. Most banks would require you to maintain a Minimum Average Balance (MAB) in your savings account. If you fail to meet the minimum balance requirement, the bank may levy a penalty for the same.
However, if you are finding it difficult to maintain the MinimumAverage Balance (MAB) in your savings account, you can consider opting for a Zero Balance Savings Account.
What is a Zero Balance Savings Account?
A Zero Balance Savings Account is a type of savings account that doesn’t require you to maintain a minimum balance. This would allow you to utilize your fundsflexibly without worrying about the minimum balance requirement. With leading banks, you can open a Zero Balance Savings Account online from the comfort of your home.
Below is a step-by-step guide on how to open a Zero Balance Account online.
Step 1: Visit the official website of the bank.
Step 2: Fill in the application form required to open a Zero Balance Savings Account.
Step 3: Upload the digital copy of required documents such as address proof, ID proof, income proof, etc.
Step 4:Once the details are verified by the bank, you will be able to use your Zero Balance Savings Account.
Benefits of a Zero Balance Savings Account
Apart from no minimum balance requirement, some of the other benefits of a Zero Balance Savings Account are mentioned below:
- Zero Balance Savings Account comes with mobile and internet banking facility that makes transactions smooth and hassle-free
- Most banks have customized apps for their Zero Balance Account. You can download the app on your smartphone and access your account anywhere and anytime
- Apart from carrying daily transactions, you can also use your Zero Balance Savings Account for investments, fixed deposits, recurring deposits, paying credit bills online, and much more
- Banks also provide a free-of-costdebit card for easy withdrawal of money. You can also make use of the debit card for online payments
- Bank will provide you free cheque-book with fixed amount of leaves per year. You can also get additional cheque books at a nominal fee
- Ifyou do not make any transactions fromyourZero Balance Savings Account for a specified duration, your account may become dormant. You will be required to activate your Zero Balance Account again to use it
You can also earn interest on the balance in your savings account and grow your money gradually. Opening a Zero Balance Savings Account will help you manage your finances in a much better way. You can also keep a track of your expenses in a hassle-free way. By doing so, you can cut down on your undue expenditures and inculcate the habit of saving money.
