A quick guide to open a Zero-Balance Savings Account

What is convenience these days? Ordering food online, booking a cab at 2 am or making a payment immediately! We are in the new era of enjoying online services, so to open a Savings Account, why do you need to go to the bank? Opening a Zero-Balance Savings Account is now the same as opening at a bank.
What is a Zero-Balance Savings Account?
The bank offers a Savings Account where you can deposit your savings. Usually, banks offer a Savings Account stipulating that you keep a minimum balance in the account. Otherwise, you will be responsible for a maintenance fee. However, certain Savings Accounts don't require a minimum balance; they are called Zero-Balance Savings Accounts. You can open a Savings Account but don't have to maintain a minimum balance.
The procedure to open a Zero-Balance Savings Account
Choosing account type
Research which Savings Account you would like to open. After you have decided on the account you want, research the offers provided.
Visiting website
If you do not have time to visit a bank branch, you can open Zero-Balance Account online by going to the bank's website.
Applying online
Now click on apply online, where you must input details and fill out the Savings Account form.
Upload documents
Once the form is filled out, the relevant documents must be uploaded online. The documents you need to upload are identity proof, address proof, PAN card, and if the bank requires anything specifically.
Verification
Once the application is submitted, verification is processed. An executive may contact you to verify the details, or you'll receive an email. Once the Savings Account application is processed, the bank will send you a welcome kit to your mailing address.
Benefits of opening a Zero-Balance Savings Account
Some of the benefits of opening a Zero-Balance Account are:
No minimum balance
Account holders are not charged fees for maintaining a zero balance or minimum balance, which ideally attracts more savings Bank Account openings.
Free benefits
All the account holders are given some accessible facilities. These include a free passbook and cheque deposits at any branch.
Other benefits
Holders of a Zero-Balance Account can access a Debit Card and ATM. They can also choose to use Online Banking.
Allows digital payments
The account holders can make digital payments. They are provided cards that use electronic payment gateway systems to make payments quickly and conveniently online.
Conclusion
Managing a Savings Account online has become more manageable now with the convenience of the internet. The procedure for opening is very hassle-free. Banks offer a seamless account opening procedure that can be done entirely on their website.