Maximise your savings with a Zero-Balance Account

A Savings and Zero-Balance Account is designed to hold your money with minimal balance. Savings Accounts typically pay a fair interest rate, but they are considered safe for storing cash you want for short-term needs. Generally, Savings Accounts offer flexibility that can be perfect for building an emergency fund, saving for a short-term objective like buying a car, going on vacation, or simply earning a little interest on your savings.

Features of Savings Account

Easy transactions

You can use your Savings Account to send and receive payments. This can be done through Net Banking or your Debit or ATM Card. This feature reduces the dependency on cash for all transactions, especially bill payments.

ATM facility

You can remove cash from your Savings Account via an ATM if you need to withdraw cash. Most banks have their ATM branches spread countrywide. But if you cannot find one in your area and the need for cash is too urgent, you can access the account from another bank’s ATM. All you need is your Debit Card.

Payment of bills

Nowadays, banks offer bill payment facilities with Savings Accounts. This enables account holders to make payments for utilities such as electricity, water, and phone recharges straight from their accounts.

Savings interest rates

Banks offer an interest rate with each Savings Account, enabling idle money to grow over time.

Online Banking

Your bank will usually provide Net Banking facilities with your Savings Account. As mentioned earlier, this makes it convenient to conduct transactions. You can send and receive payments by logging in to your account online. Additionally, you can download the bank’s app on your phone and use Mobile Banking to make your banking activities more suitable and accessible from anywhere.

Mobile Banking apps also allow you to interact with bank executives for any queries without going to the bank’s nearest branch.

Debit Cards

Banks provide Savings Account holders with Debit Cards to access their accounts through ATMs and to make payments, whether at the merchant’s store or through an online payment gateway.

Zero-Balance Account

Some banks offer a Zero-Balance Account as a Savings Account, allowing you to save money by keeping a minimum balance.

Steps to open a Zero-Balance Savings Account online

The online process of opening a Zero-Balance Account is easy and hassle-free. You must follow these easy steps to open an online Zero-Balance Account.

1. Begin opening your Zero-Balance Account online by verifying your PAN and Aadhaar Card.
2. Fill out the application form with the necessary details.
3. Fund your Zero-Balance Bank Account.
4. Complete your video-KYC with our representative.
5. With a 100% digital application process, opening a Zero-Balance Account online takes only a few minutes.

Conclusion

Opening a Savings Account and a Zero-Balance Account can maximise your savings, as they help you save money with zero to minimum balance maintenance.