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Capital and investments are always beneficial if used correctly. It takes years to earn and invest but only seconds to spend money. Every penny saved is every penny earned. This wonderful proverb fits perfectly for banks and financial institutions. They help and encourage individuals to start saving from a young age with the help of attractive deposit interest rates and returns.
If an individual plans to open zero balance account, they should know the facts, features and benefits it offers. All banking resources provide some services to their customers which encourage them to continue saving and increases their trust and reliability on the bank. They can always approach banks for financial help in the forms of loans and EMIs for easy repayment. Online bank account opening with zero balance facility has facilitated individuals in many ways. It has saved their time and effort of visiting the bank, waiting in long queues, submitting forms for lengthy procedures, and lots more. They can access their account statements and account balance without any difficulty, at any time and anywhere. The need to maintain the Minimum Account Balance (MAB) gets eliminated without any charges or penalties. All applicants must submit KYC documents to the bank for verification. They get the bank passbook, chequebook, debit card, internet banking password, and other online facilities later. The zero-balance saving account is beneficial for employees and financially weaker sections of the society as they cannot afford the bank charges and penalty rates. Following are the facts about this account: No penalties: Many banks charge penalties to their customers who are unable to maintain a minimum account balance. But, in the case of salary accounts, they do not have to bear any balance and use it as and when required. As the name suggests, they do not need to keep any funds and can withdraw in lumpsum amounts during emergencies while maintaining as much money required. Internet banking facilities: Along with escaping minimum account balance charges, customers can also enjoy additional facilities such as a mobile banking app, internet banking on PCs and smartphones, and lots more. They can activate this service while they open a saving account with zero balance in any bank. Banking officials can explain the procedure to them in case they are unaware. ATM card, chequebook, etc.: Like a regular bank account, a zero-balance account offers facilities like ATM card, chequebook, passbook etc. The free ATM/Debit card is useful for making transactions globally. The free chequebooks have a fixed amount of leaves per year. Pay a nominal fee for a new chequebook. Accountholders and the rates of interest: Accountholders may choose how to operate their saving account: personally, jointly, or with either or survivor, etc. The rate of interest for the savings is like that of regular bank accounts. Conduct thorough research or seek help from a financial advisor when opening such an account.
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October 2020
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