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Online Banking Solution India
Individuals open a bank account to store their savings in them for a lifetime. By saving from the beginning, there is a storage of money for future emergencies or requirements. People keep their income which is a result of their endless effort to work hard and prosper. But there is a condition: Maintenance of Average Monthly Balance (MAB). If account holders fail to maintain MAB, banks charge a penalty.
Is there an alternative for such accounts? With changes in the banking system and rules and regulations, many banks have made the process of saving account opening relaxed, faster, and hassle-free. They want every citizen to store their savings in accounts so that they remain safe, secured and available for use during tough times. Hence, they introduced a new type of account with maximum benefits to encourage people to open bank accounts. Banks introduced a facility for opening an account without maintaining a minimum balance. Such accounts are called zero balance saving account. The advantage here is, the bank offers usual facilities like that of regular accounts. Features and benefits Like every ordinary account, these accounts also have their features and benefits: 1.No minimum balance requirement Maintaining a minimum balance is not compulsory. Accountholders need not pay penalties, making this type of account desirable. 2.Free transactions The bank offers free transaction tools like ATM and debit cards to make transactions worldwide. A cheque book with a fixed amount of leaves and passbook provision is available in the welcome kit at the time of opening the account. Do note that the number of free transactions is limited in a month. 3.Internet banking Checking account balance and making transactions through internet and mobile has become quicker with this facility. Bill payments take place using mobile banking app. 4.Locker facility Banks may also offer safe deposit locker facilities based on the type of requirement. 5.Salary account holders There are special offers and privileges for salary account holders based on their companies or institutions. Documents required Offline or online bank account opening with zero balance requires customers to submit necessary KYC documents like identity proof, address proof, income statements (if any), and a photograph. By opening an account online, account holders can make transactions through mobile banking apps, UPI apps, and lots more. They can book tickets, pay for their daily needs, pay their bills, transfer funds from one bank account to another, on the digital platform. Conclusion The banking system has evolved with time and is accessible and convenient with its services. Banks not only take measures to benefit their existing customers but introduce schemes which attract new customers also. Since every service is available online, banks have not left any opportunity to make their customers happy and meet their requirements. These features provide account holders with the liberty to manage their accounts and use their finance wisely. Senior citizens can also benefit from zero-balance account opening online by using the internet.
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October 2020
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