A Savings Account is a facility that banks offer. You can use the account to deposit your savings and keep your funds safe. Such an account enables you to save and ensure your economic stability. It also helps you earn interest on the money you deposit, letting you grow your money steadily with time.

Typically, banks let you open a Savings Account with them within the stipulation of maintaining a minimum balance in your account. Otherwise, you need to pay a maintenance fee. However, if you do not want the hassle of maintaining a minimum balance in your account, you can opt for and open a Zero-Balance Account online or offline.

This account is packed with several advantages, too. If you are unaware of them, the following pointers provide a glimpse:

No minimum balance maintenance

When you opt for a Zero-Balance Account, you need not maintain a minimum balance in the account. Consequently, such accountholders are not charged any fees for not maintaining any balance in their account. As a result, you need not worry about losing money on maintenance fees or penalties. This benefit also lets you save more money in the long run.

Ensures easy online access

When you opt for this Bank Account, your bank offers the advantage of online facilities. This lets you manage your account effortlessly from anywhere and at any time. Your bank may provide the benefits of monthly e-statements and SMS alerts.

Ensures convenient transfers

Using Online Banking facilities offered by your bank upon opening a Zero-Balance Account, you can carry out quick transfers of funds. You can also make payments. This way, you can complete your bill payments without visiting an ATM or a physical branch.

Offers a free Debit Card

Some banks may also offer a free Debit Card when you open a Zero-Balance Account with them. You can use this card to shop and withdraw money at ATMs.

Provides a passbook

When you open this Savings Bank Account, your bank might give you a complimentary passbook as part of the welcome kit. This helps you stay informed about the transactions with respect to your Zero-Balance Account.

Conclusion

Opening a Zero-Balance Account offers multiple benefits. Such an account does not require maintenance of a minimum balance, keeping you from the hassles of paying penalties for non-maintenance of an average monthly balance. It also provides quick access to Online Banking facilities and a free Debit Card.

Hence, if you want to enjoy these mentioned benefits, you can open a Zero-Balance Account with a reputed bank in India.