Finance

3 Good Reasons to Opt For Zero Balance Savings Account in 2022

A zero-balance savings account requires no minimum balance. It is helpful for low-income groups of people, retired individuals or students. Millennials and Gen Z can also make the most of this bank account since they often find it difficult to save money. The leading Indian banks ensure no hidden charges. You can get all the regular benefits like:

  • Digital banking
  • 5% interest on balance (if any)
  • Unlimited free ATM transactions at Micro ATMs

These are just like other traditional savings account. You need to be an Indian citizen or resident of India and be able to provide documents like passport-size photograph, Aadhar card, voter’s identity card and a job card issued by NREGA. Take a look at why opting for a zero-balance card in 2022 and beyond is a great idea.

1.     Free Signature Debit

A zero-balance bank account presents a free VISA debit card with attractive offers. Work with a bank that will provide benefits like:

  • Personal accident cover for ₹35 lakhs and air insurance for ₹1 crore
  • Airport lounge access in many cities: twice every quarter
  • 10% cashback up to ₹250 on your first purchase of ₹1000 and above
  • Complimentary TIMES Prime subscription – benefits up to ₹60,000 on lifestyle spending.

The card can be used to withdraw money whenever required from any part of India. These can make the zero-balance scheme all the more useful. You can also get a RUPAY debit card with a daily ATM withdrawal limit of ₹40,000 and a free accidental insurance cover of ₹2lakhs. There are no extra fees and charges to fully enjoy the new account experience.

2.     Easy to Open

A zero-balance savings account is a basic one. It can be opened by customers who do not have existing bank accounts. No need for any prior banking experience as well. Simply visit your nearest branch and follow the instructions to open the account. This can be helpful for seniors and young adults who are not adept with bank processes. You can now earn interest on interest along with the industry norm of quarterly interest credit.
The fees and charges are minimal and transparent as well. There are no expenses for account opening, cash deposit above the free limit or payment services. Overall, opening a zero-balance bank account is affordable and convenient.

3.     Minimum Financial Commitment

You are not bound to keep an average balance. Yet you can receive all the basic benefits that a bank offers to a regular savings account despite a nil balance. This is one of the most useful features without having to compromise on the perks and privileges. A zero-balance account is an ideal option amid a pandemic since you do not have to park a certain amount in the bank. The money instead can be used to cater for other important needs.

You can opt for net banking with a zero-balance account. Further, the bank will credit the interest to your account on a monthly basis. So, make the most of this unique opportunity and apply for this account now.

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