Money is a priority for every individual. Life without it can be a challenge and lead to lots of difficulties when struggling to meet all the demands. Sometimes, people compromise on essential assets like education, housing, and others because they face so many financial problems. They spend whatever they earn and cannot save anything for the future. Many emergencies are unplanned, so it is better to stay prepared for them.
A saving account is essential to store all the wealth and other financial resources. They remain separate from regular expenses and can help individuals at the time of emergencies. All banks offer this facility and encourage individuals to open them. They also help account holders earn an interest rate along with attractive tenures.
Technology has progressed while affecting millions of lives. It has made things faster and enabled people to multi-task efficiently. Banks allow customers to open a zero-balance saving account. They can access it by using an online banking app customised for banking customers all over the world. The need to maintain minimum account balance gets eliminated with benefits like a regular account.
It has become easy to open zero-balance account by applying on websites and submitting minimal documents to the banking representative. No need to visit the bank or wait in long queues to open the account. The procedure to open it has become much simplified and user-friendly. Following are the features and benefits it offers:
- Branchless, paperless, and signatureless: Individuals can verify their personal information with the bank through an OTP received on their Aadhaar linked mobile number for activating their account. They can visit any of the bank branches or partner stores for biometric verification or contact the bank agent for completing the procedure. The process does not involve too much time, is economical and eco-friendly.
- Safe and secure: While making banking easy, financial institutions have ensured complete safety and security. Some of them have automated authentication, which is much safer than OTPs to safeguard the account money and other bank details.
- Cashless payments: While applying for an online bank account opening with zero balance, banks provide their customers with debit and credit cards linked to the account for payments and transactions without using cash. They can use it at ATMs to withdraw money in an emergency. Set a PIN and a password to access the facility on the phone as well. Mobile banking has also become increasingly popular, with so many people using smartphones to access services.
- Guaranteed returns: People can also open a saving account with recurring deposit feature to get returns every month till the end of the term. They can earn a considerable amount of interest and receive cashback on special offers while shopping. They can make money while spending by applying for these offers. They can also use the account for recharging their mobile and DTH plans, paying utility bills, and lots more.