Banking is a basic requirement for anyone with finances. It has become synonymous with using funds in the current economy. Most people start with a Savings Account to manage their finances. It is the primary option to deposit money k. It lets you carry out different transactions with ease, but it also comes with a minimum balance requirement.

If you fall under low-income or want full access to your funds, you need a better option. This is where a Zero-Balance Savings Account helps. It lets you conduct the usual banking activities without any balance requirements. If you want to online open a Zero-Balance Account, it helps to learn about its salient features:

A welcome kit

Banks offer a joining kit to a new customer when you open a Savings Account. The same applies to this account as well. You get a RuPay Debit Card, passbook, chequebook, with a guidance leaflet when you open the account. These complete the basic transactions. Hence, there is no cost attached to them. These products are also usable immediately after account activation.

Online Banking services

You can also use the Online Banking facility besides the general banking services. It lets you transact online through the bank's website and other online portals. This opens a host of opportunities for 24*7 banking from anywhere. Everything is possible digitally, from bill payments, fund transfers, shopping, balance inquiries, and account management.

Activate easily

Once you receive the welcome kit, activate the Online Banking services and other facilities swiftly. The steps are usually simple and are possible through SMS or online. If you online open a Zero-Balance Account, you can skip this step. This is because banks automatically activate the services for you. Once done, you can freely use the included facilities.

Locker facilities

Based on the bank's policy and other specialised terms, you also get a safe deposit locker to store your valuables. It is entirely up to you to opt for this option. It includes maintenance fees that vary between banks. Other than this, other facilities are basic as banks strive to make the account available low cost.

Single account

If you intend to open an account, you should not have any other account with the bank. It is the primary condition for a Zero-Balance Account. If you already have one, you must close it within 30 days after the account opening. Hence, consider this aspect before opting for the account. If you want to stick with your current bank, it is best to compare and research other banks.