The 'Savings' culture is overtaking everyone and for good! The very aim of depositing your money with the bank is to ensure its safety and garner returns.
This is where your savings account comes into being. It only gets better from here with a zero-balance savings account. What's better? A zero-balance online digital savings account.
Are you planning to open a digital savings account? It is quite simple, and here's a brief explanation that simplifies it.
As you know, having a savings account in a bank means you can deposit your savings without risks. These accounts require you to keep a minimum amount in your account or pay a maintenance liability.
There's another type of account that doesn't require this minimum balance. This is the zero-balance savings account or the BSBD (Basic Savings Bank Deposit) account.
Moreover, this account provides nearly the same benefits as a savings account with a nil balance. Hence, it encourages people to save money.
With an idea about a zero-balance savings account, it may be clear how beneficial it is. Here are some of its very advantageous features:
Along with digital payments, the overall digitalisation of accounts has added to the comfort of banking. Along with the benefits mentioned above, a digital saving account with zero balance also has its own set of efficiencies.
The process of opening a digital saving account is relatively straightforward. Once you have selected the best digital saving account, go onto their digital platforms for further procedures.
Generally, the digital portal would guide you through all rules and procedures, step-by-step. Make sure you fit into the following eligibility criteria.
The usual steps to opening an online digital saving account include the following:
Depending on the bank you choose, the procedures may differ. In case of any difficulties, you can contact customer support for resolution.
Having an online digital saving account in the form of a zero-balance account is a rewarding deal. While a zero-balance account has several advantages and lesser limitations, having it digitally adds the cherry on top.
Fi Money believes in extending the best digital savings account to secure and grow your money. Open a digital zero-balance savings account with Fi Money in minutes without any paperwork or hidden fees! Invest wisely with this one-stop online banking solution.
1. What is a zero-balance digital savings account, and how is it different from other savings accounts?
A zero-balance savings account requires no minimum amount for maintenance. Whereas a minimum balance is required for other savings accounts, failing which you are liable to a penalty.
2. Can anyone open a zero-balance account, or are there specific eligibility criteria?
The eligibility criteria to open a zero-balance account includes the following:
3. What documents are required to open a zero-balance digital savings account?
You must have a valid PAN and Aadhar card.
4. How can customers apply for a zero-balance savings account?
Customers can access the bank's website or apps to find application procedures to open a zero-balance savings account.