Perks of opening a Zero-Balance Bank Account online

There are various banking myths. However, the power to instantly open an online  Zero-Balance Account is not one. Since the last decade, India has seen a massive increase in online accounts opened by individuals. A Zero-Balance Account is like any other account. It has no fees levied if the account balance decreases to nil or if you fail to maintain a minimum balance. It is a Basic Savings Bank Deposit Account per the RBI guidelines.
A Zero-Balance Bank Account is ideal for Indians who wish to open it while avoiding the hassles of maintaining a minimum balance. They allow a limited number of free transactions monthly. If you exceed the limit, the bank converts the Zero-Balance Account into a Regular Account.
Why open it online?
Opening a BSBDA Account online comes with a set of benefits. Besides the convenience, you can quickly deposit or withdraw money anytime. Moreover, you also earn interest on the money deposited in the account or use it as an emergency fund. Opening this account online is simple and includes benefits like new-age banking features, exclusive shopping, and brand deals.
Perks
After you select the bank for opening the account, check the Savings Account interest rates and compare them with other banks. You need not visit them personally as all their offerings and schemes are easily accessible from your smartphone. Consider these advantages of opening one online:
No minimum balance
Account holders will not pay fees for maintaining nil, zero, or minimum balance. Ideally, this prompts more users to open these accounts, as they need not pay the penalty if their balance is low. Whether they are spending money on gadgets or a medical emergency, they can spend up to the entire online Bank Account balance without being answerable to the bank.
Free benefits
All individual account holders receive most of the same facilities as Regular Savings Bank Accounts without an additional cost, such as free cash deposits at any branch, access to the Banking app, a linked ATM or Debit Card for transactions, and more.
Ease of opening
Opening an offline Savings Account earlier required frequent physical branch visits and excessive paperwork. With the digital transformation gearing up in India, you can now open a Zero-Balance Account online using your smartphone in minutes. Technology has simplified the process, reduced paperwork, and saved time.
Lower fees
The best part about opening bank account online is the lower fees. Offline banks can charge account opening fees, etc. Zero-Balance Accounts have no account-opening charges. The transparent and minimal fee structures have made them famous in the country.
Allows digital payments
All account holders get Debit Cards to make digital payments using electronic payment gateway systems such as VISA or RuPay. You can also opt for internet, mobile, and phone banking services at nominal charges.