People earn money with lots of dedication and hard work. They put in all their efforts and time to produce significant results and increase their productivity. It is not easy to earn. Hence, every citizen's responsibility is to safeguard their savings and spend systematically to meet emergency expenses in the future. Many unfavourable and unexpected events occur in people's lives. Hence, it is safer to remain financially prepared to face them.
People open a saving account in banks to store their capital and other assets safely without worrying about their loss or theft. Likewise, they can also earn interest on the deposit amount and apply for loans in banks. It gives them some mental peace and satisfaction and motivates them to start saving for the future.
Banks also offer the facility for zero balance account opening online, where applicants can fill the online account opening form and complete the formalities with minimal documentation. They can download the form from the bank's website and submit it there itself. They will get a message on their registered mobile number and email ID with the account number, password, and other details. They can also download the online banking app on their smartphones and access their account to transfer funds, check the account balance, apply for loans, and lots more.
A zero-balance saving account serves a specific category of customers, such as low-income families and salary account holders, through the Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme. The following are some points to consider:
- No penalties: All banks charge a penalty to account holders to maintain a minimum balance in their bank accounts. But, in the case of salary accounts, individuals do not need to maintain a minimum balance and keep any money they desire.
- Internet banking facilities are available: Users who can access these accounts can enjoy internet banking facilities while opening the account. Bank officials are ready to assist customers with minimal knowledge of banking online.
- Each customer gets an ATM card, chequebook, etc.: Like regular bank accounts, each account holder receives an ATM-cum-debit card, a chequebook, and a passbook in the bank kit for free. The chequebook has fixed leaves per year, and a new one is available at a nominal fee.
- Dormant accounts: If customers are not using their accounts for a long time, it becomes inactive. They cannot transact money from ATMs, internet banking, or online banking. They must reactivate their account to enjoy these benefits.
- Rate of interest: While completing the procedure for online bank account opening with zero balance, all customers must choose their method of operation – individual, joint, or with a survivor, etc. The rate of interest is like that of a regular bank account. Conduct thorough research on the benefits and interest rates of each bank before opening the account. Seek help from financial advisors if necessary.