The initial step in achieving financial freedom is opening a Bank Account. Nevertheless, a traditional account may not suit everyone due to its minimum balance requirements. This can discourage anyone who is starting their financial journey or those who do not have substantial funds at their disposal. They may even hesitate to take advantage of this banking service.

This is when a Zero-Balance Account serves as a viable option. It lets you enjoy all standard banking services without any minimum balance requirement. Considering this, it also does not entail any maintenance fee. Let us understand the benefits it offers before you online open a Zero-Balance Account:

Free Debit Cards

Once you can access the account, you get a free ATM or Debit Card. You can use this card for any transaction.

Free chequebooks and passbooks

A free chequebook and complimentary passbook are also issued. The passbook usually comes as a part of the starter kit when you open the Bank Account. However, if you apply for a new chequebook, you pay a nominal fee.

Online Banking services

When you open a Savings Account, you get online access to it. This account also comes with Online Banking services like online transactions and payments.

Overdraft facilities

An overdraft facility is a financial instrument that allows account holders to withdraw money from their Bank Account, even with no balance. This facility is available in a zero-balance account. However, it can only be used after six months of satisfactory account operation.

Insurance coverage

Some banks also offer free Accidental Insurance coverage when you open an account. The coverage amount may go up to Rs. 1 lakh, depending on your respective bank’s policies.

Demand Drafts

Through the account, you can issue demand drafts freely, making payments without service fees.

Steps to open a Zero-Balance Account online

Follow these simple steps for open a Zero-Balance Account online:

Step 1: Select a reputable banking partner. Visit their website and look for the ‘Zero-Balance Account’ option

Step 2: Add your name, address, contact info, etc. When providing your contact info, make sure you enter valid email IDs and phone numbers

Step 3: Comply with the KYC guidelines. Upload the relevant documents and verify once before submission

Step 4: Wait for verification. Once done, you will receive the details and account activation steps via mail. Your Debit Card also gets delivered to your registered address within a few days.