What are the Benefits of a Zero Balance Savings Account?

Posted on Thursday, November 3rd, 2022 | By IndusInd Bank

If you’re looking to store and grow your funds, getting a basic, no-frills savings bank account is sufficient. But even this account requires some oversight to maintain a prescribed minimum balance.

Imagine you could deposit funds into your account, withdraw them whenever required, and transfer them without the hassle of maintaining the minimum balance. All of this is possible with a 0 balance savings account.

What is a Zero Balance Account?

In simple terms, a zero balance savings account is a form of deposit account that doesn’t require maintaining a minimum balance. They work like regular savings accounts and provide similar benefits to account holders.

Not sure what these benefits are? Read on to find out.

Benefits of Opening a Zero Balance Savings Account

1. Attractive Interest Rates

Like regular savings accounts, zero balance accounts allow account holders to earn interest on their savings. This makes them a great option for people starting their financial journey.

While most banks offer attractive interest rates on these accounts, you must remember that the interest rates vary from bank to bank. Hence, compare the interest rates various banking partners provide to get the best offer.

2. Attractive Cashback Offers and Rewards

When you open a zero balance account, you can pay a nominal fee to get a debit card. Many banks offer attractive cashbacks on transactions made using them. At IndusInd Bank for instance, we offer Amazon cashback on debit card transactions, discounts on platforms like Swiggy and Big Basket, and up to 6X more rewards on IndusInd Bank Platinum Debit card transactions as well.

Not just that. People who open a zero balance account with IndusInd Bank also get access to rewards like free movie tickets, offers at top restaurants, and complimentary insurance of up to Rs. 35.5 lakhs provided they opt for an IndusInd Bank Platinum Debit card while opening the account.

3. E-Mandate Set Up

Account holders also have the option of setting up e-mandates for recurring transactions, depending on the banking partner. This way, they can automate monthly bill payments securely. At IndusInd Bank, we provide this option on our zero balance Indus Delite account.

4. Easy Account Opening Process

Today, one can open a zero balance savings account with any banking partner online. But IndusInd Bank is one of the few banks that makes the entire process convenient for you.

You can visit our website, enter your PAN card information and mobile-linked Aadhar details, fill your personal details, complete a quick, virtual KYC, and open a new zero savings account in minutes. And convenience doesn’t stop there with IndusInd Bank. And convenience doesn’t stop there with IndusInd Bank. You can also fund your savings account through any payment mode, choose your account number, access no-password fingerprint banking and even get transaction alerts on WhatsApp.

If the above benefits have convinced you to apply for a zero balance account with IndusInd Bank, you might want to know our eligibility criteria beforehand. Well, here is our list of eligibility requirements.

Eligibility Requirements

At IndusInd Bank, we make opening a new zero balance account convenient by keeping our eligibility requirements short. Just about anyone can open an Indus Delite Account (our zero balance savings account) with us if they fulfil the following requirements.

• They have a valid Aadhar card linked to their mobile number.
• They have a physical copy of their PAN Card
• They have a camera facility on mobile or desktop (this is a requirement for the virtual KYC process)

Keep in mind that although Indus Delite is a zero balance savings account, one must fund the account initially with a minimum of Rs. 10,000. Additionally, they must pay debit card fees of Rs. 500 plus taxes.

Over to You

Ready to open a zero balance savings account for yourself? Head over to the IndusInd Bank website to open an Indus Delite Account. Next, fill out the online application form, select a funding mode, and that’s it! Opening a zero balance account doesn’t get easier than this.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.