Importance of Zero-Balance Account for Low-Income Individuals

Posted on Friday, May 26th, 2023 | By IndusInd Bank

A zero balance account is important for low-income individuals for the following reasons: a) there is no minimum account balance requirement b) interest rates are attractive c) it gives access to a multitude of banking services d) it is easy to open with simple eligibility criteria e) there are exclusive deals & offers to be enjoyed

A zero-balance account is a type of savings account which can be freely used and operated without maintaining a minimum balance. Unlike a regular savings account, the account-holder does not incur a penalty for not maintaining sufficient balance. The idea behind banks offering zero balance savings accounts is essentially to encourage more and more people to utilise banking services, save money, and gain access to the formal credit market. It is especially important for people from lower-income groups to open a zero balance account. Read on to understand how the unique features of a zero balance savings account can be especially beneficial to individuals with low incomes.

Why Low-Income Individuals Should Open a Zero Balance Account

Here are five reasons that elucidate the importance of a zero balance account for people with low incomes:

1) No Minimum Balance Requirement: A zero-balance account is a particularly excellent option for low-income persons with unpredictable incomes. With no obligation to maintain a minimum balance, the account-holder is free to keep any amount in the account they deem fit. Moreover, they are free to withdraw all or a majority of their funds during a cash crunch.

2) Attractive Interest Rates: Today, banks offer zero balance savings accounts with lucrative interest rates. The Indus Delite Zero Balance Savings Account from IndusInd Bank, for instance, comes with an attractive interest rate. This presents a golden opportunity to low-income individuals to earn an interest on their savings.

3) Access to a Host of Banking Services: Like any other savings account, zero balance savings accounts come with an array of banking services that account-holders can avail of. These include internet banking, payment transfers, ATM cum debit card, and cheque book among others.

4) Easy to Open: While many low-income individuals may be daunted by the prospect of opening a bank account, it is easy to open a zero balance account online nowadays. For instance, in case of Indus Delite zero balance account opening online, all you need is a valid Aadhar Number and PAN Card to get started.

5) Access to Deals & Offers: Some zero balance accounts come with lots of offers and deals for the account-holder. The Indus Delite account is one such account. Packed with exclusive offers and deals, it gives the account-holder access to free movie tickets, cashback offers, discounts on online food delivery and groceries, reward points on spending with the debit card, and complimentary insurance cover worth INR 1.5 lakhs.

Indus Delite: A Zero Balance Savings Account Like No Other

Zero balance account opening online at IndusInd Bank is as easy as pie!  The Indus Delite Savings Account can be opened at minimal fees and charges. While there is no minimum balance requirement, all you need to pay is a small amount as the debit card fee and fund your account. In addition to the specific benefits of the Indus Delite account, having IndusInd Bank as your banking partner automatically ensures a seamless banking experience with such new-age facilities as the option of having an account number of your choice, omnipresent banking through Whatsapp, Facebook, & more; and access to the IndusMobile App, among others!

Opening an Indus Delite savings account is really easy. As mentioned above, all you need is a valid Aadhar Card, PAN card, and camera facility on your mobile or desktop for your instant zero balance account opening online via video-KYC – 100% paperless and hassle-free!

Open your instant zero balance savings account now!

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.