Many believe that having a single bank account is more than enough. However, opening a secondary account provides an array of benefits. It prevents you from being helpless in case your primary account is frozen, or you lose your debit card. You may use your secondary account if funds in your primary account are low. Besides, you may also earn additional interest on numerous bank accounts.
Many banks allow customers to open a secondary zero balance saving account, which indicates non-requirement of a minimum balance. This allows customers to enjoy numerous facilities without having to block up their cash.
Following are seven benefits of a secondary zero balance account:
- No charges levied for non-maintenance
Banks levy a non-maintenance charge for those not having sufficient funds in their account. Those who fail to maintain such a minimum balance for extended periods end up paying a hefty sum towards non-maintenance. The major benefit of a zero balance account is that there is no condition to maintain a monthly or a quarterly average balance. Hence, no charges are levied towards non-maintenance of minimum balance.
- Easy handling and maintenance
Another major benefit of such an account is the ease of handling. You may conduct all your banking tasks without any hassles. You may deposit cash, withdraw money, get mini-statements, update your passbook, request a new chequebook, or make transfers easily. You may also use Internet banking and mobile banking facilities to meet your banking needs.
- High interest rates
The good news is that some banks provide high interest rates on such accounts. This allows you to earn a higher interest on the amount deposited and build your wealth at a quicker rate.
- Instant account opening
Some believe that banks demand a huge list of documents such as residential proof, identity proof, and PAN card details to open an account. However, such is not the case. Some banks open an account with submission of Aadhar Card details. This helps to streamline the process and open an account at a quicker rate.
- Provision of a debit card
Banks provide a debit card on the opening of a zero balance account. You may, therefore, use your debit card to withdraw cash at an Automated Teller Machine (ATM) or to make purchases. Some banks provide a virtual debit card on the opening of a zero balance account, thus enabling you to shop online quite easily.
- Free transfer facility
Another benefit of having a secondary zero balance account is the ability to utilize various modes of transfer facilities, absolutely free of charge. You may, therefore, avail of this benefit and carry out your Immediate Payment Service (IMPS) or National Electronic Fund Transfer (NEFT) without the payment of a fee.
- Host of other services
Apart from banking services, banks offer a host of other benefits. You may book movie tickets, shop at your favorite online store, and book flight tickets without downloading any other mobile applications.
Open such a savings account at your local bank and avail of the aforementioned benefits. By doing so, you may take the necessary steps towards financial prosperity.