A savings account is a must-have financial product. There are different kinds of savings account. A zero balance savings account is a type of savings account that does not have a minimum average monthly balance. This means that you can use the entire balance of your zero balance savings account without worrying about any penalty.
If you have a regular savings account or a salary account, you can open an online zero balance digital savings account and use it as a secondary savings account. A secondary savings account can help to streamline your finances without any hassles.
You can open an account with zero balance online within a few minutes. We will show you how to carry out an online bank account opening with zero balance after we go through some of the ways to use your online zero balance saving account as your secondary account.
The year 2020 has taught us about the importance of having an emergency fund to tide over emergencies such as job loss, medical emergencies. Ideally, you should have at least 3 months of expenses in an emergency fund.
Calculate the amount of money that you would require to save to build an emergency fund. You can take a look at your bank account statements or any money manager app to figure out your expenses.
After you have calculated the amount of money that you would like to save in an emergency fund, you can open online zero balance digital savings account from the comfort of your house and start building your emergency fund.
To create an emergency fund in a zero balance savings account, you can set up an auto-transfer of the required sum of money from your primary savings account to your zero balance secondary account.
Remember to use this account only for genuine emergencies such as job loss or health emergencies. If you are an impulse shopper, it would be a good idea to keep your zero balance savings account debit card at your home so that you don’t make any impulsive shopping decisions you will later regret.
2. Use as a splurge account
Are you one of those people who believe in living life to the fullest? Living life to the fullest may require a lot of money. Spending all your money on splurges may be dangerous to your financial health. However, splurging in a planned manner can help you make the most out of your income without feeling guilty.
There are high chances that your money will be used for other purposes if you keep your money in a regular savings account. Hence, it is important to earmark a different savings account such as an online zero balance savings accounts for your splurges. Just like the emergency fund, it is important to build and use your splurge savings account in a disciplined manner.
For instance, if you are looking to save money to attend a popular music concert or visit a popular destination, you need to figure out how much money you would have to save to fulfil this dream. After you figure out the required amount, it is time to calculate the monthly amount you can save towards this goal. To come up with this figure, it is important to consider your non-negotiable expenses such as rent and other utility bills along with other liabilities such as EMIs. You might want to cut down on other expenses to save money towards this goal. You can either set up a standing instruction or manually transfer a specific sum of money every month or every week from your regular savings account or salary account to a zero balance savings account.
3. Use it to save money or for investments
Saving and investing are important if you want to build a future and fulfil financial goals. But before you start investing, inculcating a saving habit is essential. Savings is nothing but keeping a sum of money out of your sight so that it does not tempt you to use it. You can open a recurring account to save a fixed amount in a recurring account. However, it is seen that many people don’t complete the full term of their RD.
Start your saving journey with small steps. Have a financial goal when you start saving. Cut down your expenses and transfer that amount from your primary account to your zero balance savings account online.
After you become familiar with saving, you can start saving and investing in a disciplined manner. You can transfer a certain portion of your income to the zero balance savings account and set up RDs and SIPs in your secondary account.
4. How to apply for a zero balance account online?
In the previous paragraphs, we have seen the different ways through which you can use your online zero balance savings account. Now, we will see the online bank account opening process with zero balance.
Currently, different banks offer online zero balance account to customers. Kotak811 is one such online zero balance digital savings that you open by visiting the bank’s website or installing Instant Savings Account Opening App from Kotak811.
Here are the simple ways to apply for a zero balance account online:
Visit the bank’s website or install the mobile banking app.
Enter the mobile number you want to register with the bank. You will receive an OTP on your mobile number. Enter the OTP to proceed with the online account opening process.
To open zero balance savings account online, you need to enter your PAN and Aadhaar number for instant account opening. You will get an OTP on your Aadhaar registered mobile number. Enter the OTP to proceed.
Then enter the required details.
You will receive your account details after you complete the online account opening process. Now, you can fund the account from your primary savings account and start using the account.
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