A Zero-Balance Savings Account is just another type of Regular Savings Account, except it does not require you to maintain a minimum monthly balance. A Zero-Balance Savings Account makes banking more inclusive and accessible. These accounts are often offered as Basic Savings Bank Deposit Accounts, in line with the RBI guidelines.
Let us explore the benefits, process, and key things to know about online Savings Account opening Zero-Balance.
Benefits of opening a Zero-Balance Account Online
- No minimum balance requirement
The most obvious advantage is that you don't need to worry about maintaining a certain balance in a Zero-Balance Savings Account.
- Completely digital process
The entire process from filling out the application to completing KYC is done online. You typically don't need to visit the branch in person, unless otherwise specified by the bank.
- Ease of access
With mobile and internet banking, you can access your Savings Account 24/7, transfer money, pay bills, or check your balance instantly.
- No hidden charges
Since the account is designed for convenience, many banks keep charges transparent and minimal for their Zero-Balance Savings Accounts.
- Inclusive banking
Zero-Balance Savings Accounts make banking accessible to everyone, including low-income individuals and those new to formal banking.
How to open a Zero Balance Savings Account online?
Opening an online Zero-Balance Savings Account is simple and can be done in a few steps:
- Choose the Bank
Research different banks and compare the features of their Zero-Balance Savings Accounts, such as transaction limits, free services, and digital features to compare and make the right decision.
- Visit the bank's website
Navigate to the bank's official website or download its mobile app. Look for the option to "Open Zero Balance Account." Follow the on-screen prompts to open your account successfully.
How to apply for a Zero-Balance Savings Account?
- Fill the application form
Enter your basic personal details, including your name, mobile number, email ID, PAN card number, and Aadhaar card number.
- Complete e-KYC Verification
With Aadhaar-based OTP verification, you can complete the KYC online. Some banks may offer video KYC for additional security.
- Account Activation
Once verification is complete, your account is instantly activated. You can start using mobile and internet banking services right away.
Factors to remember
- Some Zero-Balance Savings Accounts may have restrictions on the number of free transactions per month.
- To keep the Savings Account active, completing full KYC is necessary.
- While most banks provide a Debit Card and UPI access, check if cheque books or other premium services are included.
- Some banks help you upgrade your Zero-Balance Savings Account to a Regular Savings Account later, if needed.
Conclusion
Opening an online Zero-Balance Savings account is the most innovative ways to begin your financial journey. These accounts offer numerous benefits and are more manageable in the long run. With just a few clicks, you can open an account, access digital banking features, and enjoy complete financial independence without unnecessary restrictions.
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