When there is no money in a savings account, there are no balance requirements or fees associated with doing so. This type of account sometimes referred to as a basic savings bank deposit account, is recommended for Indian citizens who want a savings account without the bother of maintaining a minimum amount. Only a few free transactions, up to four monthly cash withdrawals, are frequently allowed with zero-balance accounts. Once this cap has been reached, the bank will convert the account into a regular savings account. A zero-balance account online can be opened in various ways. It is also simple to open, has contemporary banking features, and more. Let’s see the ways to open a zero-balance savings account online:
What is a zero balance account?
As its name suggests, a zero balance account has no minimum balance requirement, allowing the account holder to manage the account however they see proper. Online bank accounts can also be opened without any funds.
The fundamental distinction between a zero balance account and other savings accounts is the maintenance of a minimum quarterly average balance.
Benefits of starting an online account with no balance:
- Easy to start an online account
- Free of any charges or minimum balance
- Less expensive than traditional banks
- Cash deposits and other freebies are offered at every branch.
- Choosing between mobile and Internet banking
- Access to ATMs and online transactions with debit cards
An instant open bank account online has several benefits, such as simple and secure depositing and withdrawing, the opportunity to earn interest, or the choice to utilise it as an emergency fund. It also provides simple opening instructions, contemporary banking features, and exclusive shopping deals.
Install the bank app:
Select a bank account that provides online zero-balance accounts. In 3 minutes, an account may be opened.
Gather your documents to open a savings account:
To register a zero-balance savings bank account online, you must supply personal identification documents like your Aadhaar card or identity evidence as well as address proof. You must show form 16 from your employer as proof of TDS deduction if you still need to get a PAN card. Additionally, two current passport-sized pictures are required.
Your KYC video verification is finished:
If the central KYC register does not have your information, you can verify yourself online by having a video chat with a bank employee. Grant access to your smartphone’s camera, microphone, and location.
Log in to your account and start making purchases with no balance:
Once you have a customer ID and account number, join in with net banking or mobile banking to set up your password and conduct online transactions. You can use and even transfer money from your zero-balance savings account.
Finally, a zero-balance account can be opened online as an easy and quick way to gain control of your finances. You may now go with a zero balance account online, which is fast and effortless from the convenience of your home.