The provision of a zero balance account bank is offered by almost every bank these days. The scheme encourages people to save more because account holders don’t need to deposit a minimum amount every month to maintain the balance requirements.
However, not everyone knows that it is a hassle-free bank account, and anyone can open it from the comfort of their home. Yes, you read that right; you don’t need to visit a branch to open an account. Let’s discuss the digital bank account opening procedure to get started.
What are the benefits of a zero balance account over a regular savings account?
A regular savings account requires a minimum amount of money to be saved on a monthly or quarterly basis. On the other hand, there is no provision for penalties if you don’t maintain a minimum account balance in a zero balance account.
Opening a zero balance account is beneficial over regular savings accounts, such as:
- Digital banking features like checking the account balance and digital transactions are allowed in zero balance accounts.
- Every month there are a certain number of free ATM withdrawals for a zero balance account.
- Certain financial institutions permit using a ‘no-fee virtual debit card’ with zero balance accounts.
- Nowadays, there are many banks that offer big interest rates on savings.
- Most zero balance accounts are opened as salary accounts for which account holders get various benefits like levied surcharges and maintenance fees.
Who is eligible to open a zero balance account?
Below are the eligibility criteria to open a zero balance account:
- Your age is above 18 years
- You have a valid Aadhaar card and a PAN card
- You live in India with a valid address proof
How to open a zero balance account online?
It takes only five minutes to open a zero balance account online. Following is the digital bank account opening process that will take you to the ultimate method of hassle-free savings:
- Visit the bank website and select the option that reads “Open a zero balance account.”
- Enter basic details like name, mobile number and email address.
- Up next, you get an OTP to your mobile to authenticate your Aadhaar card information to open the bank account.
- RBI guidelines require that you authorize the bank to access your Aadhaar card information.
- It is important to have your Aadhaar linked with your mobile because you will be prompted to enter the OTP received on the Aadhaar linked mobile number.
- Aadhaar and PAN authentication are mandatory to open a zero account balance because after this process the address you have mentioned on your Aadhaar card becomes the address for your new bank account. You may change the communication address at this stage.
- The next step is to add basic details like parents’ names, gender, occupation and nominees.
- Once all the information is entered, proceed to video KYC and click on the check box to accept all the terms and conditions.
- Turn on the location access on your mobile phone and you will get a call from a bank agent for the video KYC process.
- Upon successful completion of the video KYC, the bank account will be opened within a few hours.
Are there any charges to open a zero balance account?
The opening and maintenance charges may vary from bank to bank. It is best to confirm the same with a service representative before opening a bank account.
How to open a zero balance account without an Aadhaar or PAN?
As per RBI guidelines, PAN and Aadhaar authentication are mandatory to open a bank account. If you don’t have a PAN card, you must first apply for one and then open a bank account digitally.
Apply for a digital zero balance bank account because digitization is the future. Moreover, zero balance accounts are highly beneficial for regular savings accounts. Nowadays, banks offer higher interest rates on zero balance accounts to encourage savings. Enjoy the convenience of the video KYC process and open a zero balance account in a bank with no obligations for a minimum amount right from the comfort of your home.