Steps to follow to open a Zero-Balance Savings Account online

Author : Shreya Eppili | Published On : 03 Apr 2024

In the last decade, India has seen a massive rise in Zero-Balance Account openings online or through physical visits to the bank branch. It refers to a Savings Bank Account that does not require minimum balance maintenance or charge fees when the account has no money. This account is also popular as a Basic Savings Bank Deposit Account designed for those who want to open an account without maintaining a minimal balance.

Zero-Balance Saving Account opening online usually allows a limited number of free monthly transactions, which may go up to four cash withdrawals and vary between banks. If you exceed this limit, the account becomes a Regular Savings Account.

Why open it online?

Opening a Zero-Balance Account online has many advantages, including convenient and secure deposits and withdrawals, earning attractive Savings Account interest rates, or using the funds in an emergency. The procedure is simple and comes with new-age features and exclusive shopping deals.

How to open it online?

Nowadays, every bank offers its customers the liberty to check the interest rates before they begin with the eligibility and documentation requirements. Follow this procedure for quick and easy account opening:

1. Go online

Open your device, log on to the Internet and Mobile Banking apps, and initiate the process. Ensure you have a strong data or Wi-Fi connection for a smooth experience. Fill out the information in the required fields, including your name, account type, deposit amount, age, contact information, and other details.

2. Keep the documents ready

To open a BSBDA online, you need to provide personal identification documents, such as your Aadhaar and Address Proof. If you do not have a PAN card, you should provide Form 16 from your employer as proof of TDS deduction. Additionally, you need to provide two recent passport-sized photographs.

3. Complete Video KYC verification

If your details are not found in the central KYC registry, you can verify yourself online via video call with a bank official. After submitting the documents for KYC verification, you just need to grant access to your location, camera, and microphone on your smartphone. After successful verification, the bank sends you an update on the Zero-Balance Saving Account opening online to your email address or through SMS.

4. Login and start using your account

You will soon receive a Customer ID and account number on your phone. Set a strong Login PIN and start using your account to transfer funds, pay bills, and perform other banking transactions.

Conclusion

Opening a Zero-Balance Account online is simple. It takes only a few minutes. You can do so from the comfort of your home. You get the convenience of no minimum balance requirement, no fees, and additional benefits such as free cash deposits. Moreover, you can track your finances through SMS and email alerts from the bank.