A Complete Guide On How To Open A Zero Balance Account
Bank accounts offer the benefit of safety and convenience. You can store your savings in a bank and access them whenever needed. Online banking features have made payment processing simpler than ever before. Accessing banking services with a savings account is one of many options.
Nowadays, people want to explore better banking options such as the zero-balance account.
There are no hassles of penalties or obligations of maintaining a minimum balance in a zero-balance account. They are better than regular savings accounts. Banks now provide the flexibility to open such accounts from the comfort of your home to encourage savings. All you need is a mobile phone and a working internet connection. You do not have to visit a branch near you to open a bank account.
Let’s find out to open a zero-balance saving account online.
Why Open a Zero-Balance Saving Account?
Opt for a zero-balance account over a regular savings account if you want to open a bank account to store your savings. There are lots of benefits to opening a zero-balance account, such as:
- No obligations to maintain a minimum balance
- Quick and easy process to open the bank account
- Higher interest rates on savings
- Access to banking products and features
- Free bank transfers and account statements
- Banks like Kotak811 also offer free virtual debit cards for easy transactions
A zero-balance account is always better than a savings account. No need to visit the bank because you can open the account after completing video KYC from your home. Secondly, some banks offer higher interest rates on savings in zero-balance accounts. It is a beneficial opportunity for individuals with limited income.
What Are The Benefits of Opening a Bank Account Online?
Digitization has transformed our lives, and banking has been a part of it. Account holders don’t have to be stuck in traffic or wait in long queues to open a bank account. Banks allow customers to opt for online authentication and process the account opening application using the Internet.
Opening a bank account online is faster, easier, and more convenient. Busy individuals don’t have to take a leave from their work to complete the banking formalities. With valid ID proofs and other documents, you can open a bank account within minutes from your home.
How to Open a Zero-Balance Savings Account Online?
Account holders or new customers can open a zero-balance savings account with a mobile app. Download the mobile banking app of a bank of your choice. Follow the steps listed below to open a bank account within minutes quickly:
- Choose the option to open a bank account and fill up the details like name and mobile number.
- Aadhaar authentication is mandatory for opening a bank account online. Link your mobile number to Aadhaar.
- Once you enter the mobile number, you will receive an OTP on your registered mobile number, which initiates the Aadhaar authentication.
- As per RBI guidelines, banks access biometric information about the account holder from their Aadhaar card. Ensure you have a valid Aadhaar card.
- Apart from Aadhaar, the application form also requires PAN card details. Fill up the PAN card details and other essential information like gender, age, communication address, and parent’s names.
- Users completing the application procedure are prompted for video KYC. Allow location access on your mobile phone and initiate the video call from the bank agents.
- Finish the Video KYC by showing the physical copies of the Aadhaar and PAN card on the video call.
- They are sent a login and password to access their newly opened zero-balance account.
Conclusion
Anyone can open a zero balance account easily using the Internet. It takes only a few minutes to open a bank account. After that, you can enjoy exciting features like a free virtual debit card, free bank statement emails, free fund transfers, and higher interest rates, as Kotak811 offers.
Ensure you have valid Aadhaar and PAN cards before initiating the process. According to RBI guidelines, you must link your Aadhaar Card to your mobile phone for Aadhaar authentication and have a valid PAN card to open a bank account.
