A healthy financial life requires maintaining a savings account with lots of balance. However, opening a regular savings account may not be feasible for individuals with limited income resources. When an account holder fails to maintain a minimum monthly or quarterly balance, they may attract a lot of penalties.
Therefore, a 0 balance account becomes a better option. There are no obligations to maintain a minimum balance in the account, you get access to many useful features, and the best part about these accounts is that they can be opened instantly.
So, let’s simplify banking for you and discuss the process of free account opening.
What are the features of a zero balance account?
There are a range of features offered with a zero balance account. Usually, the offers may vary; however, the basic features that account holders get with a zero-balance account are listed below. Take a look:
- Free online fund transfers: Sending money becomes easier with a zero-balance digital account. Most banks offer free online fund transfer facilities to account holders.
- Virtual debit cards: Check with your bank before opening the account and enjoy hassle-free shopping with your virtual debit card wherever you go.
- Free bank statements: The account holders can also access their bank statements via email and that too without paying anything extra.
- Digital banking services: Zero-balance account holders can receive money digitally and enjoy basic digital banking features like any other savings account.
What are the charges to open a zero balance account?
Usually, there are no charges to open a bank account with the provision to maintain a zero balance. However, it is best to confirm the same with the bank agents in case you have a doubt. Reading the terms and conditions carefully can help confirm if there are any extra fees for maintaining a bank account. You may also connect with the bank’s hotline service to learn more about any charges or fees.
How long does it take to open a zero balance account?
Zero-balance accounts are opened digitally, and the process is instant. You can complete the application process to open a zero-balance account within a few minutes. Upon completion of the video KYC, the bank account will be opened within a few hours.
What is the procedure for opening a zero balance account?
Either visit the bank website or download the bank’s mobile app on your phone to open a zero-balance account. Next, follow the steps listed below to begin the journey of savings:
- Register: Click on the register button and fill up the application form to open the bank account. Users are prompted to enter their Aadhaar card and PAN card details which are mandatory for registration.
- Authentication: Once you enter the Aadhaar details, an OTP will be sent to the registered mobile number. As per RBI guidelines, banks authenticate the Aadhaar information to open a bank account.
- Video KYC: Once Aadhaar authentication is completed, you will be asked to answer a video call from the bank agent who may ask you to furnish your physical Aadhar card and PAN card during the video call to complete the KYC process.
- Login: After completing the video KYC, you get the login and password to access your new zero balance account.
Who can open a zero balance account?
Residents of India who are over the age of 18 can open a zero-balance account at most banks. However, it is important to have a valid Aadhaar card and PAN card to open a bank account. If you don’t have a PAN card, apply for one before you begin the process of opening a zero-balance account.
You may also need valid address proof during the video KYC process, so make sure you are ready with all the documents before initiating the process.
Final words
Free account opening is a beneficial opportunity to encourage savings. You don’t need a monthly minimum amount in your bank account, and you get a higher interest rate on savings. Moreover, features like free fund transfers and virtual debit cards are certainly the right steps to empower account holders with limited income sources.
Enjoy the above-listed digital banking features by opening a zero-balance account right now!
