Are you looking to open a Zero Balance Bank account in India but have no idea where to start? This article covers all the steps to open a fully featured digital bank account in just 5 minutes.
Why You Should Open a Zero-Balance Bank Account?
Traditional Banking where you have to keep a minimum average balance each month isn’t a viable option for the many people in India.
Not all of us can maintain a 25,000 average balance in a bank account that’s why the Zero balance account is a lifesaver for many Indian citizens, especially for those who want a bank account without monthly maintenance fees or minimum balance requirements.
In a zero-balance account, you don’t need to maintain any minimum balance and it won’t charge you any penalty even if your balance goes zero.
Furthermore, usually, Zero Balance bank accounts do offer a higher rate of interest, (around 7 percent) which is almost double the rate of interest offered by many traditional banks.
How to Open Zero Balance Bank Account Online?
Here is the complete process to Open a Zero Balance Account Online in India:
Keep your Document Ready
First and foremost you must have your Aadhar Card and PAN card with you these documents are a must in opening any bank account.
During the online account opening representative will ask you for your signature so keep a Blank Paper and Pen with you.
Ensure your phone number is linked with your Aadhaar card and your Aaadhar card is with your Pan.
Choose the Bank
Now the most important part is you have to Choose the bank.
Almost all banks do offer Zero-balance bank accounts. Banks that do offer you the facility to Open Zero Balance bank account Online are marginally thin.
Don’t worry. Here is the Link, where you can see all the Banks which offer Digital Zero balance accounts –
Submit Document
During the Process, You have to Fill up your name, mobile number, PAN card details, and Aadhaar Card number.
Also on the webpage, you have to upload the necessary documents to Open the bank account.
Submit eKYC
Once you fill up your details you have to Sign and Submit the eKYC online.
During the eKYC, you just have to Verify your Aadhaar card number.
It is done by OTP code, The verification code will be sent to your registered number, enter that code in the field and you can submit the eKYC.
Complete The vKYC
Once the eKYC is done, you will be redirected to the Video KYC.
During the Video KYC, the bank representative will confirm all your details during the video call.
They will also ask you to perform a signature and show your PAN card for verification.
All done Enjoy your Zero Balance Bank account
Once the vKYC is done, it might take 1 or 2 days till your account gets active.
In the meantime, you will receive your bank account details like – Bank account number, IFSC code, Net banking details, and other information on the registered email address.
