Zero Balance Savings Account refers to a Savings Account type in which banks do not require account holders to maintain minimum balance in their accounts. This is in contrast to traditional banking Savings Accounts in which it is almost always compulsory to have a minimum balance, and failure to do so results in either account closure or penalties in the form of maintenance fees.
Eligibility for Zero Balance Savings Account
For Zero Balance Account opening online process, you have to be a citizen of India, and generally have to be 18 years old and above. Banking institutions generally require identification proof (that is, PAN and Aadhaar Card) from applicants for opening these accounts. Additionally, your PAN and Aadhaar Card must be linked to open this account.
You can open a Savings Account online with zero balance, irrespective of your employment status. This makes this Savings Account incredibly helpful for those without a stable income source.
Zero Balance Savings Account Opening – Documents Required
Typically, the following documents are required for a Zero Balance Account opening online or offline:
- Aadhaar Card
- PAN Card
- Voter ID
- Driving Licence
- Passport
- NREGA Card
Ways to Open a Zero Balance Savings Account
You can either open a Savings Account online or offline, based on your convenience. Here is how you can open this Savings Account online:
Online Process
- Step 1 – Select your bank and visit its official website. Navigate to the page that initiates the process of online application.
- Step 2 – Fill out the application form by providing your personal information, including name, address, date of birth, mobile phone number and email address. You may also need to provide scanned copies of KYC documents like PAN Card, address proof, Aadhaar Card, etc.
- Step 3– Some banking institutions provide the video KYC verification option. A bank representative will conduct KYC verification through this process.
- Step 4 – Submit your application online after verifying all your details properly.
After your application is approved, an account in your name will be activated and you will receive the required login credentials and account details for access to online banking services.
Offline Process
- Step 1 – Visit the Branch Office of your chosen bank and inform the representative about opening a Zero Balance Account.
- Step 2 – Fill out the application form provided to you with details, including your name, PAN card details, address proof and Aadhaar Card details, among others.
- Step 3 – You will receive assistance from the bank representative for completion of your KYC formalities.
- Step 4 – Once your application is approved, you will receive an account number from your bank and a passbook (not always).
Points to Remember While Opening Zero Balance Account Online
- Initial Funding: Although you do not need to maintain any minimum balance, initial funding (for example, ₹10,000), depending on the bank is needed to open a Savings Account online or offline. This initial funding, however, can be withdrawn after a certain period.
- KYC Matters: Minimal KYC verification is required for Zero Balance Account opening, but only after full verification can account holders get access to unlimited validity on transactions and deposits.
Final Words
With Zero Balance Account opening online process, you get access to seamless online banking services, which is important in today’s technology-driven world. Make sure you fit the eligibility criteria and have the required documents to open your Zero Balance Account.