Financial institutions offer different account types to enhance their users’ banking experience, and zero-balance bank account is among them. Account holders with a zero-balance savings bank account can operate their accounts without any minimum balance requirement. Numerous banks enable online bank account opening with zero balance in India. conveniently from anywhere.
Those who opt for a zero-balance bank account can use it without any restrictions or limitations and open one instantly using their Aadhaar and PAN details. Designed for users’ convenience, they can complete the account opening process online and get an active bank account immediately.
What Makes Zero Balance Saving Accounts Different From Others?
As clear by the name, a zero balance savings account is a savings bank account where account holders can operate their accounts without leaving a minimum balance. So, maintaining a minimum Quarterly Average Balance (QAB) in the savings account is the most common thing that makes a zero-balance account different from other account types.
Most banks have the QAB policy, under which account holders should maintain a minimum account balance. Those who do not fulfil this minimum requirement must pay non-maintenance charges. However, the QAB policy does not apply to a zero-balance savings bank account. It allows account holders to use their funds up to the last penny without attracting any penalties.
Is a Zero Balance Bank Account Worth Opening?
Here are a few advantages of opening an online bank account with zero balance in India:
No Commitment to Minimum Balance: A zero-balance savings account does not commit to maintaining a minimum balance in the account. That means the account holders do not need to leave a required average balance with the bank.
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Debit Card: With a zero-balance savings account, account holders get a RuPay debit card that they can use to make payments and withdraw cash. Some cards offer lucrative offers, discounts on shopping, payments, and insurance coverage.
Cheque Books: Each account holder gets free chequebooks to make payments or use as bank identification documents.
Internet Banking: Account holders avail of the net banking facilities, through which they can make payments, pay bills, transfer money, check balances, create FDs, and use other banking services from their internet-enabled devices.
Cash Withdrawals: Zero balance savings account holders can withdraw cash through a bank branch, ATM, RTGS, NEFT, IMPS, etc.
Who Can Open a Zero Balance Bank Account?
Consider the best banks to open a savings account with zero balance, as their eligibility requirements are simple to fulfil. This makes it easier for anyone to avail this facility. Here are the key requirements:
- A valid Aadhaar card linked with the current mobile number.
- A valid PAN card.
- An internet-enabled device with a camera and microphone for the virtual KYC process.
Once the individual provides personal, communication, and KYC details, they can create a savings account with zero balance and start operating it almost instantly.
How to Open a Zero Balance Bank Account?
Most banks support opening an online bank account with zero balance in India. Users can complete the formalities and open a savings account online from their homes. These are the steps to follow:
- Visit the selected bank’s website using your computer, tablet, laptop or mobile phone.
- Explore the different account types that the bank offers.
- Select the zero balance savings account facility and initiate the process by filling out an online application form.
- Provide your Aadhaar and PAN card details.
- Go through a video KYC process to get your KYC details verified.
After successful bank verification, you will receive an account number and customer ID. This information will be useful in logging in to the net banking or mobile banking facilities and commencing online transactions.
Also Read: How To Open An Online Bank Account In 5 minute, No Money Required?
Undoubtedly, opening an online bank account with zero balance in India offers greater flexibility than regular savings accounts that always require a minimum balance. Apart from zero balance requirement, these accounts provide all banking services that come with standard savings bank accounts, including mobile and net banking, debit card, customer support, etc. So, what are you waiting for? Visit your favourite bank’s website now and open a zero-balance bank account in a few simple steps.
