Source: dailyexcelsior.com
You have spent hours researching various types of savings accounts. Some require hefty minimum balances, while others come with complex terms. After going through each, you find one that sounds just right: the zero-balance savings account. No need for a minimum balance and you still get all the perks of a regular account.
And the best part? You can set up this account from the comfort of your own home. Let’s look at the steps of opening a zero-balance account online.
A Guide to Opening a Zero-balance Account Online
These savings accounts are a convenient and accessible way to manage your finances without worrying about maintaining a minimum balance. Let’s walk through the steps involved in opening a zero-balance account:
1. Choose your bank
Evaluate banks based on features like ATM networks, interest rates, and online banking options. Look for one that aligns with your needs, offering convenient services and strong customer support. Taking time to research will help you pick a bank that provides the best experience for your zero-balance account.
2. Visit the bank’s website or mobile app
Access the bank’s official site or app to begin the process. Navigate to the savings account section and select the zero-balance option. Online platforms are designed to make this step quick and easy, offering a hassle-free way to get started without visiting a branch.
3. Fill out the online application
Enter personal details like your name, address and contact information. Some banks might ask for additional details, such as employment status. Providing accurate information is crucial as it sets up your account profile and ensures smooth account activation.
4. Submit KYC documents
Upload proof of identity and address, like an Aadhaar or Passport. Some banks offer video KYC for added convenience. KYC documents are essential for verifying your identity and meeting legal requirements, helping protect you and the bank from fraudulent activities.
5. Verification and approval
Once submitted, the bank will review your application. If everything checks out, you’ll receive a confirmation email with your account details. This final step can take anywhere from minutes to a few days, depending on the bank’s process, after which your zero-balance account is ready to use.
KYC of Zero-balance Accounts
Source: informalnewz.com
The digital KYC method makes opening a zero-balance savings account efficient and convenient. It allows you to complete everything from home while still meeting regulatory requirements. Here’s what you need to know:
Understanding video KYC
Video KYC is a streamlined method that lets you complete verification via a video call, rather than visiting a branch. You’ll need a device with internet access, a government-issued ID like Aadhaar or PAN and a stable connection. During the video call, a bank representative will verify your identity by checking your documents and confirming your information.
Why Aadhaar and PAN are needed
These documents are typically required for most banks to verify your identity and address. They ensure compliance with regulations and help protect against identity theft. Aadhaar verification is often done through an OTP on your registered mobile, adding a layer of security to the process.
Steps in the video KYC process
After filling out basic details online, you proceed to a video call with a representative. You would be asked to display your ID and perform specific actions, like signing on a blank paper, to confirm your identity. This helps banks confirm that you are the applicant, ensuring security. Once that’s done, your account will become fully operational, ready for transactions and deposits without balance restrictions.
Endnote
Choosing the right bank for a zero-balance savings account is all about finding the best fit for your financial needs. Look beyond just the interest rates and consider factors like fees, digital services and customer support. Make sure the bank offers robust online banking and accessible customer service, as these will greatly impact your day-to-day banking experience.
Compare options and understand each bank’s offerings to open an account that aligns with your goals and offers you the convenience and security you need.
