A Step-by-Step Guide to Opening a Zero Balance Account Digitally
In today’s fast-moving world, managing your money should be simple and accessible. That’s exactly what a zero balance savings account offers. You don’t need to maintain a minimum balance, and you still enjoy most benefits of a regular bank account. What’s even better is that you can open this type of account from the comfort of your home using your smartphone or computer. This guide will walk you through the steps to open a zero balance savings account digitally and help you understand what to keep in mind during the process.
What Is a Zero Balance Savings Account?
A zero balance savings account is a type of bank account where you are not required to keep a minimum amount of money. That means you can use the entire balance without worrying about penalties. It is especially useful if you're starting fresh, need an extra account for managing expenses, or want a simple way to save without pressure.
Most banks now offer the option to open this account online without visiting a branch.
Step-by-Step Process to Open a Zero Balance Account Online
Step 1: Choose the Right Bank
Prior to proceeding, you ought to go on multiple official bank websites and see what they offer. Although all zero balance savings account have no requirement of minimum balance, they could have different features. Some accounts come with virtual debit cards for free, internet banking, a mobile app, cashback, etc. Choose a bank which suits your requirements.
Step 2: Visit the Bank’s Website or Mobile App
The next step is to visit the bank’s official website or download its mobile application. On the website or the mobile app, you should start by looking for the option to open a new bank account or a zero balance savings account. You can find this option easily on the homepage of the website or app.
Step 3: Fill in Basic Details
You will be asked to fill in personal details such as:
● Full name
● Date of birth
● Mobile number
● Email ID
● PAN card number
● Aadhaar number
You should make sure the information matches your official documents. A mismatch can cause delays in account opening.
Step 4: Complete OTP Verification
After entering your mobile phone number and Aadhaar information, you will receive an OTP (one-time password). Verify your identity by entering the OTP. This allows the bank to continue the process, ensuring that you are the correct applicant.
Step 5: Upload Required Documents
You may need to upload scanned copies or clear photos of documents like:
● PAN card
● Aadhaar card
● Passport-size photo (in some cases)
Some bank account applications also support digital verification using Aadhaar e-KYC, where no document upload is needed if your Aadhaar is linked to your mobile number.
Step 6: Complete Video KYC (if required)
Many banks now require a short video KYC as part of the online account opening process. You will be asked to show your PAN card and answer a few questions in a live video call. This usually takes less than 10 minutes. Moreover, you should ensure that your internet connection is stable, and you are in a well-lit area during the video call.
Step 7: Set Up Login and Account Preferences
Once successful verification is completed, you will set up your login credentials for your bank account. Username and password are typically selected by the applicant, and you may be able to generate a virtual debit card as well. Once these are done, your account is now open.
Step 8: Start Using Your Account
Once your zero balance savings account is active, you can:
● Receive money
● Pay bills
● Shop online
● Use UPI and mobile banking
● Check your balance and transaction history
No need to deposit any money to keep the account running. You can keep the balance at zero whenever needed.
Key Benefits of a Zero Balance Account
● No penalty charges for low balance
● Easy digital access through apps and net banking
● Free virtual debit cards are available with most banks
● Safe and regulated by RBI guidelines
● Simple account setup without branch visits
These benefits now provide flexibility, especially when you want to have convenience and not have to worry about account maintenance. The zero balance savings account can provide this.
Final Thoughts
Opening a zero balance savings account online is quick, safe, and hassle-free. With just a few documents and an internet connection, you can create a fully functional bank account in minutes. This digital process helps you save time and gives you full control of your finances without stepping into a branch.
Disclaimer: This article is published in association with Axis Bank and not created by TNM Editorial.