Is It Safe to Open a Zero-balance Savings Account Online?
In recent times, with online banking on the rise, finances have never been simpler to manage. From checking balances, remitting funds, or availing credit cards, online banking lets you deal with transactions easily from anywhere.
Another recent addition to online banking is opening a Zero balance account without going to a branch. But is it secure? Let's discuss the security features and advantages of opening a Zero-balance Savings Account online.
Is opening a Zero-balance account online safe?
Yes, a Zero-balance account is safe and secure, and it has become easy to open a Savings Account online, thanks to advanced digital verification processes. All you will need to give is your identity proof, address proof, and photograph to finish applying. Majority banks have rigid security measures in place, which guarantee your personal information's protection.
Secure encryption technology protects your confidential data, including Aadhaar or PAN information, from being accessed by others. Moreover, multi-factor authentication is employed by online banking sites to ensure unauthorised access does not occur, which makes the process very secure.
Advantages of a Zero-balance account
A Zero-balance Savings Account is an excellent choice for anyone who wants to enjoy financial flexibility. As there are no fees for lack of minimum balance, you can use your account at will without worrying about any extra charges.
Some of the main advantages are:
● No Minimum Balance Required - There is no balance you need to keep in the account.
● No Penalty Fees - You will not be charged any fees for failure to keep a certain balance.
● Convenient Online Transfers - You can conveniently transfer money, pay bills, and shop online.
● Interest Credits - Although rates of interest change, you get to earn some returns on the deposits.
● Financial Inclusion – A Zero-balance Savings Account guarantees banking facilities are available to everyone, even those with scarce economic resources.
How to open a Zero-balance Account online?
Opening a Zero-balance Savings Account online is quite easy. Simply do the following:
● Select a Bank: Find and choose a bank that provides Zero-balance Savings Account with the features which are most suitable for your requirements.
● Go to the Website or Mobile Banking App of the Bank: The majority of banks have a completely digital process where you can open your account from your home.
● Application Form Filing: Provide information like name, date of birth, contact numbers, and Aadhaar number.
● Uploading Required Documents: Upload scanned copies of your address proofs and identity documents, and any other document as required.
● Complete Video KYC: You may need to do a video authentication or e-KYC to confirm your identity and documents.
● Account Activation: Your Zero-balance account gets activated immediately after your details are confirmed and you are issued your account number and digital banking credentials.
Is a Zero-balance Savings Account right for you?
A Zero-balance Savings Account account is ideal if you want a trouble-free banking experience without the hassle of having to maintain a minimum balance. It is a great choice for students, young working professionals, or anyone who prefers an easy and affordable Savings Account. Whether you want to receive your salary to cover day-to-day expenses, a Zero-balance account offers the required flexibility.
To conclude
In summary, it is safe, convenient, and very useful to open a Zero-balance account online. With improved security features, easy-to-use online banking facilities, and the option to earn interest without keeping a minimum balance, a Zero-balance Savings Account is an excellent option.
Disclaimer: This article is published in association with Axis Bank and not created by TNM Editorial.