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Zero Balance Online Savings Accounts to Open From Your Home

Open Zero Balance Online Savings Accounts

Savings Account is one of the most important financial products.  While you may have to visit the bank to open a particular savings account, there are many different savings account that you can open without visiting the bank branch. These online savings accounts can be opened instantly in a paperless way.

As the world is reeling under coronavirus, staying indoors is the best option. If you are looking forward to opening a savings account, you can do so from the comfort of your home.

These online savings accounts are zero balance accounts. This means that you don’t have to worry about keeping a minimum average balance in these accounts.

However, these digital savings accounts come with 12-month validity. If you don’t complete the KYC verification process within the 12 months, your account will be closed. Moreover, the limited accounts have limitations on the total amount of money that can be deposited and remain in the account.

All these restrictions are lifted after the full KYC process is completed.

Read: Why you should complete the KYC process of your online savings account?

Things to keep in mind before opening an online savings account

  1. The account is valid for 12 months. You need to complete the full KYC of the account to continue using the account.
  2. The customer should be above 18 years
  3. The individual should be an Indian tax-paying resident
  4. PAN card and Aadhaar card is required  
  5. A mobile number should be registered with Aadhaar

Kotak 811

Kotak 811 is the country’s first online savings account. You can open the Kotak 811 through the bank’s website or by downloading the mobile banking app. If you are on your computer, you can click here to open a Kotak 811 account. Use this link to download the Kotak App.

Steps to open Kotak 811 Account

  • Verify your mobile number through the OTP
  • Enter your PAN and Aadhaar details
  • Add your personal details
  • Add a nominee
  • Include meeting address for Full KYC process.
  • Set your net banking and mobile banking password

Your account is ready to use. You will get your account number, customer relationship number and virtual payment address for UPI payments.

Ujjivan Bank’s Digital Account

Ujjivan Small Finance Bank’s Digital Account can be opened in a completely paperless method. Click here to open the digital account.

Here’s how you can open the digital account:

open Ujjivan Bank’s Digital Account

Step 1: Enter your mobile number, email id and reenter your email id.

Step 2: Validate your mobile number by entering the OTP that is sent to your mobile number.

Step 3: Enter your Aadhaar number and PAN number. Key in OTP sent to your Aadhaar registered number.

Step 4: Opt for the savings account

Step 5: Enter your personal details

Step 6: Verify the details and click on proceed to the eSign page.

Your account is now open.

Click here to know more Ujjivan Bank’s Digital Account.

Fincare Small Finance Bank’s 101-First Savings Account  

Fincare Small Finance Bank offers 101-First Savings account, an online zero balance savings account that can be opened digitally within a few minutes. The bank recommends using a mobile web page to open the digital savings account.

A debit card without any issuance fee is offered to customers of 101 First savings account. Customers can carry out online and offline transactions through the debit card. Also, there are no annual maintenance charges for the first year.

Steps to open 101-First Savings Account

Step 1: Click here to initiate the account opening process.

Step 2: Add your mobile number, email address, PAN number

Step 3: Authenticate your mobile number

Step 4: Add your Aadhaar number and enter the OTP that you have received on your Aadhaar registered mobile number.

Step 5: The bank will fetch details such as your name, date of birth and Aadhaar registered address from the Aadhaar base.

Step 6: You can add your communication address if the communication address is different from the Aadhaar address.

Step 7: Upload your selfie and signature

Step 8: Add other personal details such as your parent’s name and nominee

And your account is created.

Save the details. You can download the Fincare Bank’s mobile banking app to do banking transactions through the bank app.   

AU Abhi Savings account

AU Abhi Savings account is the zero balance online savings account from AU Small Finance Bank. You can open this account online without visiting the nearest bank branch. One can open the account through their website, downloading the mobile app and through Whatsapp in a few simple steps.

How to open through the website and mobile banking app

Step 1: If you want to open the account through the bank’s website, you can click on this link. If you are reading this on your mobile, and you want to open the account through the app then you can click here to download the app.  Currently, the app is only available for Android users.

Step 2: Enter your personal details such as mobile number, Aadhaar number, PAN and your communication address.

Step 3: This account is only available for tax-paying Indian residents. Hence you need to be Foreign Account Tax Compliance Act (FATCA) compliant.

Step 4: You can add your nominee’s details.

How to open AU ABHI account through WhatsApp

AU Small Finance Bank is one of the few banks to allow customers to open a digital bank account through Whatsapp. The account opening process can be completed in three minutes.

Step 1: Give a missed call on +91 8422992273 or click here if you are on your mobile phone to initiate the Whatsapp conversation.

Step 2: You will receive an OTP to confirm your phone number and at the same time a Whatsapp conversation will be initiated.

Step 3: Give your Aadhaar number, PAN, and other required details to complete the account opening process.

After your AU ABHI Savings Account is open, you can see your account details and Virtual Debit Card details. Keep a note of it for future reference.

Conclusion: You can open online savings account if you are looking to open a savings account without venturing out of your house. Opening these digital savings accounts takes hardly a few minutes. After the situation normalises, you can carry out the full KYC procedure to make your account a full-fledged account.


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