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How to open online zero balance savings account in India

digital savings account

In 2022, if you are looking to open a zero balance savings account online, there are multitude of options to choose from. In today’s market, neobanks and traditional banks are offering accounts at zero maintenance balance, that too with a complete online journey.

Basic understanding of zero balance account

To open or maintain a zero balance savings account, you don’t have to pay any charges or keep a minimum monthly balance in the account. The bank will ask you to share some details before opening a digital zero balance savings account. Post account application you have to complete your KYC. The digital savings account is a paperless process, and bank pay’s interest on saving balance.

Some basic facts about zero balance account:

  • No minimum monthly account balance
  • No penalties or hidden charges
  • Easy and online account opening
  • All you need is PAN and #Aadhaar number

How to get such an account?

It is easy to open a savings account online. You may visit the bank’s website or download the bank app. Next, you will be asked to share some basic information. The entered data will be validated at the bank’s end.

After validation, you have to complete the KYC through online or offline channels. Either book an appointment with a bank official to complete video KYC from the comfort of your home or visit the nearest branch to submit the KYC documents.

Steps to open digital savings account:

  1. Opening a zero balance account online is easy and fast
  2. You have to share your details such as name, mobile number and email ID
  3. The bank will send you an OTP to validate your mobile number
  4. Post mobile verification, you have to share your PAN, Aadhaar number.
  5. Share the OTP you have received on your Aadhaar registered mobile number.
  6. Accept the terms and conditions.
  7. Your account is ready

Why to get a zero balance account in 2022?

Zero balance savings accounts are laden with essential and add on banking features, which will help you to carry out all banking requirements smoothly.

Main features of zero balance savings account

  • You will save maximum with no monthly average balance requirements and interest rate ranging from 2.75% to 4.50%* per annum.
  • Convenience of opening a paperless zero balance account online anytime, anywhere.
  • Free virtual debit card, option to avail credit card with minimum paperwork.
  • Other benefits – FASTag, Smart EMI card, Loans, Investment and Ecommerce offers.
  • Fast digital payments using NEFT, UPI, Scan & Pay, Pay your Contact.
  • Secure and easy to access banking app to manage your account.

Final verdict

Some of the key banks offering zero balance savings account are listed below for your convenience:

Don’t wait, go get your digital savings account today.

*T&C apply.

#Aadhaar is voluntary.

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