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How To Open a Zero Balance Savings Account Online Without KYC Documents

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Created on
June 24, 2022


What’s Inside

It has become much easier to open a zero balance savings account in India over the years thanks to digital onboarding supported by regulatory authorities. Today, you can open a savings account either offline at a bank branch or online through your smartphone. In this blog, we will cover both methods at a high level, briefly explore their pros and cons, and more.

Before you dive in, check out this article on using the DigiLocker system to open a savings account, store your documents, and more.

The Standard Procedure to Open an Offline Zero Balance Savings Account

Here's a quick overview of the current offline process:

To open an account:

  • Select a bank and account type from the list of available options, which may include a zero balance savings account option.
  • Fill out the form and submit KYC requirements such as a PAN card, an Aadhaar card, and a passport-size photo along with signatures, as required.
  • Make the initial opening deposit if mandated by the bank or account type.
  • Once verified, collect your ATM-cum-Debit Card, passbook, and your net banking login details.

The Online Account Opening Process (simplified)

To open a new account with a financial institution, follow these steps:

Step 1 - Visit the official website of the institution or download their mobile app.

Step 2 - Select the type of account you want to open.

Step 3 - Upload all required KYC documents in the sections provided.

Step 4 - Authenticate your identity by taking a selfie or doing a live call with a bank agent, as mandated by the bank or account type.

Step 5 - Activate your account and debit card.

Opening a New Bank Account Without KYC

Small Accounts or Minimum KYC Accounts

If you don't have official documents, you can still open a small account by providing self-attested photos and a signature in the presence of a bank official. Keep in mind that these accounts have restrictions and are only valid for 12 months, but they can be extended for another 12 months if you apply for official documents within the first year of opening the account.

Limitations of a Small Accounts / Minimum KYC Accounts

Small accounts have certain limitations:

  • Total credits ≤ ₹1,00,000 per year

Total transfer and withdrawal ≤ ₹10,000 per month

  • Balance at any point in time ≤ ₹50,000
  • Transfer of foreign currency is not allowed
  • To upgrade to a regular account with no restrictions, you need to go through a Know Your Customer (KYC) process. On Fi Money, this process is done via a video KYC. You can read more about video KYC on Fi Money here.

KYC updates introduced in Budget February 2023

The Budget of 2023–24 aims to make the Know Your Customer (KYC) process more flexible, with a ‘risk-based’ policy for financial institutions and an expanded scope of documents available in DigiLocker for individuals. The government is also working to synchronise citizen data across multiple portals. The Income Tax department has advised that permanent account numbers (PAN) not linked with Aadhaar by March 2023 will be rendered “inoperative.”

What this could mean for you

With the KYC process becoming simpler, not everyone opening a bank account will need to go through the same rigorous KYC process. Instead, the process will be risk-based, meaning that only customers identified as high-risk will be scrutinised extensively. This should make the overall account opening process quicker and simpler.


The Regulatory Authority has made the process of updating KYC with banks a lot easier, especially during the pandemic when visiting a branch was next to impossible.

While it is possible to open accounts without KYC documents, these are very rare exceptions that we come across and are more or less converted to full savings accounts in due course. In fact, the process of opening a new bank account without KYC is more cumbersome. With the facilities and systems in place, it's better to get your KYC documents done before you open a new bank account online.

Premium Features on Savings Account 

Fi Money offers a zero-balance online Savings Account in partnership with Federal Bank. You can easily sign up for free & open a Savings Account online in 3 minutes. You can also use this Savings Account to safely stash your savings in deposits, earn additional interest, send/receive money instantly, analyse expenses, or budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like Jump, zero Forex, US Stocks, Mutual Funds, etc. & up to 4x rewards for all payments!

Frequently Asked Questions

1. Is it possible to open a bank account without KYC?

Yes, you can open a bank account without KYC if you meet certain criteria:

  • Small Accounts: You can open these accounts by providing a self-attested photograph and signing in front of a bank official, but with some restrictions.
  • Low-Risk Customers: If the bank considers you a low-risk customer, you can open an account with an attested photo and approval from a government officer, without providing official documentation.

2. What documents are required to open a savings account with a bank?

When you're opening a bank account, you'll need to provide an ID proof like Aadhaar, PAN card, or Voter ID, and an address proof like a telephone or gas bill. Keep in mind that the requirements for documentation may vary slightly depending on the bank.

3. Can I open a bank account only with an Aadhaar card?

Most banks require a valid Aadhaar Card as well as a PAN Card to be produced when opening a bank account.

4. Can I open a bank account with a different address?

If the address provided by the customer on the proof of address differs from their current address, a straightforward statement from them regarding their present address would be satisfactory. Once the Know Your Customer (KYC) process is completed at one branch of the bank, it remains valid for transferring the account to any other branch of the same bank.

5. Can I open a bank account without an ID?

When you're opening a bank account, you'll need to provide an ID proof like Aadhaar, PAN card, or Voter ID, and an address proof like a telephone or gas bill. Keep in mind that the requirements for documentation may vary slightly depending on the bank but at least one type of ID card may be a part of mandated documents to be submitted.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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