One of the key reasons for the wide (and ever-growing) popularity of online-first banks is the convenience they offer and the round-the-clock accessibility that they provide. Complemented with innovative features, hassle-free processes, and more attractive interest rates than most traditional banks, online-first banks are perfectly suited for today’s generation that’s always on the move. If you, too, want to be a part of this new wave, then you should consider opening a virtual savings account with a zero-balance requirement.
A zero-balance virtual savings bank account comes with several benefits, such as:
Excited? Here’s how to open a zero-balance virtual savings bank account with Fi
Step 1 – Download the mobile app from Google Play Store or Apple App Store
Step 2 – Sign up with your email address and mobile phone number
Step 3 – Undergo a quick employment verification process. This can be done by providing either of the options like a personal credit report, salaried employment information, or a freelance (self-employed) verification
Step 4 – Continue to provide your date of birth.
Step 5 – Choose your employment type. Salaried professionals will be required to provide the name of their employer to verify their CIBIL score. Self-employed people can share their LinkedIn profiles for this purpose.
Step 5 – Now, enter your PAN card number so that your status can be verified.
Step 6 – Finally, it is time for an identity check using your phone’s camera and microphone.
That’s it. The application process is complete. By providing your name and address you can expect to receive your VISA Platinum debit card in 10-15 business days. Upon receiving the card, you will need to set up your ATM and UPI PIN to activate it for usage and enjoy the virtual account benefits that Fi offers.
Note: Do read the terms and conditions carefully, and ensure the information provided by you is accurate and verifiable (as per your PAN card and credit report).
Fi Money offers a zero-balance virtual savings account in partnership with our licensed partner Federal Bank — you can easily sign-up for free & open a savings account online. This account comes with a VISA Platinum, zero forex debit card with no hidden fees. You can also use Fi’s online savings account to stash your savings in deposits safely, earn additional interest, send/receive payments instantly, analyse expenses, budget smarter, or invest in Mutual Funds.
Yes, a fully virtual, zero-balance account is ideally suited for students who may find it difficult to constantly maintain a minimum balance as directed by most traditional banks. At present, though, Fi offers virtual savings accounts for working professionals, salaried or self-employed.
A zero-balance savings account is a form of a savings account but it does not require the account holder to maintain a minimum balance. It means that you can have no balance in your account yet will not incur any penalties or fees. Apart from this, almost all other features are like a regular virtual savings account including mobile app-based banking, online payments and money transfers, a debit card for ATM access, etc.