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Navigating the world of an Online Basic Savings Account: All You Need to Know

Opening An Online Bank Account - A Step By Step Guide

Different Types of Digital Banking Accounts

Everything you need to know about a zero balance savings account and how you can open one online.

How to Open a Zero Balance Saving Account Online?

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"How to Open a Zero Balance Saving Account Online?"

Pranav Karnad

Banking isn't everyone's cup of tea — read these to figure it out

<p>There are many banking myths — but the power to instantly open a zero-balance account online is not one. In the last decade, India has seen a massive increase in zero-balance savings bank accounts opened online by individuals.</p><h2>‍What is a Zero-Balance Account?‍</h2><p>A zero-balance account is a savings bank account that doesn't require a minimum balance or charge fees when the account has no money in it. This type of account also called a Basic Savings Bank Deposit (BSBD) account, is designed for people in India who want a savings account without the burden of maintaining a minimum balance. Zero-balance accounts usually allow a limited number of free monthly transactions, such as up to four cash withdrawals. If this limit is exceeded, the account will be converted into a regular savings account by the bank.</p><h2>Why Should You Open a Zero-Balance Savings Account Online?‍</h2><p>Opening a zero-balance account online has many benefits, including convenient and secure deposits and withdrawals, and the ability to earn interest or use it as an emergency fund. It's also simple to open this account and comes with new-age banking features and exclusive shopping deals.</p><h2>How To Open A Savings Account Online? Explained With Visuals:</h2>

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<h3>Step 1: Open the Fi Money app</h3><p>Access a Federal Bank Savings Account via the Fi app as it offers various savings account plans. You can open an account in 3 minutes.</p><h3>Step 2: Get your documents ready for opening a savings account.</h3><p>To open a savings bank account online, you need to provide personal identification documents, such as your Aadhaar Card or Identity Proof, and an Address Proof. If you don't have a PAN card, you will need to provide Form 16 from your employer as proof of TDS deduction. Additionally, you need to provide two recent passport-sized photographs.</p><h3>Step 3: Complete your video KYC verification</h3><p>If your details are not found in the central KYC registry, you can verify yourself online via video call with a bank official. You just need to grant access to your location, camera, and microphone on your smartphone.</p><h3>Step 4: Login and start using your savings account</h3><p>Once you’ve received a customer ID and account number, you can use your savings account and even transfer funds.</p><h2>Advantages of Opening a Zero-Balance Account Online</h2><ul role="list"><li>No minimum balance or fees</li><li>Easy online account opening</li><li>Lower fees compared to offline banks</li><li>Free benefits, including cash deposits at any branch</li><li>Debit cards for digital payments and access to ATMs</li><li>Option to choose mobile and/or internet banking</li></ul><h2>Conclusion</h2><p>Opening a zero-balance savings account online is a simple and convenient way to manage your finances. With the rise of digital banking, you can now open an account in just a few minutes from the comfort of your own home. Not only do zero-balance accounts offer the convenience of no minimum balance requirement and no fees, but they also come with additional benefits such as free cash deposits and lower fees compared to offline banks.</p><h2>Frequently Asked Questions</h2><h3>1. Can I open a zero-balance savings account online?</h3><p>Yes, individuals can open a zero-balance savings account online.</p><h3>2. How can I open a bank account online immediately?</h3><p>With the digital transformation in the country, you can now open an online savings account through your smartphone in just a few minutes. After visiting the bank’s web portal, you just need to fill in the Aadhaar &amp; PAN details and personal details. Your account is open. Here, it becomes important to know about the documents required for opening an online savings account. Proof of Identity: PAN Card and Proof of residence: Aadhaar Card.</p><h3>3. Is it possible to open a joint basic savings account?</h3><p>Yes, it is possible to open a joint basic savings account. For this, the second party has to be related to the primary account holder, and both have to be present when opening the account.</p><h3>4. What is the initial deposit amount when opening a zero-balance savings account?</h3><p>Since the zero-balance savings account is basic, it has no monthly average balance requirement. An initial deposit in a savings account has to be made only if there is a minimum balance requirement, and as this has no minimum average balance requirement, no initial deposit has to be made. In short, a zero-balance savings account can be opened for free.</p><h3>5. Can I only check my balance &amp; make a withdrawal at a bank?</h3><p>No, you can access your zero-balance savings account via the internet and phone banking facilities, at an ATM, and the bank if required.&nbsp;</p>

How to Open a Zero Balance Savings Account Online? | Fi.Money

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