Steps to Open a Zero-Balance Saving Account Online
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.
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.
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.
Fi Money (through Federal Bank) offers online zero-balance accounts. You can open an account in 3 minutes by downloading the Fi Money app.
To open a zero-balance 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.
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.
Once you’ve received a customer ID and account number, you can use your zero-balance savings account and even transfer funds.
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.
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!
Yes, individuals can open a zero-balance savings account online.
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 & 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.
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.
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.
No, you can access your zero-balance savings account via the internet and phone banking facilities, at an ATM, and the bank if required.
