0 hidden charges. 0 forex

The Future of Banking: Open a Zero-balance Digital Bank Account

Reviewed by
Created on
May 17, 2023


What’s Inside

Are you a devotee of the ‘savings’ culture too? If so, a savings account also comes as a boon for you. But are you aware of the zero-balance account or the zero-balance digital bank account?


ng the perks of a digital mode in your zero-balance account makes it more rewarding. Are you looking forward to an online digital bank opening with zero balance? Then here’s all you need to know.

What is a Digital Zero-balance Savings Account?

As the name suggests, it is a form of a savings account that requires no balance amount. In other words, it’s a deposit bank account where you can save without a minimum limit.

A savings account requires you always to maintain a small balance. If you fail to keep this balance, you are liable to penalties.

Whereas a zero-balance savings account has no such conditions. Banks also offer digital facilities, making it easier and more convenient than a traditional account.

Having a digital zero-balance account means:

  • Tapping system anywhere, anytime
  • Secured accounts
  • Instant and effective transactions
  • No in-person hassles

Benefits and Features of a Zero-balance Savings Account

A digital savings account has many benefits over a traditional account. You even save all paperwork and physical banking issues. Here are some helpful features that make the whole deal better.

  • There is no minimum balance restriction for account maintenance
  • No penalties charged for account maintenance
  • Easy access to online transactions and net banking
  • Interest benefits on savings
  • Helpful for retired or low-income group individuals to have a savings account
  • Free debit card and ATM facilities
  • Complimentary passbooks with a zero-balance account
  • A set number of free monthly transactions, followed by nominally-charged transactions
  • Special privileges to salary account holders

Hence, having a digital zero-balance savings account is quite beneficial. But how to get started with one? Follow the guiding steps ahead.

The Process of Online Digital Bank Opening with Zero Balance

It is upon you to choose the best banking option. However, all banks have their set of rules and criteria. Some of the general eligibility criteria include the following:

  • Individuals must be aged 18 or more
  • Individuals must have a valid PAN card
  • Individuals must have a valid Aadhaar card
  • Individuals must have an Aadhaar-linked mobile number

With these minimum documents and conditions, you are ready for an online digital bank opening with zero balance. From here, you can go to the bank’s online site or app and follow the instructions to open your digital zero-balance account.

  • Fill in your basic details like name, phone, and email
  • Verify your information with an OTP
  • Submit your PAN card and Aadhaar card details
  • Update and verify the Aadhar-linked phone number with an OTP
  • Read and accept the terms and conditions

And there you have your digital zero-balance savings account. Remember that these steps may differ from bank to bank. Carefully follow the instructions and contact customer support in case of queries.

Summing Up

Saving money in the long term seems more straightforward with a zero-balance savings account. Without any minimum balance and hassle of penalties, you can start today. Why not take it up a notch with an online digital bank opening with zero balance?

Enjoy the ease of a digital account and save and grow financially with many benefits. Fi Money is an online money management app that takes your financial planning to the next level. Get yourself a zero-balance account in minutes with no paperwork or hidden fees.

Frequently Asked Questions

1. What are the benefits of opening a zero-balance bank account?

Get the following benefits with a zero-balance bank account:

  • No minimum maintenance limits
  • Free debit card and ATM transactions
  • Attractive interest rates
  • Online banking facilities

2. Can I open a zero-balance digital bank account from anywhere in the world?

Yes. You can access the bank’s online platform from anywhere to open a zero-balance digital account.

3. How do I open a zero-balance digital bank account?

Once you have figured out which bank, you can go onto their app or website to find instructions to open this account. You will need to update your KYC details to get started.

4. What are the documents required to open a zero-balance digital bank account?

You will need a valid PAN and Aadhaar card to get started.


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.
Share this article
Copied Link!
The Future of Banking: Open a Zero-balance Digital Bank Account


View similar articles in
Get the Fi app