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How to Open a Zero-Balance Current Account Online?

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Created on
June 9, 2022


What’s Inside

A zero balance current account is one where there is no need to maintain a minimum balance. Most savings accounts require you to maintain some money in it, like ₹10,000 or so. This amount varies, but in this blog we discuss ways in which you can open a zero-balance current account.

Difference Between a Savings Account and a Current Account

Here is a table showing the key differences between a Savings account and a Current account:


Current Accounts

Savings Accounts

Unlimited Transactions



Interest on Balance



Monthly Average Balance Required



Current accounts are typically used by businesses and entities such as public and private companies, partnership firms, and proprietors. They differ from savings accounts in that they do not provide interest on your balance. Zero-balance current accounts, unlike regular current accounts, do not require account holders to maintain a monthly average balance.

Monthly Average Balance (MAB)

The monthly average balance (MAB) is calculated by adding all the daily closing balances in a month and dividing by the total number of days. Every bank has a different minimum monthly average balance. If you choose a 0 balance current account, you don't need to maintain a minimum monthly average balance.

How to Open a Zero-Balance Current Account Online

In order to open this account, you need to submit appropriate KYC documents in addition to the bank’s 0 balance current account opening form. Note: Different banks may require different documents.

Step 1: Go to the bank's website

Step 2: Click on the account opening form

Step 3: Fill in the personal and account details

Step 4: Upload ID & KYC documents

Step 5: Submit the application

Once your application has been submitted, your documents will be verified and, provided your form is approved, your zero-balance current account will be opened.

Advantages of Zero-Balance Current Account

  • You can carry out financial transactions without being obligated to maintain a minimum monthly average balance
  • Business owners need not worry about erratic cash flows with this account
  • These accounts allow business owners to have a greater level of flexibility with their working capital
  • With a 0 balance account, small/medium-sized businesses can have a longer debt collection period

Eligibility For Zero-Balance Current Account

In order to be eligible to open a zero-balance current account that will primarily be used for business purposes, you need to fall under any one of these categories:

  • Individuals
  • Partnership firms
  • Private and Public Limited Companies
  • HUFs (Hindu Undivided Family)
  • Specified Associates
  • Societies
  • Trusts

Documents Needed to Open a Zero-Balance Current Account

The documents required to open a current account online may vary for each bank, and current account type. Here are some general guidelines in terms of documents to keep handy:

  • Proof of identity: PAN card, Aadhaar card, Driving licence, Passport, Voter ID
  • Proof of address: Driving licence, Utility bill, Passport, Rental agreement, Ration card, Bank statement
  • Photograph: Passport-size photos

Category-Wise Documentation

  • Hindu Undivided Family: Upload a letter of HUF signed by the Karta and all co-partners
  • Partnership Firm: Upload a partnership deed
  • Private or Public Limited Company: Article of association and memorandum, Certificate of incorporation
  • Sole Proprietor: Letter of proprietorship, Certificate by service tax or sales tax authorities
  • Trust: Resolution by trustees and board, Registration certificate, Trust deed

If you're curious, digital banking is different from online banking. Check out this article for more information.


Opening a zero-balance current account online is a convenient and hassle-free process. To open an account, you can visit the official website of your preferred bank and fill out the new account opening form with the required details in the 'Personal details' and 'Account details' sections. Once you submit the form, the bank will verify your details and activate your account. In conclusion, opening a zero-balance current account online is a simple process that can be completed from the comfort of your home or office.

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Frequently Asked Questions

1. Can a current account be opened online?

Yes, you can open a current account online. There are a number of banks that offer opening current accounts virtually.

2. Who can open a personal current account?

Personal current accounts can be opened by anyone with valid KYC documents. These include Identity proof and address proof. The actual documents may vary from bank to bank and type of current account.

3. How do I open a current account?

To open a current account, just log onto your preferred bank's website and download their application form. Fill it out, upload the necessary documents, and hit submit. Once they verify everything and give you the thumbs up, your account will be good to go. They'll let you know when it's all set!

4. Which bank is best for a zero balance current account?

Choosing the right bank for you depends on your needs. Here are some top current account providers, listed in no particular order:

a. Axis Bank

b. IndusInd Bank

c. HDFC Bank

d. Kotak Mahindra Bank

5. What is zero balance free current account?

A zero-balance free current account is a current account that does not require a minimum amount to keep it running. Even with zero-balance, the account holder will not be charged penalties or fines.


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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