Zero balance accounts do not have a minimum balance requirement. You can open a zero balance account online or offline very easily. Read ahead to know the process of online bank account opening with a zero balance.
Bank accounts that do not have a minimum balance requirement are known as zero balance accounts or basic savings bank accounts. For example, all salary accounts are zero balance accounts where you can take out all your funds.
Banks have a minimum balance requirement that needs to be maintained to keep your account active. Banks might also charge a penalty if you don’t maintain the minimum balance. Banks do not charge any penalty if you don’t maintain a minimum balance in your zero balance account.
Opening a zero balance saving account online is an easy and hassle-free process. You can complete it from the comfort of your home without having to go to the bank.
The steps you need to follow for zero balance account opening online are mentioned below -
STEP-1: Select the bank where you want to open a zero balance account and go to the bank’s official website. You can also download their mobile app on your smartphone.
STEP-2: Locate the ‘Basic Savings Account’ or ‘Zero Balance Savings Account’ and click on ‘Apply Now’ or ‘Open Instantly’. Please note that the account may have different names depending on the bank you choose.
STEP-3: Verify your identity using your PAN and Aadhaar. Then, fill in your information as requested.
STEP-4: Complete your KYC through a video call.
STEP-5: You can start depositing funds in your new bank account.
A zero balance savings account may not have all the features of a regular savings account. However, it still has a variety of benefits -
Instant account opening - both online and offline
Affordable as no minimum balance requirement
Free debit card facility
ATM facilities
Cheque book and passbook facility
Net banking, phone banking, SMS banking, and mobile banking facilities
Zero balance accounts are a good option if you don’t want to unnecessarily park a minimum amount in your account. You get most of the important services even with a basic savings bank account.
Some banks may require you to maintain a quarterly minimum balance to be eligible for ATM and Debit card facilities. Whereas, some banks give it complimentary when you open your account.
Yes, if you are above the age of 18 and have valid KYC documents, you can open a zero balance account in SBI.
Most banks allow the opening of zero balance accounts. Which bank is good for you depends on your personal choice. You can check this article for a list of banks offering zero balance accounts.
Zero balance accounts have their pros and cons. They mostly do not offer all the features that a regular savings account offers. However, the fact that they do not have a minimum balance requirement makes them popular.
Yes, you can open a zero balance savings account in Axis Bank. It is called the AMAZE Savings Account in Axis Bank.
Everyone over the age of 18 and having valid documents is eligible to open a single or joint zero balance savings account.
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