Do you find yourself constantly worrying about maintaining a minimum balance to avoid bank fees? Are the fluctuations in your monthly spending making it difficult to manage your bank account without facing penalties? This common issue can make managing finances unnecessarily complicated. There is a solution to this problem, i.e., a zero-balance savings account.
Know what a zero-balance savings account is and how you can open it in just three steps.
Zero-balance savings account | A brief overview
A zero-balance savings account is a type of bank account where you, as the account holder, are not required to maintain a minimum balance. These accounts offer the same benefits as regular savings accounts, such as earning interest, providing ATM access, and facilitating online transactions. The only difference is that you will not face any penalty for a zero balance in your account.
These savings accounts promote financial inclusion and make it possible for students, low-income individuals, and even those with irregular incomes to participate in the banking system. All you have to do is choose the right bank to open a zero-balance account with.
An ideal option to consider is the IndusInd Bank Indus Delite Savings Account. This digital savings account not only eliminates the requirement of maintaining a minimum balance but also offers premium features designed for maximum convenience, security, and growth potential. Look at the additional features below:
| Feature | Description |
|---|---|
| No delays or hassles | Benefit from a quick zero-balance account opening online process. |
| Amazon cashback | Earn up to 5% cashback on purchases from Amazon with your Delights Debit Card. |
| Reward points | Get up to 5% cashback on fuel, dining, entertainment, and OTT with your Delights Debit Card. |
| Special discounts | Enjoy up to 20% off on orders from Swiggy and BigBasket with your Delights Debit Card. |
| Complimentary insurance coverage | Receive insurance coverage worth ₹1.5 lakhs with your Delights Debit Card. |
| Personalised banking services | Personalized banking services |
How to open a zero-balance account in just three steps?
Now, you must be wondering how to open a zero-balance account online without any hassle. Well, you can complete the entire process digitally from the comfort of your home. Look at the steps below:
Step 1: Click on the bank’s online portal or mobile app
First, visit the bank’s official website or download its mobile app. Almost every bank provides an online bank account opening link on their website or through their app.
Step 2: Complete the e-KYC (electronic Know Your Customer) process
Next, you need to complete the e-KYC process. This process verifies your identity and address. Typically, you will need to provide your Aadhaar number and PAN.
Some banks might also require a video KYC, where a bank representative verifies your details through a video call. During this process, make sure all submitted information is accurate to avoid any issues with application approval.
Step 3: Make a deposit in your account to start transactions
After your e-KYC is successfully completed, you will receive your account number, login credentials for internet banking/mobile app, and debit card details (if applicable). With these in hand, you can proceed to fund your account and begin making transactions. Utilise your bank’s digital platforms to transfer money, pay bills, and carry out various financial activities, all without the need to maintain a minimum balance.
To sum up
By now you must have understood how to open a bank account online with zero balance instantly. All you have to do is visit the bank’s official website or mobile app to access the account opening link. Next, complete the e-KYC process by providing your Aadhaar and PAN card details. Once verified, fund your account to begin transactions.
Now, enjoy benefits like easy access to funds, cashback on purchases, discounts on various services, complimentary insurance, and innovative digital features all the while enjoying full flexibility with regards to your account balance with a zero-balance savings account.
