Everything you need to know about Zero-Balance Accounts online

Opening a Bank Account is much easier and more accessible today with the introduction of Online Banking. You can now open a Zero-Balance Account without visiting a bank. Zero-Balance Accounts are highly popular and can be easily opened online from anywhere in the world. They do not require any minimum balance in the accounts. Here is a guide from application to activation when opening a Zero-Balance Account online:

Choose the correct bank 

First, research and choose the bank that suits you. You need to consider some factors when opening a Zero Balance Account online. These factors include good customer service, a smooth interface for mobile banking, and the availability of features like instant fund transfers. Many banks let you open a Zero-Balance Account online, but choose the one that lets you manage your finances better.

Gather all the documents

When opening a Zero-Balance Account online, you need some basic documents. These documents include your passport-size photo, address proof, and government ID. Sometimes, you also need a PAN card. These documents allow the bank to verify your identity and start your financial journey.

Visit the bank's website or app 

Once you choose the right bank and collect all the necessary documents, visit the bank’s website. As digitalisation is at its peak, banks offer a quick and straightforward application process. You can search for an application form and take the first step to open a Zero-Balance Account.  

Fill out the application form 

The application form requires personal information such as your name, address, date of birth, and contact details. Fill everything out accurately to avoid delays in opening a Bank Account.

Upload the necessary documents 

All the documents you gathered earlier must be uploaded digitally to the bank’s website. You must upload the scanned digital copies of your documents to be verified and approved for a Zero-Balance Account. Sometimes, online verification methods, such as a live video call, may also be sufficient for identity verification. Once you have submitted all your documents, wait for the activation process.

Verification process 

After you submit the documents, the bank may take a few days to verify you. The bank reviews your information and determines if it meets all the requirements. You may receive updates about your account status through email or text messages.

Activate your Zero-Balance Account 

Once verified and approved, the bank will contact you by mail or text. You can then proceed with the activation process and benefit from all digital services offered, such as Mobile Banking, fund transfer, and more.

Conclusion

Opening a Zero-Balance Account online is easy and time-saving. To avoid hassle, follow the mentioned steps from application to account activation.