several banks in India offer the option to open a zero-balance savings account online. These accounts are designed to make banking accessible to a wide range of customers, including those who may not be able to maintain a minimum balance requirement. Here are the general steps you can follow to open a zero-balance savings account online:
Choose a Bank: Start by selecting a bank that offers zero-balance savings accounts. Popular banks in India offering such accounts include State Bank of India (SBI), Kotak Mahindra Bank, ICICI Bank, HDFC Bank, and many others. Visit the bank's official website to learn about their specific offerings.
Select the Account Type: Once you've chosen a bank, navigate to the section on their website that deals with savings accounts. Look for the option to open a zero-balance savings account. Banks may have different names for these accounts, so keep an eye out for terms like "Basic Savings Account" or "Zero Balance Account."
Online Application: Click on the option to open the account online. You will be directed to an online application form. Fill in the required details, including your name, contact information, and KYC (Know Your Customer) documents.
KYC Verification: Banks will typically require you to complete the KYC process. You may need to upload scanned copies or clear photos of your Aadhar card, PAN card, and a recent passport-sized photograph. Some banks may also conduct video KYC verification.
Verification and Approval: Once you've submitted your application and KYC documents, the bank will review your information. This process may take a few days. You may receive updates on the status of your application through email or SMS.
Account Activation: Upon approval, the bank will activate your zero-balance savings account. You will receive your account number and other account details via email or SMS.
Accessing Your Account: To start using your account, you can log in to the bank's online banking portal or mobile app. Some banks may also issue you a virtual debit card for online transactions.
Optional: Request a Physical Debit Card: If you need a physical debit card for ATM withdrawals and in-person transactions, you can usually request one through the bank's website or mobile app.