Banking is the ideal way to manage your money. You can deposit your money in the Bank Account to ensure its safety while retaining instant access. You need to reach out to the bank to transfer or withdraw money. Banking also helps grow your money or apply for Loans. Whatever your purpose of banking, you need an account for everything. Since it is popular, Savings Accounts are often considered a synonym for a Bank Account.
It lets you save money and offers interest rates on the same. Savings Accounts are further classified into many types. Zero-Balance Savings Account is one account that would make banking easier for you. You generally need to maintain a minimum balance monthly in your Savings Account. You bear a penalty for non-maintenance of the minimum balance. In a Zero-Balance Account, you need not maintain any balance. This lets you operate your account hassle-free.
Steps to open a Zero-Balance Account
Choose an account opening mode
You can open a Zero-Balance Savings Account in two ways: offline and online. You need to visit the bank in person to open an account online. The bank's representative guides you through the process. You can open an account from your home's comfort through Online Banking channels. As a senior citizen, you can also opt for door-step banking services. The bank's representative visits your house to complete the account opening process.
Gather documents
You need to collect the following documents for opening the account:
- 2 recent passport-size photographs
- Identity proofs – Driving license/Aadhaar /Passport
- Address proofs – Driving license/ Aadhaar / Passport
- PAN Card
- Form 16 (Only if PAN Card is not available)
- Account opening form
You can find the account opening form readily available on the bank's counter. You can also download the form from the bank's website for the Zero-Balance Savings Account opening online. Fill out all details correctly. This helps avoid rejections. Contact the bank's customer representative if you find yourself in a fix.
Verification
Once you submit all your documents, allow the bank time to verify them. The bank may request additional documents if required. You also need to complete the Know Your Customer procedure for opening the account. For offline account opening, you can complete the KYC procedure immediately. You can complete the KYC through video calling when opening the account online.
Typically, your account is accessible within minutes, at max an hour. You get your account details via email.
