Are you looking to open a savings account without any minimum balance requirement from the comfort of your home? Then, a digital zero savings account is the answer.
This article will go through some of the top queries that people have about online zero balance savings account.
- What is a zero balance savings account?
A zero balance saving account is a savings account without an Average Monthly Balance (AMB). That means you don’t have to maintain a minimum balance in your account.
- How to open zero balance savings account online?
You can complete the online account opening process of the digital zero balance savings account and open your bank account. You will need your PAN, Aadhaar number and Aadhaar registered mobile number to open the account online.
- What documents do I need to open zero balance savings account online?
You don’t need to upload any soft copies of your documents. You just need to add your PAN and Aadhaar number during the account opening process.
- Can I open digital savings account without a PAN card?
You will need PAN to open a digital savings account.
- What are the different types of zero balance accounts?
Online savings zero balance accounts and Basic Savings Bank Deposit Account (BSBDA) are the two main types of zero balance savings account.
One can open online savings account through the e-KYC process with the help of a PAN and an Aadhaar card.
BSBDA is another type of savings account meant for economically weaker sections of society who don’t have access to a savings bank account. One has to visit their nearest bank branch with the required KYC documents to open a basic savings account.
- What are the limitations on digital zero balance accounts?
As per RBI regulations, digital savings accounts have certain limitations. Your account is converted into a full-fledged savings account after you complete the full KYC process.
Digital savings accounts are initially valid for 12 months. You have to complete the entire KYC process within 12 months to continue using the account. You may not be able to re-open the account after its closure. The bank will send the balance amount in your savings account through demand draft to your communication address.
You can hold a maximum balance of Rs.1 lakh in your bank account at any time.
Moreover, total credit to your account cannot exceed Rs.2 lakh in a financial year.
- How can I complete the KYC of my online zero balance savings account?
Nowadays, you can complete the full KYC of your account after completing the online account opening process through video KYC. The bank’s representative will carry the verification process through video conference, and your account will be converted to a full-fledged savings account without any restrictions.
You can also visit the bank branch with your KYC documents to complete the full KYC process. The full KYC process can also be completed through biometric authentication, where you don’t need to provide any documents.
- What are the differences between an online zero balance savings bank account and a regular savings account?
Online zero balance accounts don’t have an average monthly balance, whereas regular savings accounts have an average balance that you need to maintain on your savings accounts every month.
You can open digital savings accounts online instantly. On the other hand, you may need to visit the nearest bank branch to open a regular savings account.
Initially, there are certain restrictions on online zero balance savings account. However, there are no restrictions on a regular savings account.
- Can I convert my regular savings account to a zero balance savings account?
Typically, online zero balance bank accounts are meant for new-to-bank customers. So, you won’t be able to convert your savings account to a zero balance savings account.
- Who can open an online zero balance savings account?
Resident Indian citizens above 18 years who don’t have any relationship with the bank can open a savings account online.
- Which bank is best for a zero balance savings account?
Kotak Mahindra Bank’s Kotak 811 is one of the best zero balance savings account you can open online.
To know more about Zero Balance Account visit Kotak.com
