How to Open a Zero-Balance Savings Account?

A savings account simplifies your financial life in multiple ways. You can safely deposit money, manage your daily expenses, save for future goals, make online transactions, and earn interest on your deposits. Moreover, you also get access to financial products like fixed deposits and recurring deposits. Put simply, you enjoy countless useful banking services at your fingertips.

However, with many savings accounts, you are obligated to maintain a minimum balance. Failing to do so means you could incur penalties, which can eat into your savings. A zero balance account helps you bypass these requirements and enjoy hassle-free banking.

So, what is a zero-balance saving account?

A zero-balancesavings account removes the need to maintain a minimum balance. They provide all the standard features of a regular savings account, including ATM access, debit cards, online banking, and interest on your deposits. You just don’t incur penalties or fees if the balance falls to zero.

You can consider the IndusInd Bank Indus Delite Savings Account to move from standard benefits to premium features. Every feature of this digital savings account is carefully designed to empower you with maximum convenience, security, and growth potential. Have a look at the useful features below:

●        Enjoy a quick zero-balance account opening online process

●        Earn cashback on fuel, entertainment, dining, and OTT

●        Avail discounts on Swiggy and Bigbasket

●        Receive complimentary insurance coverage

●        Take advantage of a buy one, get one free movie ticket offer on BookMyShow

Ready to avail all these benefits of a zero-balance account? Open yours today with a 100% digital process!

Opening a zero-balance account in three quick steps

Here are the detailed steps on how to apply for a zero-balance account online:

Step 1: Access the bank’s online portal or mobile app

Every bank provides an online bank account opening link on their website. You could either visit that page or download the bank’s mobile banking app to open a zero-balance account. This convenience allows you to initiate the process from anywhere at any time.

Step 2: Complete the e-KYC process

Next, you have to complete the electronic Know Your Customer (e-KYC) process. You will need to provide personal details such as your name, address, and date of birth, along with your PAN and Aadhaar card. These government-issued documents help the bank verify your identity and address.

IndusInd Bank simplifies the verification process by offering video KYC options. This allows you to complete your KYC verification virtually with a bank representative at a convenient schedule.

 Step 3: Fund your account and start transactions

While a zero-balance account does not require you to maintain a specific amount, you will need to deposit some money to withdraw funds, pay bills, transfer money, and make other transactions.

Tips to choose the best zero-balance savings account

Interest rates

Make sure to choose a bank that offers competitive interest rates on your deposits. The higher the rate, the better the growth of your savings balance.

Online and mobile banking

Premium online and mobile banking features are a must to manage your savings account from anywhere, anytime.

Fees and charges

Analyse the cost structure thoroughly to avoid any hidden fees or charges (if applicable).

Account features

Look for bank accounts with beneficial features such as low-fee debit cards, higher transaction limits, rewards programs, and loyalty perks.

Customer support

Reliable customer support via email, phone call, or live chat is crucial. This will help you get assistance whenever needed.

Key takeaways

As you can see, you can complete the zero-balance account opening online process instantly from anywhere. After all, the entire process is 100% digital and paperless. Simply access the bank’s account-opening link, complete the e-KYC process, and fund the account to start transactions. The video KYC facility simplifies the process even more.

So, what is the wait for? Open a zero-balance savings account now and enjoy hassle-free banking!