Having a Bank Account is necessary for fund security and convenience of access. A Bank Account is a secure place to deposit your hard-earned money while retaining instant access. Using your fingertips, you can carry out various banking activities conveniently, whether as simple as a transfer or making a significant investment.

When planning to open a Bank Account, you may find yourself confused. Savings Accounts facilitate savings, earn you modest interest, and let you perform other activities. If you are wondering about the interest you can earn from a Savings Account, using the Savings interest calculator can be helpful.

A Regular Savings Account requires accountholders to maintain a minimum balance. You are liable to pay a penalty if you fail to do so. If you want to free yourself from the headache of maintaining the minimum balance and not bearing unnecessary penalties, consider opening a Zero Balance Savings Account.

You can open it with any leading bank. This article answers the most common onboarding questions you may have:

What is the Zero Balance Savings Account opening procedure?

You are allowed to open a Zero Balance Account online by following four simple steps:

• Enter your PAN and Aadhar Card numbers for verification. A One-Time Password will be configured for your registered mobile number. Enter it to proceed with the account opening procedure.
• Complete the account opening form. Fill in the details correctly, as the bank will consider the form for verification.
• Complete the Know Your Customer process.
• Fund your account with the initial amount.

What timeframe should the Zero Balance Savings Account opening procedure be complete?

You must complete your account opening procedure within a specific time frame. Once you have verified your PAN and Aadhar Cards, fund the account within 72 hours of completing the KYC.

If you have exceeded the indicated time frame, you cannot continue with the same application. You must then make a fresh Zero Balance Account opening online application.

When will the Zero Balance Account open?

Once the bank receives your account opening application, verifying your details and documents will take time. If the bank is satisfied with its verification, it will open an account on your behalf. If it is not satisfied with its verification, it will reject your account opening request.

Can one reapply to open a Zero Balance Savings Account?

Suppose your account opening request was rejected due to an error in form filling and document submission or for any other reason. In that case, you can always reapply to open a Zero Balance Savings Account.

You can also visit a bank branch with your documents to open the account or download the Internet and Mobile Banking applications on your smartphone for convenience.