The number of people opening these accounts has reached such levels that it is now possible for anyone to open one in just a few minutes.
To do this, you will need to register an email address and mobile number with your bank of choice.
What is a zero-balance account?
Have you ever wanted to best bank to open account but didn’t have enough money to meet the minimum balance requirements? Or maybe you’ve been paying for a regular account but wanted something simpler.
Well, now there’s a way! It’s called a zero-balance account, and it’s just what it sounds like: an account that has no minimum balance requirements or fees levied if the account balance hits nil. Legally, it is known as a Basic Savings Bank Deposit (BSBD) account as per the guidelines laid down by the Reserve Bank of India (RBI).
It’s ideal for Indians who wish to open a savings account and avoid the hassles of maintaining a minimum balance. Instant account opening online zero balance typically allow a limited number of free monthly transactions (usually around four cash withdrawals). If this limit is exceeded, the bank shall convert the zero-balance account into a regular savings account.
Online zero-balance savings accounts: why should you open one?
The basic idea behind a zero-balance savings bank account is to encourage habits like saving a portion of your income. Plus, account holders can securely deposit or withdraw funds at any time, earn interest on the money in the account, or use it as an emergency fund. Opening a zero-balance savings account online is simple & it comes with benefits ranging from new-age banking features to exclusive shopping/brand deals.
One of the best things about having a zero-balance savings account online is that you can access it 24/7 from anywhere in the world. Withdrawals and deposits can be made using debit cards or net banking facilities (depending on the bank). You can also transfer funds between accounts and make payments using internet banking facilities (again depending on your bank).
How to open a zero-balance savings account online?
In the recent past, due to the pandemic outbreak, every facet of life was getting digitised, including banking. So, it is no surprise that the RBI has issued guidelines permitting all banks to allow their customers and prospective customers to open savings and zero-balance accounts online — primarily to avoid unnecessary bank visits or overcrowding at the bank. It’s a great move, as opening a zero-balance savings bank account only takes a few minutes.
How to Open a Zero Balance Savings account Online
Step 1: Visit the bank’s website and navigate to the ‘personal banking’ section
Step 2: Click on ‘Open an account
Step 3: Enter your Aadhaar card number and other details like name, date of birth, mobile number, and email address
Step 4: Choose the type of account you want to open — savings or zero-balance account
Step 5: Enter the amount that you want to deposit in your new zero-balance savings account
What are the advantages of opening a zero-balance account online?
- No Minimum Balance: – We know that you’re busy, and we want to make sure you never have to worry about your balance reaching a certain level before getting charged by other banks. That’s why we’ve decided to implement no minimum balance requirements. You can keep your savings account at zero and not have to worry about fees!
- Ease of Opening:- Earlier, opening an offline savings account required repeated physical branch visits and cumbersome paperwork. With the digital transformation in the country, you can now open an online zero-balance account through your phone in minutes.
- Lower Fees:- Opening an online savings account is one of the best ways to save money. Not only are the fees lower than at offline banks, but you can also avoid hidden fees that some traditional banks charge for having a zero-balance account. Online banks have transparent and minimal fee structures that make them more attractive to customers.
- Free Benefits:- As a member of RBL Bank, you get all the perks of regular savings in to the account without having to maintain a minimum balance. You’ll enjoy free cash deposits at any branch, as well as free access to our ATMs and other services.