What are the eligibility criteria for opening a zero-balance account online?

Zero-balance bank accounts have gained popularity since the introduction of the Pradhan Mantri Jan Dhan Yojana in 2015. Since its inception, this scheme has enrolled more than 50 crore Indians into the formal banking system. However, private banking institutions now offer zero-balance schemes. The best part about these accounts is that you can now easily open them online.

The facility to open online zero-balance accounts is something that you too can avail yourself of if you are looking to secure your savings and earn interest on them. Such accounts can be a blessing in disguise, whether you are an unemployed student or even a salaried professional. By opening an online zero-balance account, you can save yourself the hassle of visiting the bank and worrying about maintaining a minimum balance at the end of the month.

Understanding a Zero Balance Account

If you're looking to open a bank account online, a zero-balance account may be the best option for you. This is because such an account requires no minimum balance. You receive all the same facilities as with a regular bank account, including transferring funds, using a debit card, and making UPI payments. Moreover, a zero-balance account can also be opened online, making it a popular choice among many people today.

Eligibility Criteria for Online Open Zero-Balance Account

Opening a zero-balance account online involves some specific eligibility criteria.

• Resident Status

The first criterion for opening a zero-balance account online is that you need to be a resident of India. Most banks may not offer this facility to Non-resident Indians (NRIs). This means you must be an Aadhaar cardholder with a permanent address anywhere in India.

• Age Requirement

To open a bank account online, you must be at least 18 years of age. Some banks may even offer zero-balance accounts to students who are under 18 years old. However, this may require some involvement of their legal guardians, such as parents.

• KYC Compliance

Know Your Customer (KYC) is a mandatory process that you must undergo to open a zero-balance bank account. The difference here is that if you open the account online, your KYC may be completed over a video call. On the video call, you would need to produce the originals of your:

• Aadhaar Card
• PAN Card
• Voter Card
• Passport (if applicable)
• Driving License (if applicable)
• And lastly, the bank executive may take a screenshot of your face as a digital alternative to a passport-sized photograph.

• Income and Employment Proof

Although you do not need to maintain a minimum balance or make an initial deposit for most zero-balance accounts, some banks may require proof of income and employment. This is simply a precautionary measure taken by the bank to comply with regulatory guidelines.

• Government Schemes Eligibility

Private banks typically offer their zero-balance account schemes. Additionally, they have the option to enroll in government schemes, such as the Pradhan Mantri Jan Dhan Yojana (PMJDY). If you are deemed eligible for the PMJDY scheme, banks may easily allow you to open an online zero-balance account.

How to Open a Bank Account Online with Zero Balance?

Given the numerous benefits of such an account, here is a step-by-step process to help you open a zero-balance bank account online.

• Choose the banking institutions (whether government or private).
• Please provide your details, including your name, date of birth, contact information, and Aadhaar or PAN number.
• Submit all documents online seamlessly.
• Attend a video Know Your Customer (KYC) session if required to successfully submit your application.
• Once verified, you can now enjoy using your zero-balance bank account online and offline.

Get Ready to Open a Bank Account Online

In conclusion, a zero-balance bank account can empower you with financial freedom. You can choose to spend as much as you need without worrying about paying fines for not maintaining a minimum account balance. Moreover, if you decide to open an online zero-balance account, you can manage it from the comfort of your own home.