Savings accounts are the best choice when it comes to saving money and keeping it safer. Additionally, savings accounts enable you to earn interest on your deposits, allowing you to grow your savings. 

Meanwhile, banks have transitioned from traditional to digital settings and experienced a significant digital revolution. Digitisation has enabled banks to reach out to more and more eligible people looking to open an instant bank account with zero balance online. 

You can open an online bank account in a few minutes without going to a branch. Like the benefits you get with a credit card offered by top banks like Kotak 811, an online bank account offers a virtual debit card that can be used for shopping or bill payments.

What is a Savings Account?

As the name suggests, a savings account lets anyone deposit and save money. The deposits earn a nominal interest and can be accessed anytime through a debit card. Anyone can easily open a savings account in India if they possess both an Aadhaar card and a PAN card, which are necessary for opening a bank account in India.

Limit 

There is no upper or lower limit to how much money you can put in a savings account. Now you can open zero-balance savings accounts online that do not require maintaining a certain balance.

Amount

In most cases, consumers have to maintain a minimum balance in their savings account to keep it active. However, new-age financial institutions allow you to have a zero-balance savings account.

Interest

You get interest based on the amount you put into the account. Each bank has a different rate for this. Banks offer interest on savings accounts ranging from 2.5% to 7%.

Benefit 

The most practical way to earn interest on money sitting idle in banks is through savings accounts. 

Know How to Open a Bank Account Online

Opening an online zero-balance bank account is easier than ever:

  • Select the Bank Where You Wish To Open an Account

You must have done something similar before. If not, walk around your neighbourhood and inquire at a few banks about the benefits of opening an account. The best way to find out is to search online, where you can get all the details quickly. You can choose that bank based on the services a bank offers that other banks might not. Few banks now offer an instant bank account with zero balance.

  • Visit the Bank's Website

By visiting the bank's website, which is accessible 24/7 from anywhere, you can open an account online.

  • Pick an Appropriate Product or Service

Depending on your demands, a bank account offers a range of accounts and services from which to choose. For instance, you might want to open a zero-balance savings account.

  • Offer Pertinent Data & Documentation

You must fill out the form, include a photo, and provide your Know Your Customer (KYC) information. The key documentation includes proof of identity, address, and income. 

  • Accept the Bank's Terms & Conditions

Be sure to carefully read the terms and conditions before signing, and feel free to ask any questions of the responsible party.

  • Your Online Bank Account with Money

You must make an initial deposit to open an account online. This usually involves moving money from an existing account. You can deposit a cheque or transfer online. If your bank has regional offices, you can also deposit cash there.

As mentioned earlier, open a zero balance account from the comfort of your home anytime with some simple steps. Your savings account will be activated once the bank finishes the KYC process.