Many banks in India offer zero-balance savings accounts, which do not require a minimum balance to be maintained. Here are the steps you can follow to open a zero-balance savings account:
- Research: Research different banks and their zero-balance savings account options. Look for features that are important to you such as ease of account opening, digital banking options, nearby branches and ATMs.
- Gather the required documents: You will need to provide certain documents to open a zero-balance savings account. This typically includes proof of identity, proof of address, and a passport-sized photograph.
- Visit the bank or apply online: Some banks allow you to open a zero-balance account online, while others require you to visit a branch. Check the bank’s website or call the customer service number to find out the process.
- Fill out the application form: Fill out the account opening form with accurate information and submit it along with the required documents.
- Provide your KYC details: The bank will verify your identity and address by checking your KYC documents.
- Wait for account activation: Once your application is approved, the bank will activate your account. You will receive an account number and details about how to access your account.
- Link with Aadhaar card: Banks in India now require all savings accounts to be linked with an Aadhaar card as per the government’s guidelines.
It’s worth noting that some banks may charge for certain services such as SMS alerts, chequebooks and debit cards, so it’s important to read the terms and conditions of the account before opening it.
Also, keep in mind that different banks have different processes and requirements, so it’s best to check with the specific bank you are interested in to confirm the process and any fees associated with opening a zero-balance savings account
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