Follow These 5 Steps to Open Your Zero-Balance Account
Having a Bank Account is a must in today’s day and age. It promotes financial liberty and allows you to make transactions with minimum effort. It also gives you instant access to all your hard-earned money.
Besides, you do not have to comply with the minimum balance criterion nowadays. With facilities like the Zero Balance Account, you can open online Bank Account without any funds. This gives you the freedom to kick-start your banking activities with ease. So, how to apply for one? The following steps guide you in doing so:
Step 1: Select a banking partner
The first step is to select a banking partner. Looking for reliable and reputed ones helps you experience a smooth application process. Once selected, you must visit their website and look for the option of Zero-Balance Account opening online.
Step 2: Submit your details
In the next step, the website will direct you to another page. Here, you will have to give your information. This includes your name, phone number, address, and e-mail id. You will also be asked about your nationality and political associations. It is best to provide accurate details to avoid discrepancies.
Step 3: Enter the OTP
After you enter your details, you will receive a One-Time Password or OTP. This OTP may appear in your text messages or e-mails. You need to copy and paste it into the box provided. The page will then approve it and take you to the next step.
Step 4: Comply with the KYC requirements
KYC stands for Know Your Customer. It is a process wherein banks ask you to submit specific documents. The objective is to verify your credentials. Hence, in this step, you need to upload a few documents. Here is a list of some commonly asked ones:
1. Original Permanent Account Number (PAN Card)
2. Original Aadhaar Card and number
3. Recent passport size photos
Uploading these documents is usually enough to open online Bank Account. However, you could be asked to upload other relevant ones. It all boils down to your banking partner’s guidelines.
Step 5: Receive account details
After you submit all the documents and essential information, your bank will verify them. This should take too long if you choose an efficient partner. Once done, you will receive your account number and other related details in the mail. In a while, your account is activated and ready to use.
Quick tips to consider before opening a Zero-Balance Account:
· Cross-check the details asked before submission
· Check for a Debit Card facility with your banking partner
· Do not share the OTP you receive with anyone