What are the eligibility criteria to open a Zero-Balance Savings Account online?

With the advancement in technology, everyone wants the convenience of opening a Bank Account online. You can open a Savings Account online but there are some eligibility criteria that you must follow. Opening a Zero-Balance Savings Account is easy and meeting the eligibility criteria must be met to ensure a smooth application process. Here are the common requirements for opening a Zero-Balance Savings Account:

Age requirement

You should be at least 18 years old to open a Savings Account online. However, some banks offer Zero-Balance Accounts for minors, usually requiring a parent or guardian to act as a co-account holder. If you are underage or opening a Bank Account for the first time, check with your chosen bank to see the available options.

Proof of identity

Government-issued identification, such as an Aadhaar or passport, is required. It serves as a primary identity verification. Banks can verify the identity of their customers to prevent fraud. This document helps establish who you are.

Address proofs

Address proofs, such as utility bills or rental agreements, confirm where you stay. Banks need this information to maintain accurate records, ensuring that account holders genuinely reside at the address provided. This also helps secure the delivery of financial products like Debit Cards or bank statements.

PAN card or tax identification number

In some countries, providing a PAN card is compulsory to open a Zero-Balance Savings Account, offline or online. This helps banks comply with regulatory requirements regarding taxation and helps verify your identity.

Income sources

Even if Zero-Balance Savings Accounts do not require a monthly maintenance amount, banks still ask for income proofs. This can be particularly important if you open a more advanced account online or seek additional banking benefits. You may need to provide payslips, tax returns, or other documents confirming your income.

Mobile number or email address

To open a Savings Account, you need a valid mobile number and email address. These will be used for two-factor authentication, account verification, and communication regarding your account. Also, ensure you have access to the number and mail you provide while opening an account, as banks often send important notifications via them.

Passport-sized photos

Most banks require updated passport-sized photographs for documentation purposes. These images are used on your account application and can be included in your bank records.

Documents submission

Most banks usually require you to upload scanned copies or photographs of necessary documents while applying online. Ensure your documents are in clear and legible format to avoid any delay in your application.

Conclusion

Opening an online Zero-Balance Savings Account can be easy and hassle-free if one can open an account with the chosen bank.