Due to the pandemic, a lot of people are resorting to opening a bank online. Did you know you could open a ‘zero balance account’ online? Opening zero balance account online is very convenient. The most common questions asked while opening an account online are about the eligibility and the KYC documents which are required by the bank. Stating below are the eligibility criteria as well as the KYC documents required by the bank to open your account.

1.      Points to consider for the eligibility criteria for opening a bank account online

For opening zero balance account online under your name in any of the banks, you should be 18 years of age or older and a resident individual of India. If you are younger than 18 years of age, you could open a joint account with any individual who is eligible to open an account in the bank. 

2.      The bank would ask you to submit your KYC documents as Identity and address proof

Opening a zero balance account online requires the same documents which are required to open a savings account in the bank. The bank would ask you to submit your documents in the KYC process. The bank would require these documents to enter into their database. They ask for your identity proof and address proof. You could submit a copy of your AADHAAR card, PAN card, or any other government document for your identity and address verification. You would be asked to submit a copy of your PAN card to the bank. If you do not possess a PAN card, then you would be asked to submit ‘Form 16A’ which is a document from your employer stating that TDS is deducted from your salary.

3.      Here are a few easy steps for opening zero balance account online

• You need to log in to the website of the bank you selected.
• You need to select the type (zero balance account) you would wish to open. 
• The bank would then send you a form online. You would require filling in your personal information on the form sent to you by the bank. You need to fill in the personal details correctly to avoid any inconvenience in the future with your latest contact details such as the mobile number and email id. 
• You would then be asked to submit your documents for personal and address verification. The bank then processes the information and saves it in the database. 
• You would then be asked to switch on the front camera of the device you’re using for the bank’s verification. 
• The bank would then send a person from the bank to your mentioned address to verify all the original documents which were submitted to the bank. 
• The documents such as cheque book, debit card, passbook, etc. would be sent to your mentioned address in 10-15 working days.

We hope that this article was helpful and that you open your account online. Thank you!