New Delhi, May 19 -- Opening a bank account has become more popular and frequent than ever before. With several facilities like digital payments (UPI) and government initiatives (Pradhan Mantri Jan-Dhan Yojana), more Indians have begun to avail of the country's banking facilities. As of 2021, approximately 22% of Indians still do not have an account. Some may still think that opening a savings account is a tedious process. However, you may be pleasantly surprised to know that opening an online account with a zero balance is now much faster.
Online Savings Account Opening Zero Balance
If you wish to open a zero-balance bank account online, the process today is much faster and hassle-free. You can do it easily right from your mobile phone, and that too, just in a few minutes. Here are the steps to follow to do it accurately in one go.
1. Choose a Bank and Account Type: For an online saving account opening zero balance, the first thing you need to do is choose the right bank. Most government and corporate banks today offer the facility to open a zero balance account online. However, remember to read the terms and conditions associated with these accounts.
2. Fill Out the Online Application Form: The next step is to carefully complete all the details in the online application form. These may include your full name, address, date of birth, mobile number, and even e-mail address. You will also be asked to enter your Aadhaar and PAN numbers. One thing to remember here is that you should always enter the address that is on your Aadhaar Card.
3. Submit All Your KYC Documents: Next comes the Know Your Customer (KYC) process, during which you will be required to upload certain personal identification and address proof documents. To ensure your online bank account is activated smoothly, please upload clear, high-quality scanned copies of your documents.
4. Verification and Approval: The final step is verification and approval, during which your documents are cross-verified against the details you provided in the application form. This process occurs internally within the bank and typically takes only a few minutes to complete. You may also be required to submit a One-Time Password (OTP) sent to your Aadhaar-registered mobile number as part of the verification process.
5. Account Activation: To complete your online savings account opening with zero balance, the bank will send you your internet banking credentials. However, you may need to wait a couple of days before you receive your physical passbook, chequebook, and ATM card. However, your savings account may be accessible digitally almost instantaneously after the verification process.
Factors Causing Delay in Account Activation
Although opening a savings account online is easy, certain factors may still cause unnecessary delays.
* Bank Policies
The policies of banks and non-banking financial companies (NBFCs) may differ, causing a delay in the verification process. For example, NBFCs usually offer instant approval. At the same time, banks may require additional time.
* Accuracy of Documents
Your bank account may take some time to activate if you have not provided the necessary documents during the Know Your Customer (KYC) process. Any discrepancies between the documents and the details provided in your form may cause a delay in processing your account opening application.
* Type of KYC Verification
KYC verifications come in various types and, therefore, may be either quick or time-consuming. For example, KYC through Aadhaar OTP verification and DigiLocker may be much faster. On the other hand, physical verification may take one to two days.
* Bank Working Hours and Public Holidays
In some instances, a public holiday may occur on the day after you submit your application. This means the bank will only begin processing your application on the next working day. Your online savings account opening with a zero balance may also be delayed if you submit your online application outside of regular banking hours.
Open an Online Zero-Balance Account Today
Therefore, opening an online zero balance savings bank account may seem quite attractive now. However, some delays could be caused by the factors mentioned earlier.
No Techcircle journalist was involved in the creation/production of this content.
Published by HT Digital Content Services with permission from TechCircle.