These days, a lot of people choose the option to open a zero balance account online. These accounts need no minimum balance to maintain and are easy to manage for day-to-day transactions.
Once opened, you can link your zero balance account to your UPI and make instant payments. Let us understand how to open the zero balance account and link it with UPI.
Step-by-step guide to open a Zero Balance Account online
Here is a detailed step-by-step guide to follow for online account opening:
Step 1: Choose the account
Go through your chosen bank’s zero balance Savings Account. Review the eligibility conditions and other account-related information.
Step 2: Provide relevant details
Enter your contact number and other basic details to fill out the application form. Keep your Aadhaar and PAN details ready, as you might need them for verification.
Step 3: Complete digital verification
For digital verification, the bank needs your identity documents. For video KYC, choose a device with a camera and ensure that you have a stable internet connection.
Step 4: Submit the application
Go through the information you have provided before final submission. Upon successful verification, your bank will process and inform you about account activation on your registered mobile number.
Steps to follow to link the new account to UPI payments
Listed below are the steps to follow for successfully linking your new account to UPI payments:
Step 1: Choose a UPI app
Download your bank’s mobile application or a trusted third-party UPI app. Provide your registered mobile number and sign in.
Step 2: Link your bank account
Locate the option of adding a bank account and then choose your preferred bank from the list. Then the app will get the bank account that you have provided while registering with the mobile number.
Step 3: Set up UPI PIN
Choose your newly opened account and create a UPI ID. In order to set the UPI PIN, enter the credit card’s last 6 digits and the expiry date of your debit card (if mandatory). Enter the OTP sent on the registered mobile number.
Step 4: Start making payments
Once you complete setting up your UPI PIN, the account is now ready for payments. You can now send money, scan QR codes and complete bill payments. Try to make a small test transaction first to make sure it is correctly linked.
What are the balance requirements and charges for opening a Zero Balance Savings Account?
- Initial deposit: There is a minimal deposit required to open the account, which is different for different banks.
- Average balance requirement: There is no requirement of maintaining average balance either.
- Debit card ATM withdrawal: On a monthly basis, banks usually allow limited ATM withdrawals.
- Debit card POS withdrawal: POS related transactions are usually free till a certain limit.
- Type of account: Charges vary from one account type to another. Make sure to review it before choosing a Savings Account.
- Statement copy fees: Physical statement copies require a nominal fee payment.
Conclusion
Opening a zero balance Savings Account is beneficial in terms of gaining accessibility and convenience. Once your account is activated, link it with UPI to complete digital transactions faster from your registered mobile number. Always choose the contact number registered with the bank and set a safe and secure UPI PIN.
Before payment, go through every recipient’s details and never share the OTP or your PIN. Go through the transaction limits, account conditions, and charges applicable on a regular basis.