Banks offering zero balance account opening on mobile app

Are you planning to open Zero balance account but don't have time to visit bank branches? Fret not, there are a few banks which are offering the option of opening bank accounts directly from their Android/iOS apps.

There are times when I wish that businesses like Banks, Telecom, Post offices etc. should also open on Saturday and Sunday since these are the days when many people like me are actually free to go to these places and get our work done. But then people working at these places too have things to do which require weekends, isn't it? So how does it sound if I say that you don't actually need to go to a bank to get a zero balance account opened and rather the bank will itself come to you to get the formalities done? Yes, that is right, there are many banks nowadays which will allow you to do all formalities from the app itself and get an active bank account open within minutes. Such accounts are valid for a year during which you ask the bank representatives to visit you or yourself go to the bank and get your KYC done just by your Aadhar and PAN card. So, for the purpose of this article, I have tried these apps myself and will list them below the best of the banks which you can choose to open your zero balance account.

Digibank - DBS Bank

The name might give you some hint that this is bank has a special focus on digital banking and that is one reason why it doesn't have any branch in India where you can go and do a physical transaction. However, the services offered by Digibank are great:
1. 7% rate of interest
2. Unlimited ATM transactions
3. Online wallet
4. Virtual Debit card (you can request for physical debit card)
5. No minimum balance

Just download the digibank by DBS app from the Play Store or iTunes and sign up for the wallet. After that, with help of your Aadhar, you can within 90 seconds open a digibank savings account. Post this schedule a meeting with a DBS agent from the app itself who can come to your home/office and complete the KYC using Aadhar biometric verification.

Kotak 811 Savings account

Kotak 811 savings account is another zero balance account which you can open using the app. It will too require your PAN card and Aadhar details. Aadhar based SMS verification will do the initial verification and after that, you can schedule a complete KYC or go to the branch for the same. If you go for a physical debit card you will be charged for it. The features of this account are:
1. 5% rate of interest for balance below 1 lakh and 6% above it.
2. Virtual debit card (you can request for physical debit card
3. No minimum balance
4. Takes around 5 minutes to open an account

Download the Kotak - 811 & Mobile Banking app from the Play Store or iTunes and enter your details and complete the KYC to immediately get your account number and other details. KYC by bank representative will happen at the address mentioned in your Aadhar card otherwise you can go to any nearby branch and get your KYC done there.

Read: Why I regret opening a Kotak 811 bank account!

IDFC bank

IDFC bank offers zero balance account opening from the app and have the option of KYC completion by agent visit or through the branch. However, do note that the Debit card that comes with this account is not free of charge and you will have to pay Rs.100 annually in form of maintenance charges. Features of this account are:
1. 10 free ATM withdrawals (5 from IDFC ATM and 5 from other ATM)
2. Visa Platinum card with an annual fee as mentioned.
3. No minimum balance

Download the IDFC banking application from PlayStore or iTunes. In the first screen itself, you will get the option to open a new account. After that, you will get a call from the bank representatives asking when can they schedule a visit by their representative for completing the KYC. You will need to give them a photocopy of your Aadhar card and PAN card.

FedBook Selfie Zero Balance account

FedBook selfie account is lower on our list of suggested Zero balance accounts due to its charge of Rs 0.5 on each SMS. This in addition to the Rs.300+taxes that it charges for the ATM card annually. So this Zero balance account can actually end up charging more than many other banks. Other features of this account are:
1. No minimum balance
2. Cheque book with 10 leaves free of charge
3. No charge for issuing the ATM card
4. No ATM transaction charges

You just need your Aadhar card, PAN card, and a selfie to open your account. Before account activation, you can remit up to Rs.10,000 using NEFT.

Wrap up

Just so that you know, there are other banks too which provide a zero balance account but they don't allow it from the app itself. Furthermore, they too have quite some charges for ATM and SMS subscription. I think it is quite a clear conclusion that if you really want to go for a no-frills attached account which does not require you to maintain any balance, does not charge you for ATM transactions or ATM card maintenance and more without any extra charges are at all, then that bank is digibank by DBS Bank. So finally though it is completely up to you for which bank to go for but my suggestion is to select DBS bank because their account is really a zero balance one.

More articles: Banking apps


No responses found. Be the first to comment...

  • Do not include your name, "with regards" etc in the comment. Write detailed comment, relevant to the topic.
  • No HTML formatting and links to other web sites are allowed.
  • This is a strictly moderated site. Absolutely no spam allowed.
  • Name: