Opening a bank account in this digital age has never been simpler. Most banks now allow online Savings Account openings for Zero Balance accounts. Thus, there are no requirements to visit a branch for an opening, nor is there a minimum balance resting in your account. But, is opening an online account safe?
Let’s delve into how the entire account opening process works, including the security measures for your transitions and data security.
How does online account opening work?
Online Saving Account opening for Zero Balance has become very simple. This is usually how it works for most banks:
- Visit Online Site– You either go to the bank’s website or download the banking application.
- Fill in Basic Details– Enter your name, mobile number, email, Aadhaar/PAN number, as required.
- Complete the eKYC verification– The bank verifies your identity through Aadhaar-based OTP verification or video KYC.
- Submission of application– An account without any money is created right away, with the details of the account sent to your email.
- Online Banking– You can access the account via Net Banking or Mobile Banking. This process is entirely online.
There is no need to stress about the submission of physical documents or visiting any branch for the process to be completed.
Is an online Saving Account opening for Zero Balance safe?
Most of the people are worried about online banking safety. Banks take strict security measures regarding the protection of personal and financial details. Here’s how your data remains secure:
Secure Websites and Apps
Banks maintain high-level encryption for their online applications and websites to keep the data of the users secured and inaccessible by any hackers.
OTP-Based Authentication
OTP verification is required for every step during the online Savings Account opening Zero Balance process, thus ensuring that it is only the account holder who can access it.
Video KYC for Extra Safety
Some banks have introduced eKYC or video verification, which allows you to connect with a person from the bank to prove your identity.
Fraud Detection Systems
Banks have advanced monitoring systems for detecting suspicious activities within the account of a certain individual.
Two-factor Authentication (2FA)
To log in or make transactions, both password and OTP are required, thus further securing the transaction.
Things to Keep in Mind for Safe Online Banking
Even take utmost safety measures, it is crucial that you put in place some precautions to safeguard your account:
Use only official websites and apps
Always log on through the bank’s official site or a verified app downloaded from the Play Store or App Store.
Never share OTPs or password
A bank would never ask you for your OTP or password on any phone call or message. Never share them with anyone.
Enable account alerts
Opt for SMS and Email notification alerts for transaction and login updates, which will keep you well informed.
Use a strong password
Make it a practice to use an unpredictable password that you change frequently.
Avoid public Wi-Fi usage
Secure internet connections should be used while accessing your account online.
Final Thoughts
Online Saving Account opening for Zero Balance is 100% safe, provided the basic precautions are maintained. Banks maintain advanced security measures to keep your money and data safe. Therefore, using the official website and putting in strong passwords would keep you safe and let you explore the world of banking without worries.
If opening a bank account without stress is all that you have in mind, then the online process fits the description just right.