How to make a Virtual Zero Balance Bank Account in India

 Lets discuss, how to make a Virtual Zero Balance Bank Account In India.

When Globalization met technology, Businesses had the opportunity to have their services delivered to across different countries. Yet, receiving payments from different countries was difficult. Now many banks are offering ‘Virtual Zero Balance Bank Account in India’ Which makes it easier to make cash transactions from different countries and different currencies.

What is a Virtual Bank Account

You might be confused with the term Virtual Bank Account and Online Banking services, A Virtual Bank Account is a bank account created and accessed online. The Virtual Bank account can only be accessed online and the services cannot be availed via a physical bank. Therefore, A virtual Bank Account is not your Normal Account.

Advantages of Having a Virtual Bank Account

A virtual Bank Account gives the user a Physical Address and Bank Code for each currency. Thus you can send or receive a payment from a different country like you are having a bank account in that country.

Example: You are in India and you have a client in the US. To receive payment from the client you can use a Virtual Bank Account and receive payment like you are having a bank account in the US and the client is sending you money in US Dollars to your Bank Account. Similarly, you can send payment abroad.

The hassles of currency conversions will be handled by the Virtual Bank Service Provider, saving you a lot of time and money.

Virtual Bank Account: The Profit Side.

If you are constantly sending or receiving money to and from abroad you might be aware of the service huge charges of the normal bank payment method. When Sending Money via a Virtual Bank Account you can first send the money in your country currency to the Account (will be counted as a domestic transaction) and then convert it to any currency and then send it to the person/company abroad.

Virtual Bank Account Providers In India

• Kotak811
• Axis Bank ASAP
• Digisavings by DBS
• Indus Online Savings Account by Indusind Bank
• Pockets by ICICI Bank
• Insta Save FD Account ICICI Bank

Opening an account with these providers is simple. You can make an account from the Bank`s website or through their Android/iOS apps. An interest rate up to 6% is offered and IMPS/NEFT/UPI/NFC modes of payment methods are available for hassle-free transactions.

How to Create a Virtual Bank account in India

Get all the details and documents like Aadhar, Pan Card ..etc ready beforehand.

STEP 1: Visit the Account Opening Section on the Website / Download the Smartphone Android/iOS App of the Virtual Bank Service Provider. (You Can click on Create in the above table to go directly to the website or app download page)

STEP 2: Click on the Create Account/Apply Now, You will be taken to a page where you get all the details of the Virtual Bank service offered by the Bank. Fill in your personal details (Name, date of birth..etc) and you might also need to fill in your PAN/Aadhar Details.

STEP 3: After filling in all the necessary details and uploading your photo/ necessary documents and verifying your E-mail/Phone number, Your Account will be activated upon verification of the details provided

Account opening Links of major Digital zero balance Accounts providers in India

Kotak811  LInk

Axis Bank ASAP Link

Digibank Link

Indusonline Link

Pockets icici Link

Instasavings account Link

Conclusion

Digital Banking is the Future of Banking Industry. Around 40% people already using digital Banking in India

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