In modern-day banking, a Zero Balance Instant Account is one of the best options when you are looking for a new savings account. This is mainly because it spares you the burden of keeping an average monthly balance in your account. But before you take any decision, you must carefully consider all aspects of the account. Here are some details concerning zero account balance opening that you should be aware of.
Opening an account with a zero balance is a simple and convenient process. It was introduced to increase accessibility to banking for the masses. With this account, you can surely access all essential banking services and get the benefit of not maintaining any balance.
With a zero-balance digital account, you receive free monthly account statements and passbook service like any standard savings account. Safe online banking, Anywhere Branch Banking, cheque books, and other advanced banking facilities are also available if needed.
A Zero Balance Account: What Is It?
Simply put, a zero-balance savings account is a deposit account type with no minimum balance required. They operate in a manner similar to that of a standard savings account and offer similar advantages to account holders.
Most banks in India typically provide a regular savings account where you have to maintain a minimum balance. The protocol must be followed, or you will be required to pay a penalty fee.
The term zero account balance opening refers to a particular type of savings account that does not require its account holder to keep a minimum balance. According to the account holders, this is the most alluring benefit of holding a zero-balance account.
What advantages can Zero Balance Savings Accounts offer?
This specific kind of savings account has various advantages that make it stand out from other types of accounts. Its primary benefit is that there is no requirement for a minimum balance, but it also has additional benefits, some of which are listed below.
Zero Transaction Fees
Having a zero-balance account has several benefits, including the absence of transaction fees. You don’t have to worry about any deductions or transaction fees if you want to transfer money or withdraw any cash. With a few clicks, you can easily send money to anyone, whether it is your family members or friends, using the Kotak digital account app. To validate and authenticate purchases and transactions, it employs its unique authentication password, known as the mPIN.
Easy to Open
You don’t have to visit the bank branch to open a zero-balance Kotak digital account. You can easily create your account by visiting the bank’s official website and providing some of your vital details, such as your PAN card and Aadhar information. You can then generate a PIN and use your account immediately after KYC. You won’t have to worry about obtaining a cheque book or debit card because a virtual debit card is included in the mobile app.
Simple Transaction Process
When it comes to financial services, who doesn’t prefer simple transactions? Through this account, one can make payments with the aid of net banking and mobile banking. It takes only a few seconds to pay for common utilities and other bills.
Internet Banking & Mobile Banking
Now you can access the bank at your fingertips through mobile banking and net banking services. You can access banking services with a few clicks on your device. Along with extra services like SMS alert are also offered by the mobile banking. They use bulk sms api to push sms to your mobile device whenever any transaction are made.
To open a zero-balance Kotak digital account, you must be eighteen years old, a resident of India, and possess your Aadhar Card and PAN information. The majority of account holders would switch to a zero-balance account, as they don’t have to maintain a minimum balance in their account. This is the reason to switch to a zero-balance account.
The perks of a zero account balance opening for a new user include receiving exclusive cashback offers, cinema ticket discounts, and shopping coupons for use at POS transactions via the mobile app. Check with the bank first about these perks before you open the new account.
Have we also mentioned how simple it is to manage your account? All you need to do is create a mobile PIN, which is what most of your online transactions use. And voila! If you also want to enjoy the benefits mentioned above, try opening a zero balance savings account today.