A savings account is the most basic banking product used by individuals dealing with banks. Every bank brings forth attractive products and features to encourage more and more customers to open a bank account. One such lucrative scheme is the zero-balance bank account. These bank accounts are very popular because you have no compulsion to maintain a minimum monthly or quarterly balance like a regular savings account.
This article presents the best zero-balance account opening online guide customers need to begin their savings journey. Let’s discuss eligibility, required documents, features, and benefits.
What Makes a Zero-Balance Account Better than a Regular Savings Account?
You must already know what a savings account is. You store your money in a savings account. In return, the bank pays interest on your account balance. Maintaining a savings account might be expensive because keeping a certain amount of money as a minimum balance is mandatory..
The option of zero-balance accounts becomes a lifesaver, especially for those with limited income sources because such accounts have no compulsion to maintain a monthly minimum balance.
In many ways, a zero-balance account is better than a regular savings account. Opening a zero-balance savings account with Kotak mahindra 811 has the following benefits:
- You can open a zero-balance account online
- It takes only a few minutes to open a zero-balance account
- The interest rate Upto 4% on savings in a zero-balance account
- The options like free fund transfer and free virtual debit cards make zero balance accounts a better choice
- You get to use features like NEFT, IMPS, and RTGS free of cost
Who Can Open a Zero-Balance Account?
Those above 18 with a valid Aadhaar card (not mandatory) can open a zero-balance account. A PAN card is mandatory to open a bank account online, so make sure to have this ready when you begin the process. In addition to this, most banks offer zero-balance account service to only the residents of India with valid address proof.
How to Open a Zero-Balance Account?
The best zero-balance account opening online method is detailed below:
- Enter the Details: Download the mobile app to open a bank account. If you want to open an account in Kotak Mahindra 811, you can download their mobile app. Enter the basic details like name, number, age, gender, address, occupation, and nominee details, and your zero-balance account is open and operational.
- Authentication: Once you enter the Aadhaar number on the application form, you get an OTP on the registered mobile number. Enter the OTP to verify the biometric details of the account holder.
- Video KYC: After Aadhaar authentication and PAN verification, a video call with a bank agent helps complete the video KYC process. Sit at home and complete the video KYC comfortably.
- Access the Account: Once finishing the video KYC, your account will enjoy all the features of zero balance banking without any limitations.
How to Open a Zero-Balance Account If You Don’t Have a PAN Card?
PAN cards are mandatory to open a zero-balance bank account. If you don’t have a PAN card, apply for it first and then leverage the benefits of zero-balance account schemes.
What are the Charges to Open a Zero-Balance Account?
Zero balance account is only chargeable when someone apply for a debit card better make it no maintenance account.
Zero balance accounts offer you the facilities to enjoy lots of banking products and services free of cost. Moreover, there is no compulsion to maintain a minimum balance. So what are you waiting for? Gather your documents and open a zero-balance bank account right now.