A zero-balance saving account is a simple concept that makes it easier to open a savings account without being obligated to maintain a minimum amount. Read our step-by-step guide for in-depth information on zero-balance account opening.
What Is A Zero Balance Savings Account? The Complete Guide
Banks typically provide savings accounts with the requirement that you keep a minimum amount in the account. You will be required to pay a maintenance fee if you don’t. However, some savings accounts, like zero-balance accounts, do not require a minimum amount. It’s a straightforward concept: You can open a Kotak 811 Zero Balance Savings Account, but there is no need to maintain a certain minimum balance.
What A Zero-Balance Savings Account Has To Offer
Zero Minimum Balance
You are not required to keep a minimum balance in your zero-balance account, and no penalty will be charged. It is the key feature for customers opening a zero balance digital savings account.
Seamless Transaction
Payments can be made using this account with a variety of NetBanking services. Even utilities like phones, water, and electricity bills can be paid using Kotak 811 Zero Balance Savings Account.
NetBanking and mobile banking
Through NetBanking features, you can view your bank statements and transfer and receive money. Additionally, you can manage everything from a computer or a smartphone.
Step-by-Step Guide to Zero Balance Account Opening
Banks in India offer both online and physical account opening options for zero-balance savings accounts. If you favour using offline banking services, follow these steps:
Step 1: Visit a nearby bank branch.
Step 2: The next step is to inquire with the bank representative about the account with a zero balance.
Step 3: Request a form for a new zero-balance savings account.
Step 4: Fill out the form completely and submit it with the required documentation, including a passport-size recent photo of you and verification of your address, identity, and employment.
The bank will notify you via email or SMS if the zero balance account opening authentication is successful.
Instead of going to the bank in person, you can follow these instructions to open a zero-balance savings account online from the convenience of your home:
Step 1: Using a laptop or mobile device, visit the official website of the preferred bank.
Step 2: Explore your options for Zero balance accounts, then begin the process by submitting the application needed to open a Zero balance savings account.
Step 3: Fill out the application and upload a digital copy of each required document, such as an Aadhaar or PAN card.
Step 4: Complete a video KYC on the preferred bank’s website to verify your identity. If the bank verification is successful, the bank will provide you with a customer ID and an account number.
Step 5: Once you have your customer ID and account number, log in using net banking or mobile banking to create a password and begin your online transactions.
Why choose Kotak 811 zero balance savings account
- No more leaving your home or visiting any bank branches. All you have to do is click a button to instantly open your Kotak 811 account on your smartphone or through a computer to enter the world of seamless digital banking.
- You can use the free virtual debit card for all digital transactions. You can complete all your transactions hassle-free with Kotak Image Debit Card.
- Build your credit score for future credit requirements with Kotak811
Credit Card andDreamDifferent Credit Card. - Even before completing FKYC, you receive a bank account number as you open a Kotak 811 Zero Balance Savings Account.
Choose Kotak811 for a more simplified banking experience
To meet all of your needs, Kotak811 provides a variety of savings accounts. Whether you are a working professional, student, housewife, salaried employee, business owner, or domestic worker, this is your ideal banking partner. Open a Kotak 811 zero-balance digital savings account anytime and anywhere in a few minutes.
