A Savings Account helps you manage your everyday expenses and monitor your financial health for the future. You can deposit your extra income and earn interest on the Savings Account. New-age financial organisations have introduced zero-balance or nil-balance Savings Accounts. This is a great motivation for the country’s masses to park their savings in bank accounts.
There are different variants available offered by various financial institutions catering to the unique spending habits of customers. Thanks to technology, you can now have a nil-balance digital Savings Account anytime and from anywhere. Let us look at the wide range of offerings of such accounts and learn how to open them.
Zero Balance Account: A Brief
If you are keen on opening an online account with zero balance, you must understand that it can be opened online by all resident Indian individuals. Zero Balance Savings Account lets you manage your account based on your needs for all your financial activities and day-to-day transactions.
You can transfer funds, pay bills, and even open an FD on these accounts. Kotak 811 offers online account openings with zero balance and is one of the leading institutions that offer popular Savings Account options. It offers a paperless and quick digital Savings Account opening process, instant online payments, and no minimum average balance on its exclusive Savings Accounts for everyone.
Since there are no minimum balance commitments in a Zero Balance Savings Account, you are free to spend even the last rupee in your account. You need your PAN card and Aadhar number to open a digital zero balance account online from home. You can earn a high interest and enjoy facilities such as debit cards, cheque books, internet banking, and mobile banking.
Features and Benefits of Zero Balance Accounts
You don’t have to maintain any minimum balance on your Savings Accounts, which means paying no penalties for non-maintenance. All you need to go through is a paperless process with Aadhaar and Pan Verification. You also benefit from procuring an instant virtual debit card and credit card against FD.
Here are some of the key benefits of these accounts:
● High Interest
You can now earn interest up to 7% per annum on your zero balance Savings Account with ActivMoney. This high FD like interest on your Zero Balance Savings Account comes with other benefits like no lock-in period or premature withdrawal charges.
You can save as you wish with no minimum balance restrictions. This is a great encouragement for those with irregular incomes and people who cannot maintain a balance in their Savings Accounts.
● One App Bank
Make all your money on the Savings Account app without ever moving out. You can make free digital transactions like NEFT, IMPS, UPI, Pay your contact, Scan & Pay. With this account, you can enjoy 24/7 access through the Kotak 811 App and Internet Banking. You also get unlimited account validity and unrestricted deposits and spending. It becomes easy for account holders to transfer money online for free and easily from their zero-balance account.
How do you open your Zero Balance Savings Account?
To open a Zero Balance Savings Account, you must fulfil the following eligibility criteria:
- Age 18 or older
- You should have a valid PAN card, an Aadhaar card, and an Aadhar-linked mobile number.
- You should be a resident of India.
The digital Savings Account opening process includes a few simple steps:
Step 1: Visit the official website of Kotak Mahindra Bank and go to ‘Explore products.
Step 2: Choose ‘Zero Balance Savings Accounts’.
Step 3: Click ‘Apply Now’ and submit basic details like name, email, PAN, and Aadhaar details.
Step 4: Go through the through terms and conditions
Step 5: You will get your account number. A bank representative may contact you for verification of other formalities.
Conclusion
A Zero Balance Savings Account is helpful to manage finances effortlessly. It just takes a few minutes to open a nil-balance digital Savings Account. The process is user-friendly, and it saves a lot of time. You can open your digital Savings Account on your computer through a website or a smartphone application. You need to apply and attach documents online and enjoy the benefits of a Zero Balance Savings Account.
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