Are you planning to open a new account in a bank? You must select a bank near you because the nearest branch looks like a convenient option to complete the necessary formalities and paperwork to open a bank account.
What If You Get to Know That Now You Don’t Have to Visit a Bank to Open a Bank Account?
Amazing. Isn’t it? No more traffic jams. You do not have to stand in queues anymore. You can open the account simply from the comfort of your home. A call with a bank agent is you all need to open a bank account with zero balance. The procedure not only saves time but also lots of hassles.
As the name says, you can maintain a zero-balance account without a minimum monthly balance. Secondly, these are extremely popular because of the provision to open an account from the comfort of your home. Although, there are plenty of other reasons that almost every bank is introducing lucrative schemes like zero-balance bank accounts.
Let’s find out why the zero balance account will become a vital feature in the future of banking.
Open Your New Bank Account in Just Five Minutes
Travelling for hours is unnecessary to visit a branch and open a bank account. Zero balance accounts are getting immensely popular because you can open such accounts from the comfort of your home.
Leverage the benefits of digitization of the banking system and open a zero-balance account by using just your phone. If you want to open a zero balance account in Kotak Mahindra Bank, download the Kotak 811 mobile app, and you are ready.
Use the mobile app to fill up all the details, initiate the Aadhaar authentication, complete the video KYC and get login and password for your new bank account. It takes only a few minutes to open a bank account using your mobile phone, which is why such accounts are considered the future of banking.
Enjoy Higher Interest Rates on Your Savings
Another reason why zero-balance accounts are popular products at various banks is because of the higher interest rates on savings. Account holders can get up to 6% interest on savings which is better than regular savings accounts where maintaining a minimum monthly balance is mandatory.
Convenient Shopping and Improved User Experience
Banks like Kotak 811 provide a free-of-cost virtual debit card with each zero-balance account. Account holders can use this debit card to make online transactions for shopping, entertaining, and travelling and leverage the benefits of additional merchant discounts. Since it is a virtual debit card, there are no annual charges for maintenance which is again a win-win situation for the account holder.
Free-of-Cost Banking Services
Account holders can make the most of fund transfer facilities like IMPS, NEFT, and RTGS without paying anything, despite a zero-balance account. Many banks have provisions which enable account holders to get bank statements on their email addresses without paying any charges.
Access It From Anywhere
Account holders can access their zero-balance account via a mobile phone app. It offers the convenience of fund transfers and accessing various banking services anywhere and anytime. Your mobile becomes your bank. You can access it whenever and wherever you want. It won’t be an understatement to say that your zero-balance account makes you future-ready for a digitised banking system.
Eligibility for Zero-Balance Account
The basic eligibility criteria for a zero-balance account is for the holder to be 18 years of age and have a valid Aadhaar and PAN card. There are no restrictions for salary bands or yearly income, which makes almost every adult eligible to enjoy the future of banking. Just a few clicks to verify the biometric Aadhaar card details, and you are ready with a new bank account to store any sum of money you want, under no obligation to maintain a minimum balance.
The great experience offered with a zero-balance account aims to improve user experience. Bank account opening with zero balance is the future of the banking system. If you still need to get a zero balance account, do it immediately to be future-ready.