Are you a salaried employee? Does your bank ask you to maintain a certain amount of money in your account at all times? If your answer to these questions is yes and you need a zero-balance account, you can do so by changing your bank. Some banks offer what is called a zero-balance account.
This account is meant as goodwill towards salaried employees. The account holders do not have to maintain a minimum balance in it. This is why this account is known as a Kotak zero-balance account. If you want to open such a bank account then search for a phrase like ‘open zero-balance account’ on Google. You will get a result page with a list of banks that offer such an account. Here is how you can open Kotak zero-balance account:
Choose Kotak Bank-
The first step in the procedure to open a Kotak zero-balance account is to select the most suitable bank for yourself. Walk around in your neighborhood to know about different banks that operate there. You can also choose to search for banks in your neighborhood on Google as well. Make a list of the banking services that you want to enjoy and ask banks in your neighborhood whether or not they offer those services and how much they charge for those services.
Visit The Bank Or Its Website
Once you select the most suitable bank for yourself, walk to their office and ask them about the details and documents you need to submit to open a bank account there. Next time, visit that bank with all the relevant documents. You can know everything about your preferred bank’s zero-balance account opening procedure through their official website. Some banks even offer people the option to open such an account online.
Choose Your Banking Product
Banks offer a lot of banking schemes. Ask the bank to suggest you a bank account scheme that suits your needs the best. In this case, we are talking about a zero-balance account. So, ask your bank about the procedure to open a zero-balance account.
Provide your information and documents
The bank will ask you to fill their bank account application and submit it along with relevant documents when you open an account there. If you face any difficulty, they will guide you through that process. You can provide all your details and relevant documents to open an account on the bank’s website if they offer such a service. Some of the details banks ask you to provide are your name, your earning source, and your contact details. They also ask you to provide the photocopies of your ADHAAR card, PAN card, your employment documents, utility bills, and so on.
Agree to the bank’s terms and conditions
The bank will provide you an agreement document containing their terms and conditions. Read them carefully before you put your signature on the document. Most banks will fill your bank account application by themselves and ask you to just submit your photos and put your signature on them.
So, this is the easy procedure to open a zero-balance account. Have a nice day!