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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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!

But there are many who are not aware of or are skeptical about a mobile banking app. If you too are looking to learn more about such an app, let us take a look at the following pointers which explain how this app can make your life much easier:

1. Shop for anything and everything

With a mobile banking app, you have the freedom to shop on any online platform. This means that you can now go to your favorite online stores and complete purchases of your favorite products. This proves to be great for shopaholics as they can pay for their stuff using their banking apps which will take them no time at all.

2. Regenerate your Debit or Credit card PINS

Today, we have so many online accounts and they are all protected by passwords that you have set. It is always good to set different passwords and not keep one common one in order to keep your accounts safe in case your password gets leaked. However, keeping a list of all your passwords can get quite difficult, and it is common to forget a few. But when it comes to forgetting your Debit or Credit card PINS, this could be a real hassle, but not if you have a mobile banking app. With such an app, you can easily regenerate your Debit or Credit card PINS in no time at all.

3. Update your profile and activate/deactivate your Debit/Credit cards

Using your mobile banking app, you can easily update your account details, and it would get done instantly. This means that you do not have to go online and search for ‘online bank accounts opening’ on your bank’s website, you can simply do it using your app. Not just this, you can also deactivate your Debit or Credit card in case you misplace them. This helps avoid a lot of hassles of you having to call up your bank’s customer service and explaining the situation.

4. Pay all your bills online

Cannot go out to pay your bills because of the lockdown restrictions? No problem at all! Use your mobile banking app and clear all of your bills online. Whether it is your TV bill, light bill, rent, or even grocery shopping, you can take care of all these bills by paying for them using your banking app. Isn’t that just great?

We hope that this article has helped you learn about the benefits that a mobile banking app can bring to you.

While this method of banking is definitely quicker and convenient, is it really safe? This is a genuine question that a few customers have in mind before they start depending on such apps. Well, the answer is yes, if you take all the right steps.

To elaborate more on this, let us take a look at 5 safety tips you should know about before using a money transfer app:

1. Download the bank’s app from its official site

There are many banks that provide links on their websites that will take you to the App Store where you can download their app. Before you do this, you can read information about the app which should be available on the bank’s website itself. Doing this will ensure that you are using an authentic money transfer app.

2. Make sure to use a strong password

Quite a few safety breach cases are due to one common reason – weak passwords. By weak passwords, we do not mean short ones; we mean simple and predictable ones. A good way of protecting your identity while using a money transfer app is to use a strong password. A good password would include random lower- and upper-case letters, symbols, and numbers. Of course, make a note of such passwords so you do not forget them. This will significantly reduce your risk of being targeted by cybercriminals.

3. Check whether the bank uses a two-factor authentication

Safety should be ensured not only from the bank’s end but yours too. Any good bank would use a two-factor authentication process wherein the users would require to use not only their passwords but even an OTP that is sent to their phones. This method of logging in is a good way to confirm identity and any good digital India banking app should have this authentication process in place.

4. Steer clear of a public Wi-Fi

If you have used public Wi-Fi before, you might remember receiving a message stating that you are not using a secure network. Paying heed to this message, it is advisable to not engage in any important business of yours online while being connected to a public network, especially when it comes to financial business.

5. Set instant alerts via text and email for any fraudulent activity

Many users prefer to set alerts and notifications when they are using a money transfer app. This helps them in staying updated on any good deals or discounts. Not just that, but setting alerts is also important from the aspect of safety, as you will immediately receive a notification in case the app notices any unusual activity.

We hope that this article helps you find a good money transfer app that you can rely upon. All the best!

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