Kotak Mahindra Bank Zero Balance Account

The technology of banking has changed recently. Now, you can open a savings account anywhere from the comfort of your home without visiting the bank branch. Kotak Mahindra Bank was one of the first banks to introduce a zero-balance savings account in India. It provides video KYC for customers who want to open an account digitally without the hassle of visiting the branch.

This comprehensive guide will briefly overview what a Kotak Bank zero balance account is, its features, benefits, eligibility requirements, and other related information.

What is a Zero Balance Account in Kotak Mahindra Bank?

Kotak Mahindra Bank provides a zero balance savings account to customers where they do not have to maintain any minimum balance. There are two types of zero savings account in Kotak Mahindra Bank: Basic Savings Bank Deposit Account (BSBDA) savings account and 811 digital savings account. You can open this account any time and anywhere at your convenience. Moreover, it provides you an interest of 3.5% p.a. on your savings balance amount.

Features and Benefits of Kotak Mahindra Bank Savings Account

The following highlights a list of features and benefits of Kotak Bank zero balance account:

• You are not required to maintain a minimum balance for opening this account.
• The Kotak Mahindra Bank zero balance account provides an interest of 3.5% p.a. on your savings account balance. 
• You can manage your account, check your account balances, and view bank statements easily 24/7 through their website. 
• It helps you perform online transactions via UPI, IMPS and NEFT without paying any fees.
• Kotak Bank also provides a new virtual debit card without charging any additional fees.

Kotak Mahindra Bank Zero Balance Savings Account Eligibility

• You must be an Indian citizen. 
• You should be 18 years or above.

Documents Required to Open Kotak Bank Zero Balance Account

Here is a list of documents required for zero balance account in Kotak Mahindra Bank:

• Aadhar card
• PAN card

How to Open a Zero Balance Account in Kotak Mahindra Bank?

Follow the steps below to open a Kotak Bank zero balance account:

Step 1: Visit the Kotak Mahindra Bank website.

Step 2: Provide your name, phone number, and PIN code and click ‘Open Now’.

Step 3: Enter the OTP sent to your mobile phone.

Step 4: A new page will appear where you need to provide your PAN card and Aadhaar card details.

Step 5: Next, you need to allow the bank to access your Aadhaar details because the RBI allows the opening of a zero balance account only after verification of the Aadhaar OTP.

Step 6: Verify the details shown on the screen and confirm that your address matches your Aadhaar card.

Step 7: Fill in the other required details like your parents' names, date of birth, etc.

Step 8: Agree to the Terms and Conditions. Complete the Kotal Bank’s video KYC process, and your account will be activated after some time.

However, to open the Basic Savings Bank Deposit Account (BSBDA), you must visit the nearest Kotak Mahindra Bank, get the account opening form, fill it out and submit with the necessary documents.

Kotak Mahindra Bank offers a convenient option for a zero balance account. With no minimum balance requirement, easy online access, and additional benefits the Kotak Bank zero balance account provides a user-friendly banking experience. To open this account, eligible individuals can follow the simple process mentioned above, making banking hassle-free.

Other Kotak Bank Pages:
1. Kotak Bank Mobile Banking
2. Kotak Credit Card Cash Withdrawal Charges
3. Kotak Bank FD Calculator
4. Kotak Bank FD Interest Rates
5. Kotak Mahindra Bank Savings Account Opening Online & Offline
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