Zero Balance Digital Current Account

[techprince]

I found few more accounts like:
1. Yes Blitz
2. Utkarsh UPI Easy Current Account
3. AU BANK Digital/Power Current Account (available in limited areas)

Beware, Utkarsh isnt in the list of Top 50 members in UPI Ecosystem Statistics. We dont know its UPI performance.

 

[techprince]

Most of the private banks have closing charges beyond 12months or so. Earlier, I preferred BOB for a current account but it breaked my perception

800+GST within one year. After that, they haven't mentioned anything. So maybe 0 beyond 12 months.

 

[tuhin]

800+GST within one year. After that, they haven't mentioned anything. So maybe 0 beyond 12 months.

Yes, it's zero. Next year, I shall close this account for sure. Total crappy account

 

[techprince]

Yes, it's zero. Next year, I shall close this account for sure. Total crappy account

Bob lite came to my rescue by opening account within 2 hours when Lotak freezed my account. So bob lite as a backup account seems good. You can block debit card and disable SMS alerts and it becomes completly zero balance.

 

[tuhin]

Bob lite came to my rescue by opening account within 2 hours when Lotak freezed my account. So bob lite as a backup account seems good. You can block debit card and disable SMS alerts and it becomes completly zero balance.

Thats true but need to keep in mind everytime what are the non adc transactions

 

[tuhin]

Bob lite came to my rescue by opening account within 2 hours when Lotak freezed my account. So bob lite as a backup account seems good. You can block debit card and disable SMS alerts and it becomes completly zero balance.

Why did Kotak free your account? Was it Kotak 811?

 

[Lorddiesel]

What is folio charges, why it's important

No virtual debit card

 

[tuhin]

No virtual debit card

BOB LITE CURRENT A/C does have VDC facility. I am using it on BOB WORLD.

 

[Lorddiesel]

BOB LITE CURRENT A/C does have VDC facility. I am using it on BOB WORLD.

I mean AU SFB does not have virtual debit card

 

[techprince]

Why did Kotak free your account? Was it Kotak 811?

Kotak 811 Business Account. Its an individual current account. Not advisable unless you have business proofs. Udyam Registration and an Invoice at the very least. Even then its risky due to widespread freeze issues of 811 accounts in general. My account froze 2 months ago for "Further KYC Requirements". I had submitted Udyam and GST registration at the time of opening. I had re-submitted all documents a month ago as well yet my account remained frozen. I complained to grievance and told them to close my account as i have already shifted to a new bank with a proprietorship account.

Very risky.

 

[tuhin]

Kotak 811 Business Account. Its an individual current account. Not advisable unless you have business proofs. Udyam Registration and an Invoice at the very least. Even then its risky due to widespread freeze issues of 811 accounts in general. My account froze 2 months ago for "Further KYC Requirements". I had submitted Udyam and GST registration at the time of opening. I had re-submitted all documents a month ago as well yet my account remained frozen. I complained to grievance and told them to close my account as i have already shifted to a new bank with a proprietorship account.

Very risky.

Same happened with me from NSDL PAYMENTS BANK SB Account. They froze my account for unknown reasons & asked KYC. I provided but still they didn't activate my account. After a long fight & complains, they closed my account without my authorisation & asked me to claim the remaining amout via NEFT only. Then, I provided suitable proof to get back the amount to my another account. It was another struggle.

Thank you for your information. I shall be cautious on Kotak 811