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In finance, a Zero Balance Account (ZBA) is a system of cash pooling (to consolidate the cash balances of several subsidiaries of a single company). This system is designed to leave in the current accounts of the subsidiaries the minimum amounts to be able to deal with their debts contracted.
In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811, [26] named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India." [27] [28] Kotak 811 helped the bank double its number of customers by ...
One such offer is a zero balance account, which offers businesses an effective way to optimize cash management, improve liquidity, reduce borrowing costs and streamline financial operations. Here ...
In the United States, a negotiable order of withdrawal account (NOW account) is an interest-paying deposit account on which an unlimited number of checks may be written. [1]A negotiable order of withdrawal is essentially identical to a check drawn on a demand deposit account, but US banking regulations define the terms "demand deposit account" and "negotiable order of withdrawal account ...
Uday Suresh Kotak (born 15 March 1959) is an Indian billionaire banker and founder of Kotak Mahindra Bank, where he is a non-executive director. [2] He resigned from his CEO position in September 2023. [ 3 ]
Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India's first payments bank, Airtel Payments Bank. [3]
Kotak Mutual Fund is an Indian mutual fund that is managed by Mahindra Asset Management Company (KMAMC). KMAMC started operations in December 1998 and as of 2018 [update] , had approximately 74 Lakh investors in various schemes. [ 6 ]
The government aims to reduce the number of such zero balance accounts by using this and related schemes. [7] Now, all bank account holders can avail this facility through their net-banking service facility at any time of the year. [8] [9] The policy will be canceled if there is no balance in the account. The policy will lapse in case the bank ...