Kotak 811 – A Zero Balance Savings Account

KOTAK 811 with 6% Interest Rate

Kotak Mahindra Bank came with a new creative disruptive account Kotak 811.  It is aimed at increasing digital transactions.  The best part is it costs Zero for investors to open the account.

Requirements to open Kotak 811

Kotak 811 account can be opened with A valid AADHAR Number and PAN Number issued by Income tax department.  Customers need to download the mobile app from Google play store.

Download Kotak 111 savings account app from google play store

Features of 811 Account by Kotak

kotak 811 6 percent    Up to 6%* interest p.a.

 

   kotak 811 zero balance savings accountZero Balance account
quick account opening with kotak 811  Open an account in 5 minutes
kotak 811 virtual debit cardVirtual Debit Card
Also use virtual debit card Scan & Pay in physical stores.  Shop, travel, book online move ticket etc.,

Benefits of 811 Accounts from Kotak

Investors can earn up to 6% interest on the balance in their savings account.  Best of the 811 account is it does not require any minimum balance.  So no worry of maintaining minimum balance every month like in other savings accounts. Account can be opened in flat 5 minutes from the mobile app downloaded in the mobile.  Once AADHAR number is entered, client gets an OTP from UIDAI and same need to be entered in the app for verification.  All clients are provided with virtual debit card which can be used for all shopping and other online payments.  In store purchases can be paid with scan & pay option.  IMPS / NEFT transactions on mobile and net are FREE OF CHARGE.Complete full KYC and upgrade your account. Total credits up to Rs. 2 lakhs in a financial year and maximum balance not exceeding Rs. 1 lakh. Valid for 12 months from the date of account activation

Can 811 account opened without AADHAR?

Yes.  Account opened without AADHAR is known as 811 LITE.  This is opened even if client have AADHAR but could not authenticate their OTP number.  There are some limits on this 811lite account opened without AADHAR verification.  Transactions are limited per month to 20000 rupees.  It is the same limit applicable to other online wallets like PayTM, Freecharge etc., Beyond this one will not be able to transact for the particular moth.  The account is valid for 3 years from the date of activation.  One can validate the account before that and upgrade to normal 811 account by completing KYC.

How to open Kotak 811 and Kotak 811 lite accounts?

To open either kotak 811 or kotak 811 lite one need to download the mobile app from google play store. Open the app and enter AADHAR number and verify the same with One Time Password. If AADHAR number is not available one can still open the account.  In this case a call from the bank will help to complete the registration process.  Apart from AADHAR one need to enter PAN Number, Occupation, FATCA Declaration and Annual Income etc., Existing Kotak customers need to enter   Customer Relationship Number (CRN),  Debit / Credit Card PIN or  Net Banking password to get started. The app will take  through a one-time activation process when you login for the first time.

*Earn 6% p.a. interest on savings account balance over Rs. 1 Lakh and up to Rs 5 crs. Earn 5% interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs. 5 crs. Applicable for Resident Accounts only. Interest rates are subject to change from time to time. Please visit www.kotak.com for the latest information on interest rates.

Kotak 811 is to Banking what Reliance Jio is to telecom industry.  At a time when banks like SBI are planning to introduce or hike minimum balance amounts, its great relief to people who are worried with keeping minimum balance in their accounts.  Its a good value proportion to customers and need not to worry hectic penalties for non-maintenance of minimum balances in their savings accounts.

Also all IMPS and NEFT transactions are free of cost.  Recent Reliance Jio launch and drastic decrease in data charges will augment well for penetration of this initiative.  It will help to increase the growth rate of digital transactions in India.

To open a kotak 811 account download mobile app from google play store  or visit Kotak Mahindra Bank website.

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