Kotak 811 is a digital banking initiative of Kotak Mahindra Bank (KMB) in which you can open Savings Bank Account with zero balance for zero charge for all digital transactions. Only you need Aadhaar and PAN Card to open and operate the 811 account.
Download Kotak 811 mobile banking app from Google Play Store to open Kotak 811 digital saving account.
READ MORE: How to Open Kotak 811 Digital Savings Account Within 5 minutes
Your 811 digital a/c is secure. Switch your virtual/physical debit card ON/OFF in the app after every transaction for additional security.
— Kotak Mahindra Bank (@KotakBankLtd) May 17, 2017
You can explore 100+ benefits through this a/c such as transfer funds, shop online on popular sites, book travel & movie tickets, pay your bills, book flights & hotels and can deposit up to 20,000 / month in it.
The 811 digital a/c will allow users to –
- Make payments using a virtual debit card and BharatQR.
- Money transfers using Unified Payments Interface (UPI).
- Manage investments in fixed deposits and mutual funds.
- Access credit cards and apply for personal loans.
READ MORE: BharatQR Friendly Handbook
Remarkable Benefit: You can do easy online shopping through 811 Virtual Debit Card & also do free online transfers through 811 a/c.
Normal Savings A/C v/s Kotak 811 Digital Savings A/C
|Normal Savings A/C||811 A/C|
|Minimum Balance Maintain||1,000*||Zero Balance|
|Interest (p.a.)||4%||• 6% – over 1 lakh and up to 5 crores account balance
• 5.5% – over 5 crores account balance
• 5% – upto 1 lakh account balance
|Time to Open||Minimum 1 Week*||Just in 5 minutes|
|NEFT/RTGS Charges||Chargeable*||Free of Charge|
*depends upon bank to bank
Note: If you want a physical plastic card to withdraw money and make payments, it will be offered to you at a cost.
- Maximum amount to be deposited: 1 lakh only.
- Maximum amount to be credited: 2 lakhs and post which you will need to convert to Full KYC account.
- Validity: The validity of this account will be 1 year, within which you will need to convert this account to a Full KYC Account. After converting to a Full KYC account, the transaction limits from your account will also remove.
- ATM Transactions: There is no cap on the number of transactions from the ATMs of Kotak. But 811 customers will be offered fewer free transactions at other bank ATMs. They will be charged 20 after three free transactions, as against five in case of its regular savings account.
- Charge on cash deposits and withdrawals: Kotak offers 4 free transactions or 2 lakhs / month, whichever is earlier, beyond which it charges 3.5 per 1000 (subject to minimum of 150).
Click here: Kotak 811 Facts & figures