Kotak 811 is a digital banking initiative of Kotak Mahindra Bank that offers a zero balance savings account with zero charges for all digital transactions. Only you need Aadhaar and PAN Card to open and operate the 811 account.
FAQs
- 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.
READ MORE: Difference Between Normal Saving A/C v/s Kotak 811 Digital Saving A/C
How to open Kotak 811?
First, you have to download Kotak 811 app from Google Play Store to open Kotak 811 digital saving account. After downloading & installing the app, follow the following steps to create your Saving A/C on 811:
- Fill details such as your name & mobile number.
- Now, enter One Time Password (OTP) that has been sent to your Aadhaar registered mobile number & tap on continue.
- Enter your Aadhaar number & tap on continue.
Enter Aadhaar Number - Fill the details such as gender, Date of Birth (DoB), correctly & tap on continue.
- Fill your current address, pin code details & tap on continue.
- Enter PAN Card number, declare FATCA declaration, Occupation, annual income & tap on continue.
Enter PAN Card, FATCA declaration, Occupation & Annual Income - Enter again few details such as marital status, mother’s name, father’s name and email ID & & tap on continue.
- Now, fix your “Schedule an appointment” with Bank’s executive & tap on continue. (Take Screen Shots and Save the information given by app).
- Final Step: Set your 6-digit Mobile Banking PIN (M-PIN) & tap on continue.
- Your a/c number, Customer Relationship Number (CRN), IFSC code will be generated. (Take Screen Shots and Save them).
- Now, with Kotak 811 you’re a/c has opened. (Take Screen Shots and Save them).
- Now you can login with your Customer Relationship Number (CRN) & M-PIN.
Points to Remember:
- Earn 6% p.a. interest on savings account balance over 1 lakh and up to 5 crores.
- Earn 5% p.a. interest on savings account balance up to 1 lakh and 5.5% p.a. interest on savings account balance above 5 crores. Applicable for Resident Accounts only.
