Kotak Mahindra Bank is the second largest Indian private sector bank by market capitalisation. A few months back, the bank launched its zero-contact, video KYC Kotak 811 Digital Bank Account. Here, I will tell you all about Kotak 811 Savings Account (Kotak Zero Balance Saving Account).
Kotak 811 Savings Account
The Kotak 811 saving account is a digital savings bank account that you can open online right from the comfort of your home. Kotak zero balance saving account available to everyone (Resident Indian individuals only).
You can choose between Kotak zero balance saving account and Kotak Edge saving account based on your needs. The Kotak 811 zero balance account helps you save as well as grow your money with its varied investment offerings. You can transfer funds, pay bills, and do more easily.
Features of Kotak 811 Digital Bank Account
1. Instant Account Opening
No need to visit any bank branch or leave your home. Just open your Kotak 811 Zero Balance Account on a smartphone or through a browser instantly.
2. No minimum monthly balance requirement
With zero charges on non-maintenance of balance, you can enjoy no minimum monthly balance requirement.
3. Kotak 811 interest rate up to 4% per annum
Earn up to 4% interest rate in Kotak 811 on your account balance. This way your bank account earn more money.
4. Auto Sweep in Facility
You can set a sweep-in and sweep-out limit and see your funds being converted into an FD immediately.
5. Banking solutions at a single touch
Using the 811 Mobile banking app, you can open your investment account or book TD /RD in a single click from. Also, enjoy many more benefits of a savings account.
6. Virtual Debit Card
You can check the virtual card details within the safety of your app. Use it for online payments like shopping, paying bills, etc.
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7. Scan and Pay
You can pay with the Scan and Pay feature for all you’re shopping, movies, groceries, and much more.
8. Shop, Travel, and More
With Kotak Mobile Banking App, you can shop on Flipkart, book your flight and hotels on Goibibo, or train tickets on IRCTC at the best rates.
9. Free Funds Transfer
You can transfer funds online for free using NEFT or IMPS or RTGS facility.
10. Physical Debit Card
You can request for a physical card and get it for Rs.199 per annum.
Kotak 811 Saving Account Variants
| Variant | 811 Limited KYC | 811 Lite | Full KYC Account – 811 | 811 EDGE |
| How to Open | Install 811 App/Website | Website/Install 811 App | Install 811 App/Website | Install 811 App /Website/ Visit your nearest branch |
| AMB requirement | Rs. 0 | Rs. 0 | Rs. 0 | Rs.10,000 |
| Physical Debit Card | Rs. 199 p.a. | NA | Rs. 199 p.a. | Rs. 150 p.a |
| Virtual Debit Card | Free | NA | Free | NA |
| Cumulative credit per year | Rs.2 lakh | Rs.1 lakh | Unlimited | Unlimited |
| Online transactions | IMPS & NEFT Free | NA | IMPS, NEFT & RTGS Free | IMPS, NEFT & RTGS Free |
| Cheques | NA | NA | On request | By default |
| Validity | 12 months | 12 months | NA | NA |
| Interest paid | Up to 4% | NA | Up to 4% | Up to 4% |
Kotak 811 Saving Account Interest Rate
W.e.f. May 25, 2020, Kotak 811 interest rate are as:
1. An interest rate of up to 4% p.a. for all variants except for the 811 Lite account.
2. The daily balances in excess of Rs.1 lakh will earn an interest of 4% p.a.
3. The daily balances up to Rs.1 lakh will earn an interest of 3.5% p.a.
Eligibility Criteria
The applicant must meet the following eligibility criteria to open Kotak Mahindra Zero Balance Account:
1. Individual of age 18 years and above.
2. He/she must be a resident Indian.
Documentation required
To apply for Kotak 811 zero balance account you need to have the following documents:
1. PAN Card
2. Aadhaar Card
How to open Kotak 811 Savings Account
As explained above, Kotak 811 saving account is a digital zero balance savings account that you can open online. The process of opening the account is seamless, zero-contact, and takes only a few minutes.
Download and install the Kotak mobile banking app. Just complete a few steps to open the account online from the comfort of your home or office. Just keep your PAN card and Aadhaar number handy for this.
Once video KYC is completed, you can use your bank account with no restrictions on deposits or account balances.
Apply to open Kotak 811 Savings Account by clicking here.
Kotak 811 Saving Account FAQs
The following are some FAQs about Kotak Mahindra Zero Balance Account:
1. Can I hold my account jointly with another applicant?
No, the Kotak zero balance saving account is for a single user only, and cannot be held jointly.
2. What is a Kotak Edge Saving Account?
Kotak 811 Edge account is a savings account which brings you the best of Kotak 811. The minimum balance of Rs.10,000 is required for this account.
3. How can I withdraw cash from my Kotak Mahindra Bank Digital Account?
You can withdraw cash through an ATM using your physical card. If you’ve verified your identity details physically then you can also visit a branch to withdraw cash.
4. When will I receive my Virtual Debit Card?
Once you finished opening your account, you’ll get your Virtual Debit Card instantly.
5. How do I use my Virtual Debit Card?
You can use your Virtual Card to shop online, pay bills, recharge or use “Scan & Pay” at merchant outlets.
6. How do I apply for a physical Debit Card?
You can request for a physical Debit Card from the 811 widget in your Kotak Mobile Banking app.
7. How do I upgrade to a regular Kotak 811 savings account?
To upgrade to a regular Kotak 811 saving account, you have to verify your Full KYC details. You can either book an appointment through Mobile Banking App or Call our customer care and schedule your appointment. The bank executive will visit you to complete the Full KYC verification.
Final Thoughts
Kotak 811 savings account is a digital savings bank account you can get right from the comfort of your home. There are no charges or fine on non-maintenance of the minimum balance in your account. So, you can spend your balance to the last rupee without any worry.
