It’s been nearly a year since Kotak 811 made its way to the Indian banking arena. The buzz which was there at that time still exists because of the attractive features never seen or heard before.
Kotak Mahindra Bank, a noted private lender, took a lead by launching such an innovative full-service digital banking ecosystem, enabling services on the go for the customers. Let’s check out what Kotak 811 account has in store for you.
Features & Benefits of Kotak 811 Account
The answer to the madness among people to open a Kotak 811 account can be found in the pointers below.
- Enjoy interest of up to 6% per annum on your 811 savings account
- Account balance of ₹1 lakh to ₹1 crore to attract 6% interest, with above 1 crore and up to 1 lakh balances offering 5.5% and 5% per annum, respectively
- No minimum balance requirement
- Free online transfers via NEFT, RTGS, IMPS
- Virtual Visa debit card to shop online and pay via Scan & Pay at merchant outlets
- Bill payment, booking of railway, bus or movie tickets and shopping
How to Open Kotak 811 Account?
You can open the account by following a few simple steps which are shown below.
- Go to Play Store menu on your Android phone
- Open it and download Kotak Mobile Banking App
- Once the installation is complete, you need to click on ‘Get Started Now’ to begin a new account journey
- Account opening will require you to enter your PAN and Aadhaar details
- Once you are done with the same, your customer relationship number (CRN) and the account mapped to it will be generated instantly for use
Can You Deposit the Money in Kotak 811 Account?
Yes, you can deposit the money in Kotak 811 account. It permits a maximum deposit of up to ₹1 lakh. If you want to deposit more than that, you then need to get the account converted to full KYC account. The account is valid for a year from the date of creation. So to get the account running non-stop, you need to convert the account into full KYC within a year. The moment the account becomes full KYC, all such transaction limits will get removed.
What Makes Kotak 811 Account Different from Others?
Kotak 811 account is different from others in many ways. What tilts in its favour is the zero balance requirement, something which many wants. Bank accounts, on the other hand, come with a specific balance to be maintained monthly or quarterly. Further, no charges on fund transfers can tempt many to open the account.
Normally, on a fund transfer, the bank debits 18% Goods & Services Tax (GST) as opposed to 15% service tax earlier. Virtual debit card offering, enabling customers to shop online for a wide range of products, 6% interest that you can interest on this account annually only make the account worth more appealing.
There are more variants to Kotak 811 like Kotak 811 Edge.
Kotak 811 Edge
Like Kotak 811, Edge is also a full-service digital banking system incepted to transform the lives of customers. Here’s a quick look at its features & Benefits.
- Instant savings account with Aadhaar details
- Average monthly balance of ₹10,000
- Interest of up to 6% per annum on your savings account balance
- Transfer your funds for free via NEFT, RTGS and IMPS
- Use scan & pay feature to pay for your instore purchase
- Platinum chip debit card at ₹150 per year
- Book travel tickets using Goibibo
- Grab movie tickets with PVR
One can easily decipher the kind of welcome they are likely to receive once Kotak 811 account is opened. All you need to do is to go online, open the account and avail the services you want, thus eliminating the requirement of visiting the bank branch to fill the application form for account opening and wait for a week or so for the account to get activated. At a time when the busy schedule does not give much time for people to visit branches to get their banking needs fulfilled, Kotak 811 is surely an utmost welcome.