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Kotak 811 Saving Account

Kotak is investing a lot of money into establishing bank accounts for millions of individuals by using technology, which allows you to open a savings account online.

With the Kotak 811 saving account, Kotak Bank was the first financial institution to utilize video Know Your Customer (KYC) procedures. The Kotak 811 mobile digital banking system is a comprehensive digital system for individual users.

Keeping your finances organized is accessible with the Kotak 811 Account. It can be opened by any citizen or permanent resident of India with no initial deposit required. Having a digital savings account with a no-minimum balance was first introduced in India by Kotak Mahindra Bank.

Digitalizing the bank account opening process is at the heart of Kotak Mahindra's success among millennials. Compared to the days when opening a bank account required a visit to a branch and a wait of several hours, it only takes about 20 minutes to complete.

In India, customers can set up a Kotak 811 Digital Account using only their PAN and Aadhaar card. You will be able to begin making transactions immediately when you open a Kotak 811 account with no minimum balance. You'll also get a virtual debit card when you open a Kotak zero balance account.

To meet the needs of a wide range of consumers, Kotak 811 offers four distinct options within its account. In addition to requiring a minimum monthly balance of Rs. 10,000 for its Edge account, Kotak Mahindra Bank's 811 Savings Account does not require a minimum balance.

This bank provides a maximum annual percentage yield (p.a.) of 3.5%. It also has additional advantages that differentiate it from similar products.

It's worth checking out Kotak 811, so we've compiled the most relevant details in one place.

Kotak 811 Bank Account Types

There are four variants of the 811 Kotak Digital Bank Account; each variant differs in KYC verification, so the facilities also vary. The concept is that the stronger the KYC, the better the account.

Most likely, you'll encounter one of the following account types:

Account Types Main Features
Kotak 811 Lite
  • Minimum balances are not required.
  • It is valid for 12 months (from the account opening date).
  • Neither physical nor virtual cards are available.
  • It is possible to convert an 811 Lite into an 811 Edge.
Kotak 811 Limited KYC
  • Savings accounts with no balance.
  • It is valid for 12 months (from the account opening date).
  • Chequebooks are chargeable.
Kotak 811 Full KYC Account
  • There is no minimum balance requirement.
  • On request, a chequebook can be obtained.
  • FATCA declarations and documents must be submitted as part of KYC.
  • For those who prefer regular savings accounts with unlimited transactions.
Kotak 811 Edge
  • A balance requirement of Rs 10,000 per month is average
  • You can use the chequebook for free for 25 sheets every quarter.
  • An annual fee of Rs150 is charged for the platinum debit card.
  • Free and unlimited access to Kotak Bank ATMs.
  • Other domestic banks offer 5 free withdrawals per month from their ATMs.

Kotak 811 Lite Account

To open this type of bank account, you need your PAN card, the most basic form of identification. Depending on the account type, you can hold up to 10,000 rupees in a monthly balance and 1 lakh rupees in a yearly balance. You do not receive any benefits such as debit cards or chequebooks. Interest is not payable on this type of account.

The Lite account can only be kept open for a year, after which you must complete the Know Your Customer process.

Applicants should consider opening a Lite account only if they haven't yet linked their Aadhaar numbers to a mobile phone.

Kotak 811 Limited KYC Account

When opening this type of bank account, customers must provide the usual identification documents, such as their Aadhaar card and Permanent Account Number (PAN).

Unlike Lite Account, the Limited account also offers an interest rate of 4%. Individuals can deposit up to 2 lakh rupees annually and maintain a maximum balance of 1 lakh rupees.

You have one year to upgrade your Lite account to a Limited account after you complete the Know Your Customer (KYC) process. Those who fail to do so will have their bank account closed.

This account is ideal if you do not make more than one lakh rupees in transactions annually.

Kotak 811 Full KYC Account

It is a quick and easy process to create this account. Still, customers will not have to undergo a complete Know Your Customer (KYC) process, including a declaration of FATCA and the submission of supporting documents. In addition to interest accrual and automatic bill pay, these savings accounts do not require a monthly minimum balance.

With a Full KYC account, you can set up regular savings without worrying about the minimum monthly balance. It is ideal for long-term savings since it allows unlimited transactions and everyday savings.

Kotak 811 Edge Account

The account functions similarly to any standard savings account, except that a minimum monthly balance of 10,000 rupees is required to maintain its open status. In the event of non-compliance, a 5% penalty will be assessed for the difference. Those seeking a savings account with all the conveniences (chequebooks, ATMs, and RTGS) can do so.

You won't have to pay for most of Edge's services but check with the bank to find out more about the specific services and bonus offers.

How to Open a Kotak 811 Account?

Below are the steps you need to follow to open a Kotak 811 Digital Savings Account:

Step 1: You first need to go to the Android Play Store on your mobile device.

Step 2: Please download and install the Kotak Mobile Banking app from the Google Play Store.

Step 3: Enter your AADHAAR number, PAN number, and other personal details on the registration form.

Step 4: Set up a PIN for your mobile banking account.

Step 5: You can begin using your account right away.

Kotak 811 - Fees & Charges

There are a variety of fees associated with transactions. Below you can find all the necessary information.

Fees & Charges Kotak 811 Lite Kotak 811 Limited KYC Kotak 811 Full KYC Kotak 811 Edge
NEFT/IMPS/mobile banking/RTGS Outward fund transfer is not available NIL

(RTGS: N/A)

NIL Free
Non-maintenance of minimum balance N/A N/A N/A An amount equal to 6% of the monthly shortfall in the required monthly balance.
CDM/cash deposit through branch No Charges - Up to 1 transaction per month, or 10 thousand per month, whichever occurs first.

Post-free limits, charged at Rs. 4.5/- per Rs. 1000/- with a minimum charge of Rs. 50/-

(Cash Withdrawal: Not available)

No Charges - Up to 1 transaction per month, or 10 thousand per month, whichever occurs first.

Post-free limits, charged at Rs. 4.5/- per Rs. 1000/- with a minimum charge of Rs. 50/-

(Cash Withdrawal: Not available)

No Charges - Up to 1 transaction per month, or 10 t per month, whichever occurs first.

Post-free limits, charged at Rs. 4.5/- per Rs. 1000/- with a minimum charge of Rs. 50/-

Customers of 811 Select: Nil charges until 4 transactions are made, or 1 lac is spent per month, whichever comes first.

The rate for charges above these limits is Rs 4.5 / 1000 (minimum Rs 150).

No Charges - Up to 4 transactions per month, or 2 lac per month, whichever occurs first.

Post-free limits, charged at Rs. 4.5/- per Rs. 1000/- with a minimum charge of Rs. 150/-

RTGS/NEFT/IMPS through branch Not Available Not Available There is a charge of up to 40 rupees based on the amount transferred There is a charge of up to 40 rupees based on the amount transferred

What is the Kotak 811 Minimum Balance Requirement?

The Limited KYC, Lite, and full KYC accounts offered by 811 Accounts do not require fees or minimum balance requirements.

It is, however, necessary to maintain a minimum balance of 10,000 Indian rupees to maintain a Kotak 811 Edge account. This is the only negative of having an Edge account. Penalties and additional charges could amount to as much as 6% of the deficit if non-compliance occurs.

What is the Interest Rate on Kotak 811 Account?

The Kotak Mahindra Bank offers a range of savings accounts, except for the Lite account, which offers 4% interest. Accounts with balances over one lakh rupees earn 4% interest, while accounts with balances below one lakh rupees earn 3.5% interest.

For example, a balance of Rs.2,10,000 will result in a 3.5% interest charge on Rs.1,00,000 and a 4% interest charge on Rs.1,10,000.

Kotak 811 - Debit Cards Charges

Charge Kotak 811 Lite Kotak 811 Limited KYC Kotak 811 Full KYC Kotak 811 Edge
Physical debit card N/A Rs 299/year (inclusive of taxes) 199 rupees per annum Rs 199 + Taxes
Virtual debit card No charge No charge No charge N/A
At other Bank ATM N/A 21 rupees per transaction with 8.5 rupees for non-financial transaction 20 rupees per transaction with 8.5 rupees for non-financial transaction 21 rupees per transaction with 8.5 rupees for non-financial transaction
At Kotak ATM N/A 21 rupees per transaction with zero charges on non-financial transactions. 21 rupees per transaction with zero charges on non-financial transactions. Unlimited Free

What are the Advantages of having Kotak 811?

Here are a few of the many benefits of opening an 811 Kotak account:

  • Quick And Easy Account Opening

It's just remarkable how easy Kotak's website makes Kotak 811 account opening. It can be created in under 20 minutes, and a virtual debit card is immediately available.

All needed is a laptop, proof of identity papers, an active internet connection, and a smartphone.

  • Utilization Of Virtual Debit Cards

Anyone with an 811 account can access a virtual debit card, which can be used for online shopping and other purposes. You cannot access these cards at ATMs.

Only Edge Account doesn't come with a virtual debit card; all other Kotak 811 accounts do.

  • No Minimum Balance Required

Few banks in the country offer savings accounts with no minimum balance requirements. Except for Kotak 811 Edge, which requires 10,000 rupees to maintain each month, all Kotak accounts are eligible.

  • Online Savings Account

Users can access their accounts and perform transactions using mobile banking software, which features QR code scanning, a universal payment interface, and many other features.

  • Auto Sweep Facility

It is often the highest return offered by any bank in the nation regarding savings accounts. When the funds in a bank account remain dormant for more than 180 days and reach the minimum threshold amount, they are automatically transferred into a Fixed Deposit (FD).

As a result, you may be able to increase your earnings. You can break the FD and receive your funds if you end up short.

  • Kaymall Integration

Kotak's mobile app gives users access to Kaymall, Kotak's e-commerce platform, which offers deals from Flipkart, Goibibo, and other merchants.

It should be noted that one of the disadvantages of the 811 account is that no joint accounts can be operated or held.

Kotak 811 – Eligibility Requirements

The bank does not set any strict eligibility criteria for this digital account. However, applicants must meet the following prerequisites:

  • Minimum age of 18 should be required.
  • Your citizenship should be Indian.
  • You should be a new Kotak Mahindra Bank customer.

What are the Documents Requirement for Kotak 811?

To apply for a Kotak 811 digital savings account, the applicant will need to submit the following documents:

  • Aadhaar card
  • PAN card

Video KYC for Kotak 811

The first step to opening an 811 digital account is to complete a Know Your Customer (KYC) process. You can complete a video KYC procedure or verify your identity in person.

A video KYC procedure is similar to the instant account process. In the video KYC procedure, the submission of information is mandatory. You will then be assigned a bank representative after completing an online application for a bank account. You will confirm your Know Your Customer (KYC) information through video chat.

Before beginning the video verification process, make sure you have the original PAN card on hand, some blank paper, and a blue or black ink pen.

As soon as the bank approves your account, the account can be opened within eight hours.

Kotak 811 Credit Card: How to apply?

You can apply for a Kotak Mahindra Bank 811 Credit Card by following these simple steps:

Step 1: Visit the bank's website and select "explore products" from the menu.

Step 2: Click on the 'cards' option and select the 'credit cards' option.

Step 3: You can fill out the required information by clicking on the 'apply new' button.

Step 4: The final step is to submit the required documents, and after verification, your credit card will be mailed to you.

When opening an 811 Account, How to Apply for a Credit Card?

Step 1: The application process is easy and quick. While setting up your 811 savings account, you can apply online without completing any paperwork.

Step 2: As part of the 811-account opening process, they check your CIBIL score and eligibility.

Step 3: Your employment information can be submitted on the Thank you page, where you can complete the credit card application based on eligibility.

Kotak 811 - Credit Card charges

The following table shows the charges applicable to specific services:

Kotak 811 Credit Card Charges Amount
Joining fees and Annual fees Nil
Interest 3.50% (Annualized 42%)
Cash withdrawal per Rs 10,000 Rs 300
Replacement of card Rs 100
Cash payment Rs 100
Over limit Rs 500
Cheque bounce Rs 500

Kotak Bank - Customer Care Number

For all 811-related queries, call 1860 266 0811 between 9:30 a.m. and 6:30 p.m., Monday through Saturday.

A 24*7 toll-free number, 1800 209 0000, is available for queries regarding fraud and unauthorized transactions.

Wrapping Up

Kotak 811 accounts are simple and easy to open. Therefore, take the time to learn more about each variety and choose the one that closely matches your needs.

With hassle-free methods that are easy to use and only take minutes to complete, opening an account does not require you to visit the bank for anything other than depositing money.

FAQs

Is it possible to deposit money into my Kotak 811 Savings Account?

Cash deposits can be made at Kotak Mahindra Bank branches. Alternatively, funds can be transferred electronically via NEFT or IMPS. Debit cards can be used through payment gateways.

Can I convert Kotak 811 into a regular account?

You will need to visit your nearest branch if you want to convert your account to a complete KYC account. For an appointment with a bank representative, log in to your mobile banking app or call the bank customer care at 1860 266 2666.

Does Kotak 811 provide a passbook?

The account opening kit for Kotak 811 does not include a passbook since the account is an online account.

What is the best Kotak account?

With the Kotak 811 Edge Savings Account, you get the best of both Kotak's 811 and its regular savings accounts for a minimum balance of Rs. 10,000. Kotak offers a complete digital banking experience with the 811 Edge Savings Account.

How did Kotak get its name, 811?

In a statement, Uday Kotak, executive vice-chairman, said the company was named "811" after November 8, 2016, Prime Minister Narendra Modi's announcement to demonetize high-value notes.

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