Feature of Kotak Mahindra Bank Savings account
- Kotak Mahindra Bank offers Savings account with high Interest up to 6 % on savings.
- No Charges on Transactions like IMPS, NEFT and RTGS.
- No Minimum Balance Requirement (Zero Balance Savings Account).
- No need to visit Branch for Account Opening. Online Account Opening Procedure.
- Virtual Debit Card to shop online, pay bills, do recharges or use ‘Scan & pay’ to pay across lakhs of merchants across the country.
- The validity of this account will be 1 year to convert this account to a full KYC Account.
Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 5 crores. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on Savings Account balance above Rs 5crores. Applicable for Resident Accounts only.
Kotak 811 pays interest of up to 6% p.a. with zero minimum balance requirement. It allows you to make online money transfers for free (IMPS, NEFT and RTGS) and comes with a Virtual Visa Debit Card which you can use to shop online as well as pay via Scan and pay at merchant outlets.
Kotak 811 is a new age bank account offered by Kotak Mahindra Bank. You can open a Kotak 811 account by downloading the Kotak Mobile Banking app and registering using your Aadhaar number, PAN, and other basic details. You can set up a mobile banking PIN and start using your account immediately
Kotak Bank’s ‘811’ is a full-service digital banking ecosystem on mobile that has been designed around the idea of simplicity and ease of use.
811 offers a zero balance saving account with zero charges for all digital transactions.
Account Opening Procedure
Just visit the play store from your Android phone and download the Kotak Mobile Banking App. Once installed, click on ‘Get started Now’ to start the New Account opening journey. You need to keep your Aadhaar & PAN handy while opening the account. Once complete, your Account number & CRN will be generated instantly and you can start using your Account.
You need to be more than 18 years of age, and a resident of India with an Indian address to be eligible to apply for a Kotak 811 account. To apply for Kotak 811, you will need to have your PAN and Aadhaar Number handy. Kotak 811 is available for individuals who do not have any existing relationship with Kotak Mahindra Bank.
Once your account is opened, you can just Login to our Mobile Banking App and start using it. It is packed with features like shopping, paying bills, booking movie tickets, booking air or train or bus tickets, or doing funds transfers in a snap, Kotak 811 brings you convenience at your fingertips.
You can deposit money into your 811 Account via a payment gateway using your Debit Card or Net Banking or just do funds transfer from your another account through NEFT or IMPS. You can also do a cash deposit in this account by visiting the nearest Kotak Mahindra Bank branch.
The maximum amount you can keep in this account at any given point of time is Rs 1 Lakh. You can credit a maximum of Rs 2 Lakhs in this account and post which you will need to convert to Full KYC account. The validity of this account will be 1 year, within which you will need to convert this account to a Full KYC Account. This is a quick and easy process and we will help you through it. Converting to a full KYC account will also remove the transaction limits from your account.
Kotak 811 brings you a Virtual Debit Card inside your Mobile Banking App. You can use it to shop online, pay bills, do recharges or use ‘Scan & pay’ to pay across lakhs of merchants across the country. If you need to check your card details – card number, expiry date, and CVV – it’s easy, just log into your Mobile Banking app after opening your Kotak 811 account.