What is Kotak 811 account?
Kotak 811 is a zero balance savings account offered by Kotak Bank which can be opened by just downloading the Kotak Mobile Banking app and follow the instructions. It is India’s first downloadable bank account.
The objective of this account is to appreciate cashless economy and increase the digital transactions. Thus the date of demonetization 08-November (8/11) is named for this account.
- Zero charges for all digital transactions including NEFT, RTGS and IMPS
- Free from transaction limits on digital transactions
- Zero minimum balance requirement
- Offers virtual debit card at free of cost
- Earn up to 6% interest on the account balance
- Shop online at ease
- Brings convenience at finger tips
- Download and install Kotak Mobile Banking App from your Android, iOS or Windows phone. Visit http://www.kotak.com/kotak811/ to download the app.
- Open the app and click ‘Get Started Now’ to start the account opening procedure
- Upload the picture of Aadhaar card and PAN card, when required
Once the account is opened, account number and CRN will be generated and the account is ready to use.
Aadhaar card and PAN card are mandatory to open this account. All resident Indians above 18 years of age can open this account.
Virtual debit card is an alternative to physical debit card. It provides an easy and secure way of transacting online. Once the account is opened, Virtual Debit card can be found in mobile banking app which can be used for all digital transactions. Card Number, expiry date and CVV can be found in this card.
Yes. During the account opening journey or after the account is opened, there is an option in the mobile banking app to request for a physical debit card. Physical debit card will be charged at Rs. 299 p.a.
Yes. Deposit to 811 account can be done by Payment gateway or fund transfer. Cash can also be deposited to this account by visiting CDM or nearest Kotak branch
Cash can be withdrawn from ATMs and bank just like regular savings account. Charges on cash deposits and withdrawals at Bank and ATMs apply to 811 account holders as well.
There is no transaction limit and charges for online and mobile transactions.
ATM transactions in Kotak Bank ATM are free from charges for any number of transactions. In case of other bank ATMs, three transactions can be done without charges, and then Rs. 20 will be charged on each transaction.
For cash deposits and withdrawals, 4 free transactions or Rs. 2 lakhs per month, whichever is earlier is free, beyond that for each cash deposit/withdrawals; bank charges Rs. 3.5 per Rs. 1000 or minimum of Rs. 150 whichever is higher.
|Amount Range in Savings Account||Interest Rate p.a|
|<Rs. 1 Lakh||5%|
|Rs. 1 Lakh to Rs. 5 crores||6%|
|>Rs. 5 crores||5.5%|
Balance limit and Validity of 811 account:
Yes. The maximum balance allowed in this account at any given point of time is Rs. 1 Lakh and you can deposit a maximum of Rs. 2 Lakhs to this account. Above that the account needs to be converted to full KYC account.
Validity of this account is only one year. After this validity, it should be converted to full KYC account.
Full KYC is just a in person verification process in which they authenticate Aadhaar details using a biometric device and gets few more required details.
It can be done by scheduling an appointment with Kotak bank executive through,
- Customer Care Service or
- Mobile Banking App or
- Nearest Kotak Bank Branch
Dial +1 855-365-6767 Kotak customer care service number to schedule appointment and get more details.
No. 811 is for single user only and cannot be held as joint account.
No. PAN and Aadhaar card is necessary for 811 account.