The year 2017 was a remarkable calendar for both Kotak Mahindra Bank and India, with the former launching the digital bank account i.e Kotak 811 for the latter to benefit. For the first time, there came a bank account which you can open on your mobile, setting the stage for a faster adoption of digital banking in India.
Not only the account opens instantly but also has bags full of benefits to ensure it remains a memorable experience for the lifetime. So, what are you waiting for? Just check out the details of Kotak 811 account opening and several other information that would be equally important, in this article.
How to Open Kotak 811 Account?
You can open the account, which is available in three variants – Kotak 811 OTP Based, Kotak 811 Lite and Kotak 811 Full KYC, on your android mobile phone. It’s the Kotak Mobile Banking App that you need to download from Google Play Store. You would need to set a mobile banking PIN to use the account instantly. Further, there’s a need to register the details using PAN Card, Aadhaar and other basic info.
Kotak 811 Features – Impressive to Say the Least
Kotak 811 is studded with a host of features that would grab your attention from the onset.
- Interest of up to 6% per annum on savings account balance
- Zero balance feature means no need to maintain a minimum balance in the account
- Virtual debit card to help you shop online with a greater degree of convenience
- Physical debit card to be issued at ₹199 plus the applicable GST
- Free online fund transfer via the National Electronic Fund Transfer (NEFT) or the Real-time Gross Settlement (RTGS)
A Brief on Kotak 811 Account Interest Rates
The extent of interest earnings is based on the account balance. 5% interest rate would be applicable to account balances of up to ₹1 lakh. The interest rate would go up to 6% per annum on balances of more than ₹1 lakh to ₹1 crore. Balances above ₹1 crore would fetch an interest rate of 5.50% per annum. Comparing the rates available at most banks, it’s about 1%-2% more. With more money coming into this account, the balance inclusive of interest would read much more only to bring a smile to your face.
A Quick Take on Kotak 811 Variants
Above you must have heard the name of Kotak 811 variants. Let’s get to see what these variants are all about and how they can benefit you.
Kotak 811 OTP Based
The total cumulative credits permitted in the account is ₹2 lakhs per year. You can have a maximum balance of ₹1 lakh at any point of time. You are given a total of 1 year to get the account full KYC compliant.
Kotak 811 Lite
The account can have a total cumulative credit of ₹10,000 and ₹1,00,000, in a calendar month and financial year, respectively. The maximum balance permitted at a given point of time is ₹10,000 in a calendar month. You can take a total of 1 year to get your account fully KYC compliant.
Kotak 811 KYC
The moment the account attains the full KYC status, the transaction limits would be withdrawn.