Banks offer different banking products and service such as savings account, internet banking facility etc. to their customers. However, banks can also freeze the bank accounts of their customers due to various reasons. Some of the common reasons why banks block accounts include wrong information and suspicious activity. However, banks can freeze Limited KYC or e-KYC digital accounts for different reasons such as breaching the maximum transaction limit or not completing the full KYC withing 12 months.
Kotak 811 is one such digital account that can be opened completely online. Customers can open the zero balance bank account through the Aadhaar card and PAN card. There are four variants of Kotak 811: 811 Lite, 811 Limited KYC, 811 Full KYC Account and 811 Edge. As the KYC procedure is not complete in Lite and Limited KYC account, customers of these two variants of Kotak 811 are prone to get their account freezed.
As the bank account is opened without any physical forms, customers have to verify their documents through physical verification or through biometric processes. The verification needs to be completed within 12 months after the account opening.
You can complete the full KYC of your digital savings account by booking an appointment through your mobile banking app or visiting the nearest bank branch. A full KYC account is valid for lifetime without any restriction on debit and credit.
Kotak 811 Limited KYC account is through the Aadhaar OTP verification process where your Aadhaar is verified when you add the OTP that you receive on your registered mobile number during the account opening journey.
To prevent your limited KYC account from freeze, complete your full KYC process within 12 months since the account opening process.
The total amount of money that you can keep in your bank account at a point in time is Rs.1 lakh. Hence, bank may freeze your account if your balance exceeds Rs.1 lakh.
Also, the total amount of transactions that you can do through your Limited KYC account is Rs.2 lakhs. Keep a tab on your spending to avoid account freeze.
Kotak 811 Lite is another variant of Kotak 811. Kotak 811 is created without Aadhaar or if the verification is not successful.
Kotak 811 Lite comes with different transaction limits than limited KYC account. The maximum balance that customers can keep in their account is Rs.10,000. To prevent account freeze of 811 Lite make sure that you don’t keep more than Rs.10,000 in your account.
Also, just like the limited KYC account, the account is valid for 12 months. To keep using the account, complete your KYC process.
Bank authorities can freeze your account during the KYC verification process of Kotak 811. It can be due to name or signature mismatch.
If your account is frozen due to signature mismatch, you can resubmit your documents with a duly filled MITC copy with self-attested Pan card copy to your home branch. You can click here to download the MITC form.
In case of a name mismatch, please check your name printed on your Aadhaar card and PAN card. If there is a mismatch, you can revise your name in the required document.
Kotak 811 has recently introduced video KYC account opening process for new customers. Through this process, individuals can open 811 account by completing the KYC verification process through video call. In the video KYC process, the bank agent verifies your KYC documents through video conferencing.
After Video KYC process is completed, you get a full-fledged account with no restrictions and life time validity. Moreover, you need not book an appointment or visit the nearest bank branch. Hence, there are lesser chances of your account freeze when opening a Kotak 811 through video KYC.
Tags: freeze account, frozen account
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