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What is Kotak 811 Credit Card?

Kotak Mahindra Bank has introduced 811 #DreamDifferent Credit Card. Kotak 811 credit card can be availed against a minimum fixed deposit of Rs.15,000.

kotak 811 credit card

Kotak Mahindra Bank has introduced 811 #DreamDifferent Credit Card. 811 #DreamDifferent Credit Card is a secured credit card i.e. it is a credit card that can be availed against a Fixed Deposit.

Kotak 811 is a digital savings account that customers can open online instantly. Individuals need to add their details such as PAN and Aadhaar number along with other details in the online account opening form and the account is opened within a few minutes.

What is Kotak 811 #DreamDifferent Credit Card?

Kotak 811 #DreamDifferent Credit Card is a card against FD that you can avail by linking your existing FD or booking a fixed deposit of a minimum of Rs.15,000.

The online application process of the credit card is seamless. Full KYC customers i.e. Kotak 811 customers who have completed the Full KYC process by visiting the bank branch or booking the full KYC appointment can apply for the credit card.

Non Kotak 811 bank customers can also apply for this credit card online.

Kotak 811 Credit Card can also help to build credit history and improve credit score. A good credit score is essential to apply for unsecured credit cards with higher credit limit and perks and loans.  

Features and Benefits of Kotak 811 Credit Card

Online Application: Customers can apply the credit card online from their mobile banking application. The application process is online and you don’t need to fill any physical forms or share any documents by visiting the nearest bank branch to apply for the credit card. The card will be delivered at your communication address within a few working days.

Collateral: Kotak 811 is a secured credit card. Bank offers this card against a minimum fixed deposit of Rs.15000. The FD is linked to the credit card. So, you won’t be able to withdraw your funds from the FD without closing the credit card.

Choose credit limit: You can decide the credit limit of the credit card. The maximum limit of the card will be 80% of the deposit amount of the linked FD. E.g. if you have booked an FD of Rs.20,000, the maximum credit limit of the card will be Rs. 16,000, which is 80% of Rs.20,000.  

If you are an impulsive shopper, a low credit limit will help you keep your urge to spend within limits and save more money.

No joining fees and annual fees: The credit card is free for life. It does not have any joining fees or annual fees. This means that if you pay your dues within the time limit, you don’t have to pay anything for using the card.

No income documents needed: You need to submit income documents to apply for a regular credit card. Submitting an income document may not be easy for students, housewives, self-employed individuals or small business owners. People applying for Kotak 811 credit card don’t have to provide any income document. Hence, it is a good credit card option for people who don’t have income proof.

Benefits of Kotak 811 Credit Card

Build credit history or repair credit score: Using the credit card wisely and paying the bills on time can help to build credit history or repair credit score. Banks send the payment history to credit bureaus which help build a credit history. A good credit history makes it easier to apply for regular credit cards or loans.

Low minimum Fixed Deposit: The minimum FD amount required to avail the Kotak 811 credit card is the lowest in the industry. With a minimum deposit of Rs.15,000, you can apply for Kotak 811 credit card online.

High maximum credit limit: While your fixed deposit will determine your credit limit, the maximum credit limit that users can avail is Rs.12 lakhs.

Reward points and cashback: You can earn 2 reward points for every Rs. 100 spent on online purchases and one reward point for every Rs.100 spent on other purchases. A cashback of Rs.750 is also available on annual spends of more than Rs.75,000.

Earn interest on your fixed deposit: As you continue using your 811 credit card, the linked fixed deposit will continue to fetch the prevailing interest rates.  This means that besides reward points and cashback that you availed by using the credit card, you can also earn an interest rate on your FD.

Low interest charges: Kotak 811 Credit Card has a low interest charge of 2.99% per month.

Free cash withdrawal: In case of an emergency, you can withdraw cash paying no interest for up to 48 days.

Who can apply for 811 #Dream Different Credit Card?

  • The card is available to Indian residents.
  • The age of the applicant should be between 18 years to 75 years.
  • The age of add-on card holder should be above 18 years.
  • The minimum FD amount should be Rs.15,000.
  • Housewives, students, young professionals and self-employed individuals can easily apply for this credit card.

How to Apply Kotak 811 Credit Card

You can apply for Kotak 811 Credit Card from the Kotak mobile banking application. If you are on your mobile, you can click here to start the journey.

If you don’t have a Kotak 811 account, you can download the app and open a new Kotak 811 Account.

Step 1: Login to your Kotak mobile banking app.

Step 2: Go to Credit Card section in the ‘Apply now’ section.

If you are eligible for Kotak 811 Credit Card, Kotak 811 Credit Card will appear. Tap on ‘Get it now’.

Step 3: Review the features of the credit card and hit ‘Proceed’.

Step 4: Select the credit card delivery address.

Step 5: Choose the credit limit of the card. The maximum credit limit of the card is 80% of the booked fixed deposit amount.

Step 6: Choose from an existing fixed deposit to link with the credit card or book a new FD. The minimum deposit should be Rs.15,000.

Step 7: Accept the terms and conditions.

The online application process is over and you will receive the credit card within a few working days.

Things to keep in mind before applying the credit card

  • The credit card is issued against a fixed deposit. You cannot withdraw your FD without closing your credit card.
  • The credit card comes with a 48 interest-free cycle. Bank will charge interest if you don’t pay the bills on time. The interest rate on outstanding balance is 2.99% per month, i.e. an annualised rate of 35.88%.
  • In case of late payments, late payments charges will also be applicable. The late payment charges ranges from Rs.100 to Rs.10,000.
  • If you cross your maximum credit card limit, an over limit charge of Rs.500 will be levied on you.  
  • In case of default, the bank can break your linked FD.

Conclusion

If you don’t have a credit card, Kotak 811 #DreamDifferent Credit Card can be an ideal fit. You can apply for the card with no income proof. It can help you build credit history and repair poor credit score.  


FAQs on Kotak 811 Credit Card

Does Kotak 811 provide credit card?

Yes. Kotak 811 provides credit card to their customers. Bank offer Kotak 811 #Dream Different Credit Card to Kotak customers. Bank offer this card against a minimum FD of Rs.15,000.

How can I use Kotak 811 credit card?

You can use your Kotak 811 Credit Card like a normal credit card. You can use it while shopping online or at stores.

Can I build my credit history or improve my credit score by using Kotak 811 Credit Card ?

Yes. Bank will submit the payments made against the card to credit bureaus. As a result, use of the credit card will affect credit score.

How can I improve my credit score by using Kotak 811 credit card?

Regular use of credit card, timely payments and keeping a low credit utilisation can help to improve your credit score.

What are the eligibility criteria required to apply for Kotak 811 Credit Card?

Eligibility criteria to apply for Kotak 811 Credit Card:
-The card is available to Indian residents
-The age of the primary applicant needs to be 18 years to 75 years
-The age of add-on card holder should be above 18 years
-The minimum FD amount should be Rs.15,000.
Housewives, students, young professionals and self-employed individuals can easily apply for this credit card.

What is the minimum FD amount required to request for an 811 credit card?

The minimum amount of fixed deposit required to request for the card is Rs.15,000.

What is the credit limit of #DreamDifferent Credit Card?

The maximum credit limit of the #DreamDifferent Credit Card is 80% of your FD. E.g. if you have a booked an FD of Rs.15,000, the credit limit of your card will be Rs. 12,000.

What’s the maximum credit limit of the 811 Credit Card?

The maximum credit limit of the 811 Credit Card is Rs.12 lakhs.

How can I book an FD to apply Kotak Mahindra 811 credit card?

During the online application of the Kotak 811 Credit Card, you will get the option to link any existing FD or book a new FD. The minimum FD amount should not be less than Rs.15,000.

What is the minimum salary required to apply for Kotak 811 Credit Card?


 There is no minimum salary requirement to apply for Kotak 811 Credit Card. Students and housewives who don’t have any salary can also apply for this credit card. No income proof is required to avail the card.

Can we withdraw money from Kotak 811 credit card?

 You can withdraw cash from Kotak 811 Credit Card. You don’t have to pay any interest for the cash withdrawn for up to 48 days.

How can I apply for Kotak 811 Credit Card?

You can apply for Kotak 811 Credit Card online from your mobile banking app after logging in with your log-in credentials.

I cannot find my residence city in the drop list while applying for 811 Credit Card online?

The online application of the Kotak 811 credit card is serviceable in select cities. If you don’t see your city in the list, it may mean that you won’t be able to apply for the card online.

I have recently opened an 811 account through the video KYC process. Can I request for a 811 Credit Card?

You can request for a 811 Credit Card if you have opened a full-fledged savings account through video KYC.


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