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5 Advantages of Kotak 811 over Regular Savings Account

Regular Savings Accounts have been around for a long time. Digital Savings Account like Kotak 811 is the new avatar of savings account. While online savings account is a type of savings account, there are a few differences between digital savings account like Kotak 811 and regular savings account.

If you are looking to open a new savings account or want to understand the differences between Kotak 811 and regular savings account, here are some advantages of Kotak 811 over regular savings account.

Advantages of Kotak 811 over regular savings account

  1. Online Account Opening:

Kotak 811 offers online account opening to its customers. Individuals can open the account from the comfort of their own house. Customers need to enter their PAN, Aadhaar number and other basic details to open the account. However, to open a regular savings account, you need to visit the bank branch, fill up physical forms, and attach your identification documents. Also, you may need to wait for at least 3 to 5 days to open your savings account.

2. No Minimum Balance:

Kotak 811 is a zero balance account. Customers of Kotak 811 don’t have to maintain any minimum average balance. As a result, you can use your 811 account freely without worrying about maintaining minimum average balance.

On the other hand, regular savings accounts have monthly minimum average balance that customers need to maintain to avoid penalties. Depending on the shortfall of the minimum balance requirement, the bank will debit the penalty from the account holder’s account.

3. Virtual Debit Card:

Virtual debit card is the digital version of a physical debit card. Customers of Kotak 811 receive a free virtual VISA debit card to carry out online banking transactions. One can access the virtual debit card from their Kotak mobile banking app and use the details to carry out online transactions like a normal debit card. This digital debit card is safe to use, and it is safe from theft and you don’t have to worry about misplacing your card. You can also apply for a physical debit card at nominal charges.

Regular savings accounts don’t provide digital debit card to their customers. A physical debit card is provided in the welcome kit.

4. Different account types:

Kotak 811 comes in four different types: Kotak 811 Lite, Limited KYC Account, Full KYC account and Kotak 811 Edge. These account types will depend on the document used to open the account and completed processes.

Individuals can open Kotak 811 through their PAN and Aadhaar card details. However, if someone does not wish to use their Aadhaar or don’t have their Aadhaar registered number, they can open Kotak 811 Lite Account. Later, they can convert their account into a full-fledged savings account through full KYC.

Also, if someone wants to avail premium facilities, they can upgrade their account to Kotak 811 Edge Account. Kotak 811 Edge Account has a minimum average balance requirement of Rs.10,000.

Regular savings accounts don’t provide different varieties or options to for one savings account.

5. Video KYC facility:

Video KYC is a facility through which customers can verify their identification details through video conferencing with a bank agent. Customers can open a full-fledged Kotak 811 savings account with no limitations within eight hours.

On the other hand, the use of video KYC to open an account and verify KYC details is still limited.


Kotak 811 is a digital account that differs from a regular savings account on multiple parameters. In this article, we have seen the advantages of Kotak 811 over a regular savings account. You can click here if you want to know how to open a Kotak 811 Account.  


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