Want to open a Kotak 811 Account but have queries? Here we have tried to solve a few of the common queries and doubts that you might have.
Kotak 811 is a digital savings account that you can open online by visiting the bank’s website or by downloading the Kotak Mobile Banking App.
Kotak 811 is a zero balance account. This means that 811 customers don’t have to maintain any minimum average balance in their account
Yes. Kotak 811 is a zero balance account. Also, you don’t have to add any money to open the account.
However, Kotak 811 Edge has a minimum average balance requirement of Rs. 10,000. Customers can upgrade to Kotak 811 Edge by visiting the bank branch or opting for an upgrade during the full KYC process.
Yes, Kotak 811 Account is safe, and it needs to follow the RBI regulatory requirements just like any other online bank account.
Kotak 811 is an online savings account that can be opened through the Kotak Mobile Banking App. After the account is opened, you can access the account and avail the different services through the app.
As per RBI regulations, Kotak 811 has certain restrictions on cumulative credits. However, these restrictions are lifted after you complete the full KYC process of your account.
Kotak 811 is a digital savings account. Here are some of the advantages of Kotak 811 over a regular savings account:
You can apply for Kotak 811 account from the bank’s website or by downloading the app.
Kotak 811 comes with a free VISA virtual debit card that you can use to carry out online transactions such as online shopping and bill payment. You can access your virtual debit card through the 811 Section of the mobile banking app.
You can also apply for a physical debit card with an annual charge of Rs.199 through the app. The card will be delivered at your communication address within a few working days.
PAN card and Aadhaar card are needed to open an instant savings account. Just keep the numbers handy during the account opening process to add the number when required. You don’t have to send any physical documents or upload scanned documents as your identification number will be verified by the bank.
PAN card is compulsory to open a Kotak 811 Account.
By using Aadhaar, you can open a Kotak 811 Limited KYC Account where you keep a maximum balance of Rs.1 lakh and carry out credit transactions of up to Rs.2 lakhs in a financial year.
However, if you don’t use your Aadhaar, Kotak 811 Lite will be opened for you where cumulative credits in a month and financial year cannot exceed Rs.10,000 and Rs.1 lakh respectively.
In both cases, the restrictions are removed after completion of the full KYC process of your account.
Yes, you will receive the prevailing interest rate of Kotak regular savings account on your 811 Account. The interest is calculated on a daily closing balance, and it is credited to your 811 account every quarter.
However, Kotak 811 Lite customers don’t get interest rate.
Kotak 811 Lite Account is a variant of Kotak 811 that is opened when you don’t use your Aadhaar number or don’t enter the OTP sent to your Aadhaar registered number.
As Kotak 811 is meant for new customers, you won’t be able to convert your Kotak savings account to zero balance account.
No, you won’t be able to open a Kotak 811 Account.
You will receive your Kotak 811 Account details on your registered email id and phone number after the account opening process. You can also find your 811 account details such as account number, IFSC code on your Kotak mobile banking app.
Kotak 811 does not have any annual maintenance charge. However, there are charges for physical deliverables like physical debit card or cheque book.
There are no transaction limits on full KYC account or 811 Account opened through video KYC.
However, certain restrictions will be applicable if you haven’t completed the full KYC process. A cumulative credit of Rs.2 lakhs in a financial year is allowed for Kotak 811 Limited KYC customers. For Kotak 811 Lite account, the cumulative credit allowed is Rs. 10,000 in a calendar month and Rs. 1 lakh in a financial year.
Video KYC is an account opening process through which you can open a full-fledged Kotak 811 Account with no restrictions within eight hours. You don’t have to visit the bank branch to complete the KYC process.
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