All about Kotak 811 zero balance savings account

Banking has changed, thanks to technology and you can open a savings account from the comfort of your home without visiting the bank. Kotak Bank was the first bank to introduce video KYC for their Kotak 811 zero balance savings accounts. We give you all the information regarding the Kotak 811 zero balance savings account.

 

Kotak 811 zero balance savings account

Source: Kotak Mahindra Bank 

 

Kotak 811 is a digital, zero-balance savings account that can be opened online by any resident of India. Kotak 811 Zero Balance Account is a simple solution for financial dealings. Kotak Mahindra Bank was the first financial institution to introduce the concept of a zero-balance digital savings account in India. Kotak Zero Balance Account features video KYC. It can be opened anywhere and at any time, as per one’s convenience.

 

Features of Kotak 811 zero balance savings account

Kotak 811 zero balance account is a fully-loaded digital savings account of Kotak Mahindra Bank. Here are its key features:

• You can open an account through mobile banking or by visiting the Kotak website.
• The account can be opened instantly, online, in a few minutes without any hassle.
• Kotak Mahindra Bank online account opening is simple, with video KYC verification that can be done sitting at home.
• No minimum balance is required to open this account.
• Kotak 811 account holders can avail of free fund transfer online using the National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS) or Real Time Gross Settlement (RTGS).
• Earn up to 3.5%* interest per annum on your savings account balance.
• The Kotak 811 zero savings account makes online shopping easy with a virtual debit card (VDC).
• There is also an option for a physical debit card. To get a physical debit card, place a request through net banking or mobile banking app for Rs 199 + GST per annum. Ensure you have an adequate balance to pay for the physical debit card.
• While opening the Kotak 811 Zero Balance Account, you can apply for an 811 Dream Different Credit Card without any enrolment or annual fee. You will earn 2X reward points for all online spending. Kotak Bank offers credit cards after checking your eligibility (employment details and CIBIL score (Credit Information Bureau (India) Limited).
• There are no charges for online money transfers from Kotak 811 Account. It is a secure app with two-level authentication.
• Kotak 811 account makes online transactions, such as paying utility bills, making investments, online shopping and online money transfer, easy.

See also: All about Kotak Netcard

 

How to open Kotak 811 zero balance account

Source: Kotak Mahindra Bank

 

• Go to the Google Play store on your Android mobile phone or visit www.kotak.com.
• Download and install the Kotak Mobile Banking app.
• Register with your Aadhaar number, PAN no and other personal details. As per RBI’s regulation, banks can open a savings account online through Aadhaar OTP verification
• Set up a mobile banking PIN.

 

Documents needed to open the Kotak 811 savings account

• PAN card (mandatory)
• Aadhaar card

 

Kotak 811 zero balance account eligibility

You should be 18 years of age or older and a resident of India with an Indian address, to apply for a Kotak 811 account.

 

Kotak 811 video KYC

As Kotak 811 is a digital account, you have to complete the KYC process. You can book an appointment for your KYC verification or complete the video KYC process.

The video KYC process is similar to the instant account process. In the video KYC process, you need to submit your details. After the online account form is completed, you are connected to a bank agent. The bank agent will verify your KYC details over video conference.

Keep the original PAN card, blank paper and blue/black pen ready before the video-based verification.

Your account is subject to bank approval. After the approval, the bank account is opened within eight hours.

 

Digital variants of Kotak 811 savings account

There are four variants of the Kotak 811 digital savings account. These variants will depend on the documents used to open the account and complete the process.

• Kotak 811 limited KYC
• Kotak 811 lite
• Kotak 811 full KYC account
• Kotak 811 edge

Kotak 811 Limited KYC	Zero-balance savings account. Valid for 12 months (from the date of account opening). Cheque book is chargeable.
Kotak 811 Lite	No need to maintain a minimum balance. Valid for 12 months (from the date of account opening). No physical or virtual cards are available. You can convert your 811 Lite to 811 Edge.
Kotak 811 Full KYC Account	No minimum balance requirement. Cheque book on request. Full KYC disclosure is needed, including FATCA declaration and document submission. Suitable for people who prefer a regular saving account with unlimited transactions.
Kotak 811 Edge	Average monthly balance requirement of Rs 10,000 Cheque book facility – free 25 leaves, quarterly. Debit card platinum (Rs150 per annum). Kotak Bank ATM – free and unlimited. Other domestic bank ATMs – 5 free monthly withdrawals.

 

Fees and charges	Kotak 811 Lite	Kotak 811 (Limited KYC)	Kotak 811 (Full KYC)	Kotak 811 Edge
Non-maintenance of minimum balance	NA	NA	NA	5% of the minimum balance shortfall
NEFT/IMPS/Mobile-banking/RTGS	Outward fund transfer facility not available	NIL (RTGS not available)	NIL	Free
Cash deposit through machine/branch	Free 1st transaction. Rs 50 per transaction for all subsequent transactions.	Free 1st transaction. Rs 50 per transaction for all subsequent transactions.	Free 1st transaction. Rs 50 per transaction for all subsequent transactions.	Free first four transactions. Rs 150 per transaction for all subsequent transactions.

 

Source: Kotak Mahindra Bank

 

ActivMoney auto sweep only for Kotak 811 Full KYC customers

ActivMoney (auto sweep) is a facility for automatically moving funds above a pre-set threshold from one’s 811 savings account to a Term Deposit account (TD account) for 180 days. If the account balance is insufficient, the TD will be broken prematurely and the required amount will be transferred to the account.

There are minimum pre-specified thresholds for default sweep out and sweep in limits. Users cannot opt for limits lower than these. For Kotak 811 Full KYC Savings Account, the FD is made or broken in multiples of Rs 2,000 and the default sweep out and sweep in limits are Rs 20,000 and Rs 10,000, respectively.

The nomination registered for the savings account will apply to the FDs created through ActivMoney. If the customer opts for ActivMoney, standalone FDs cannot be linked to that account. The terms and conditions pertaining to the fixed deposit will apply to fixed deposits booked under ActivMoney.

 

Debit card Kotak 811 savings account

Account	Kotak 811 Lite	Kotak 811 Limited KYC	Kotak 811 Full KYC	Kotak 811 Edge
Physical debit card	NA	Rs 199 p.a.	Rs 199 p.a.	Rs. 150 p.a.
Virtual debit card	No charge	No charge	No charge	NA

 

Kotak 811 offers a virtual debit card in your account’s mobile banking app. This card can be used for bill payments, online shopping and mobile recharge.

Kotak 811 debit card is given to customers who have verified their details using Aadhaar OTP. You can request a physical debit card after opening your 811 accounts.

 

See also: Read about Kotak Mahindra Bank IFSC code

How to view the virtual debit card of the Kotak 811 account?

• Log in to the mobile banking app with your CRN and MPIN. Click on the 811 widget and go to the ‘Virtual Debit Card’ tab to view the details. You can use Kotak virtual debit card and QR codes in the app for online payments. This feature gives you freedom from carrying a physical debit card.
• If you are shopping at malls or places where you need to swipe cards or you wish to withdraw cash at ATMs, you should request a physical debit card.

 

Source: Kotak Mahindra Bank

 

Kotak 811 interest rates, 2022

• Balance up to Rs 1 lakh: 3.50% p.a.
• Balance above Rs 1 lakh: 4.% p.a.

(Please check with your bank if the rates have been recently revised)

See also: Savings account interest rate: All you need to know

 

How to start a recurring deposit or term deposit?

• You can start a recurring deposit/term deposit through the mobile banking app or net banking.
• Visit the ‘Banking’ section in the app or the website. Click on ‘Open Term Deposit’ or ‘Open Recurring Deposit’.
• These features are available to customers who have verified their identity details.
• You can also make an appointment through the mobile banking app or call customer care on 1860 266 0811.

  See also: Know about Punjab bank IFSC code 

 

FAQs

How can I deposit money into my Kotak 811 Savings Account?

To deposit cash, visit the nearest Kotak Mahindra Bank branch. Alternately, use net banking to transfer funds from another account via NEFT or IMPS. You can also use a payment gateway with your debit card.

Is cheque book free for Kotak 811 zero balance account holders?

Cheque book is only available for Full KYC accounts at a minimal charge.

Does Kotak 811 provide a passbook?

Since Kotak 811 is an online account, a passbook is not provided with the account opening kit.