Do you hate the idea of having to maintain a minimum balance in your savings account? If so, Kotak 811 Account is the perfect account for you! With no minimum balance requirement, you can rest assured that your money will be easily accessible when you need it. Plus, with features like zero processing fees and unlimited transactions, managing your finances has never been easier.
Saving accounts are a cornerstone of personal finance. They offer a safe place to park your money and earn interest, which can add up over time. Kotak 811 is an online saving account that makes it easy to get started.
In this post, we’ll cover everything you need to know about opening a Kotak 811 account, including the eligibility requirements and the documents you’ll need to provide. We’ll also explain the features and benefits of this account, so you can decide if it’s the right fit for you.
Keep reading for all the details!
- What is Kotak 811Account?
- A variant of the Kotak 811 account.
- How to Open Kotak Mahindra 811 Account Online?
- Kotak 811 account Video Verification
- Benefits of 811 Video KYC Account
- Documents required for opening a Kotak Mahindra 811 account
- Benefits of Kotak 811 Zero Balance Saving Account
- Drawbacks of opening a Kotak 811 account-
- Final Thought
What is Kotak 811 Account?
Kotak 811 Zero Balance Account is one of Kotak Mahindra’s initiatives to make banking more accessible for everyone. Kotak Mahindra 811 Zero Balance Saving account is India’s first digital-only bank account.
Since its launch in August 2017, the Kotak 811 account has gained popularity among Indian consumers.
You can open a Kotak 811 online savings account from your mobile phone with just a few taps, and you don’t need to visit a branch at all! Kotak Mahindra has made it easy to start saving without worrying about minimum balance requirements, hidden charges, and other things that most banks tend to offer, which they claim are “benefits.”
A variant of the Kotak 811 account.
Kotak Mahindra offers four types of 811 Zero Balance Accounts: 811 Limited KYC, 811 Lite, 811 Full KYC Account, and 811 Edge.
Kotak Mahindra Bank has designed these account variants keeping in mind the different needs of its customers. We will discuss each of these variants in detail below.
#1.Kotak 811 Limited KYC or Kotak811 OTP Based
Kotak Mahindra Bank offers this account to migrant laborers, unorganized sector workers, and people who do not have valid KYC (Know Your Customer) documentation.
They offer this unique Zero Balance Saving account to empower the working class. It doesn’t matter your background or identity; everyone deserves access!
The following are the features of Kotak Mahindra Bank’s Limited KYC account:
- Interest on Savings: Kotak Mahindra Bank offers an interest rate of up to 3.5% percent per annum on the saving account balance.
- Cheque book: You are not entitled to a checkbook as a Kotak Mahindra Bank Limited KYC account holder.
- Minimum balance: There is no minimum balance requirement for this account.
- Debit Card/Prepaid Card: You are only allowed Default Virtual Debit Card.
- Max Rs.2,00,000 Deposit Allowed in a year: You are allowed to deposit a maximum of Rs.200,000 in a year.
- Maximum Allowed Balance: The maximum allowed balance in this account is Rs.100,000 at any given time.
The Kotak Mahindra Bank Limited KYC account is perfect for people who want to start saving without worrying about maintaining a minimum balance. This account also offers the added convenience of a virtual debit card which you can use for online transactions.
Note: You need to complete your Full KYC within 12 months of opening this account, or else it will be deactivated, so please keep that in mind.
#2. Kotak 811 Lite.
Kotak811 Lite and Limited KYC accounts have a limited validity of 12 months. You can lift this restriction by completing Full KYC within 12 months from the date of account opening. Using the Kotak811 Mobile Banking App, you can book an appointment with a Kotak811 officer or visit your nearest Kotak Mahindra branch to complete Full KYC.
Here are the features of Kotak Mahindra Bank’s Lite account:
- Interest on Savings: No, Kotak Mahindra Bank does not offer any on Kotak 811 Lite savings account balance.
- Cheque book: No, Kotak Mahindra Bank does not offer a checkbook with Kotak Mahindra Bank’s Lite account.
- Minimum balance: No, Kotak Mahindra Bank does not require a minimum balance to be maintained in the Kotak Mahindra Bank Lite account.
- Debit Card/Prepaid Card: No, a Debit card is not offered with a Kotak Mahindra Bank Lite account. However, you will get Virtual Prepaid for online shopping.
- Maximum Allowed Balance: Rs.10,000 in a calendar month & Rs 1,00,000 in a financial year
Kotak Mahindra Bank’s Kotak11 Lite account is perfect for people who want an easy way to start saving without maintaining a minimum balance or worrying about hidden charges. This account also offers the added convenience of a virtual Prepaid card which you can use for online transactions.
However, the Maximum allowed Balance in this account is Rs.100,000 per year, which might not be suitable for high-value savers.
You can lift this restriction by completing Full KYC within 12 months from the date of account opening. Using the Kotak811 Mobile Banking App, you can book an appointment with a Kotak811 officer or visit your nearest Kotak Mahindra branch to complete Full KYC.
Note: Video KYC is not available for Kotak Mahindra Bank Lite account holders.
Unique Features: Even if you do not have an Aadhaar number, you can open a Kotak Mahindra Bank account by providing your PAN card number.
#3. Kotak 811 Full KYC Account.
Kotak Mahindra Bank’s Kotak Mahindra account with full KYC opens the door to a world of possibilities.
Here are some of the features of Kotak Mahindra Bank’s Full KYC Account:
- Minimum balance: Kotak Mahindra Bank requires a minimum balance of Rs.500 to be maintained in the account at all times.
- Debit Card: Kotak Mahindra Bank offers a debit card with this account that can be used for domestic and international transactions. However, if you want to order a Physical Debit card, there is a charge of Rs.199, which will be deducted from your account.
- Interest on Savings: Kotak Mahindra Bank offers an interest rate of up to 3.5 percent per annum on your account balance, which is one of the highest interest rates in the market.
- Cheque book: Kotak Mahindra Bank offers a checkbook with this account that can be used for domestic and international transactions.
There is no restriction on the Maximum Allowed Balance in this account.
Kotak Mahindra Bank’s Kotak Mahindra account with full KYC is perfect for people who want an all-inclusive banking solution with no restrictions on transactions or account balance. This account offers an interest rate of up to three and a half percent, making it one of the best options in the market for savings accounts.
You can also order a physical debit card at any time without having to worry about hidden charges.
#4. Kotak811 Edge
Kotak 811 Edge is a savings account that brings you the best of Kotak 811 and regular savings accounts. The account offers you all the features of Kotak 811 along with the benefits of a regular savings account. These include:
- Open an account instantly online: You can open an account online in minutes without visiting a branch.
- Interest on Savings: You can earn 4% interest on your account balance, which is one of the best interest rates in the market.
- Minimum Average Balance: You need to maintain at least Rs.10,000 as the average balance in the account every month to enjoy the benefits of Kotak Edge. Otherwise, a penalty will be levied as per the bank’s norms.
- Platinum Chip Debit Card: Kotak Edge account holders are also eligible for a Kotak Mahindra Bank Platinum Chip Debit card which offers enhanced security and comes with exciting features.
- 25 free Cheque Book leaves every quarter: Kotak Edge account holders are also entitled to 25 free checkbook leaves every quarter.
- 4 free Cash Deposit or Withdrawal: Kotak Edge account holders can make four cash deposits or withdrawals free of cost every month up to Rs.2,00,000.
- Unlimited transactions: Kotak Edge account holders can carry out an unlimited number of transactions without restrictions.
- Lost Card Liability of up to Rs.3.5 Lakhs: Kotak Edge account holders are protected against any loss or theft of their Kotak Mahindra Bank Platinum Chip Debit card up to a limit of Rs.3.5 lakhs.
- Purchase Protection Limit of up to Rs.1 Lakh: Kotak Edge account holders are also covered for the purchase protection limit of up to Rs. 1 lakh in case of loss or damage of goods purchased using their Kotak Mahindra Bank Platinum Chip Debit card.
Kotak Mahindra Bank’s Kotak Edge account is the perfect solution for people who want the convenience and benefits of Kotak Mahindra Bank’s Kotak 11 account, along with the added benefits of a regular savings account.
Here is the comparison table of Kotak Mahindra Bank’s Zero Balance Kotak
|Variant||811 Limited KYC||811 Lite||811 Full KYC Account||811 EDGE|
|How to Open||Install 811 App/Website||Install 811 App/Website||Install 811 App/Website||Install 811 App /Website/ Visit your nearest branch|
|AMB requirement (Rs.)||Zero||Zero||Zero||10,000/-|
|Physical Debit Card||Rs. 199 p.a.||NA||Rs. 199 p.a.||Platinum Debit card- Rs. 150 p.a|
|Virtual Debit Card||Free||NA||Free||NA|
|Type||Mobile/Website||Mobile/Website||Available on Mobile/Website/ Branches||Available on Mobile & Branches|
|Cumulative credits allowed||Rs. 2,00,000 in a F.Y||Rs. 10,000 in a calendar month & Rs. 1,20,000 in a F.Y||No Restrictions||No Restrictions|
|Online transactions||IMPS & NEFT Free||Outward Funds transfer not available||IMPS, NEFT & RTGS Free||IMPS, NEFT & RTGS Free|
|Cheques||NA||NA||On request||By default|
|Validity from the date of opening||12 months||12 months||NA||NA|
|Interest paid||Up to 4%||NA||Up to 4%||Up to 4%|
As you can see, Kotak Mahindra Bank offers a variety of savings accounts that cater to the needs of different people. Whether you are looking for an account with no minimum balance or an account that offers enhanced benefits, Kotak Mahindra Bank has the perfect solution for you.
How to Open Kotak Mahindra 811 Account Online?
Now that you know all about Kotak Mahindra Bank’s Zero Balance Saving Account, it’s time to open one! You can open a Kotak Mahindra Bank account online in minutes by following these simple steps:
Step 1: You can download the Kotak app or go to the official website to get started.
Step 1: Fill in your full name, mobile phone number, and email address. Select “get 811.”
Step 3: Enter the OTP you were given on your mobile number. Continue by clicking next.
Step 4: The next window will request your consent to utilize your Aadhaar information to activate the bank account. If you wish to open a Kotak 811, click on Yes.
Step 5: Please enter your PAN and Aadhaar number. Select Continue.
Step 6: Agree to the terms and conditions.
Step 7: Follow the instructions found on your phone’s display. Enter the OTP sent to your number linked to your Aadhaar number.
Step 8: Verify the accuracy of your Aadhaar address.
Step 9: Fill in the blanks with more information such as job, yearly income, marital status, and so on. Tap Yes if you aren’t a politically exposed person. If you’re not sure if you’re a politically exposed person, please contact your financial institution for more information.
Step 10: Click on the Tax Resident Status hyperlink. If you’re an Indian citizen, choose the first option.
Step 11: Add a nominee and Nominee’s address.
Step 12: Check your user profile and accept the terms and conditions.
Step 13: Book Video Verification. This will help the bank to verify your identity.
Step 14: You may also allow Kotak to pull your credit score when applying for credit cards and loans.
Step 15: Create your net banking password, mobile banking MPIN, and other PINs.
Step 14: Congratulations! Your Kotak Mahindra Bank account has now been opened. You may immediately begin using it. A Customer Relationship Number (CRN) will be given to you, which you’ll need for future transactions.
Kotak 811 account Video Verification
You can now open a full KYC Kotak 811 account without stepping out of your house. Kotak Mahindra Bank’s online video KYC opening process makes it easy and convenient for you to complete the verification process from the comfort of your home or office.KYC verification can be completed in a few minutes at home by filling out a single form.
If you’re a new Kotak811 customer or a Limited account holder, you can do your video KYC. However, if you’re a Kotak Mahindra Bank Lite account holder, you can’t do video KYC.
We will discuss Kotak Mahindra Bank’s Kotak Zero Balance account Video KYC.
What is video KYC?
Video KYC is a process by which an individual’s identity can be verified through a live video call. The customer and Kotak Mahindra Bank agent will have a conversation where the customer’s identity and other details will be verified.
If you’re looking to open a new bank account quickly, you’ll be glad to know that RBI has allowed financial institutions to onboard customers through a video-based KYC process. This means that the bank can very quickly verify your documents, such as your PAN card and Aadhaar card. Your account will be opened within a few hours after verification.
What are the different steps in the Video KYC process?
In the Video KYC process,
1. Fill in all of your details online. Follow the instructions and fill in the information as needed.
2. The Kotak811 officer will conduct basic inspections by video contact.
3. They will guide you through the process.
When filling up your details online, make sure you have all the required information handy. Just keep your original PAN card, blank paper, and a blue/black pen handy. After the Video KYC is done, you will get a Full KYC Kotak811 account.
Benefits of 811 Video KYC Account
Here are the main benefits of Kotak Mahindra Bank’s Kotak Zero Balance account Video KYC:
#1. You can complete the entire process from the comfort of your home.
You don’t have to go to the bank and stand in line. You can do everything from your phone or computer. You don’t have to provide any documents such as your PAN card or Aadhaar card. The agent will verify all of this information during the video call.
#2. No need for physical Interaction
You don’t have to meet anyone in person. This is great for people who are uncomfortable with face-to-face interactions.
You can open the account without providing any documents, and you don’t need to have any physical interaction with anyone. The entire process is done online. You just need to have a good internet connection and your documents ready.
#3. The bank will verify your identity and other important details quickly.
The bank will verify all of your information quickly. You don’t have to wait long for your account to be opened. The entire process usually takes a few hours.
#4. Your account will be opened within a few hours after verification.
Your account will be activated within 6 hours of the successful completion of your Video KYC.
#5. An account with Zero Restrictions
Kotak Mahindra Bank’s Zero Balance account opened through Bank’s Video KYC process comes with no restrictions. You can deposit and withdraw money whenever you want, and there are no limits on the number of transactions you can make each month.
#6. Zero balance account.
As the name suggests, Kotak Mahindra Bank’s Zero Balance account comes with no restrictions on the minimum balance that you need to maintain. You can keep as little or as much money in your account as you want.
You don’t have to worry about maintaining a certain balance in your account. The Kotak Zero Balance account is perfect for people who want to save money but don’t want the hassle of maintaining a balance.
So, these are the main benefits of Kotak Mahindra Bank’s Kotak Zero Balance account Video KYC. If you’re looking for a quick and easy way to open a bank account, this is the process for you.
Before you open an account with Kotak 811 through the Video KYC procedure, there are a few things to bear in mind.
- Video KYC is Available only to Full KYC & New Customers: The Kotak Mahindra Bank’s Video KYC is available only to full KYC customers and new customers. If you already have a bank account with Kotak Mahindra Bank, you must go through the regular account opening process.
- You should be physically present in India: You should be physically present in India when you open your Kotak Mahindra Bank account through Video KYC. The process is not available to customers who are living outside of India.
- The account is for Individual Customers Only: Kotak Mahindra’s Zero Balance account through Video KYC is for individual customers only. You cannot open a joint account through this process.
- You need a Valid PAN Card: You need to have a valid PAN card to open an account with Kotak Mahindra Bank. The bank will use your PAN card to verify your identity and other important details.
- You need a Valid Aadhaar number linked with your Mobile Number: To complete the Kotak Mahindra Bank’s Video KYC process, you need to have a valid Aadhaar number linked with your mobile number. The bank will use your Aadhaar number to verify your identity and other important details.
- Only working hours are permitted for KYC submission: 10 am to 6 pm: Kotak Mahindra Bank’s Video KYC is open from Monday to Saturday. The bank will only accept the submission of KYC documents during these hours.
- Make sure you have a steady internet connection: The Kotak Mahindra Bank’s Video KYC process requires a good internet connection. If your internet connection is not stable, the process may not be successful.
- Video KYC is not available to Limited KYC accounts or 811 Lite Customers: The Kotak Mahindra Bank’s Video KYC is not available to customers who have a limited KYC account or are using the Kotak Mahindra Bank’s Kotak Lite Account.
- You should not wear any hat or shades: You should not wear any hat or shades when you go through Kotak Mahindra Bank’s Video KYC process. The bank will need to capture your facial features for verification purposes.
Suppose you have all of the required documents and meet the eligibility criteria. In that case, Kotak Mahindra Bank’s Video KYC is a quick and easy way to open a bank account. The process is simple, and you can complete it from the comfort of your own home.
So, these are some of the things you need to know before opening an account with Kotak Mahindra Bank through Video KYC. If you have any questions, feel free to contact the bank’s customer service team. They will be happy to help you.
Documents required for opening a Kotak Mahindra 811 account
Here are the documents you will need to open a Kotak Mahindra Bank Kotak Zero Balance account through Video KYC:
- Valid PAN card
- Valid Aadhaar number linked with your mobile number
- Your mobile phone
- A white sheet and a black pen
These are the documents you will need to complete Kotak Mahindra Bank’s Video KYC process. Make sure you have all of them ready before you start the process.
Benefits of Kotak 811 Zero Balance Saving Account
Here are the benefits of Kotak Mahindra Bank’s Kotak Zero Balance account:
- Minimum Balance: Kotak Mahindra Bank does not require you to maintain a minimum balance in your Kotak Zero Balance account.
- Interest Rates: Kotak Mahindra Bank offers interest rates of up to % on deposits in your Kotak Zero Balance account.
- No Fees for ATM withdrawals: You can make unlimited ATM withdrawals from your Kotak Zero Balance account without paying fees.
- No Fees for Cheque book: Kotak Mahindra Bank does not charge fees for issuing a checkbook from your Kotak Zero Balance account.
- Transfer Money: You can easily transfer money from your Kotak Zero Balance account to any other bank account in India.
- Open a digital account online without any restrictions: Kotak Zero Balance account holders can open a Kotak Mahindra Bank Digital account without any restrictions.
- 811 #DreamDifferent Credit Card: Kotak Mahindra Bank’s Kotak Zero Balance account holders are also eligible for the bank’s #DreamDifferent Credit Card.
So, these are some of the benefits of Kotak Mahindra Bank’s Kotak Zero Balance account. If you’re looking for a simple and easy-to-use savings account, this is the perfect option for you.
Drawbacks of opening a Kotak 811 account
The Drawbacks described below only apply to limited KYC Account Holders. Full KYC Kotak 811 account Holders are not subject to the following Drawbacks.
- Transaction and add up to Rs.10,000 in a month, and Rs.1,00,000 per year is the maximum amount you may withdraw.
- It is a 0 interest account
- Outward fund transfer is not available
- Physical Debit Card is unavailable
- Cheque Book is unavailable
- UPI Transactions are unavailable.
- You can’t do banking transactions through net banking.
If you’re looking for an account that is easy to open and has low minimum balances, Kotak 811 may be just the thing. This account is best suited for students or those who wish to maintain a zero balance in their savings accounts.
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