Kotak 811 - Zero Balance Savings Account

Kotak 811 Account Variants:

Features and Benefits of Kotak 811 Savings Account:

811 Lite: 

1. A PAN card is required to open this savings account.  

1. You may maintain a monthly balance of up to Rs.10,000 and an annual balance of up to Rs.1 lakh, based on the type of account. 
2. After one year, the Lite account expires, and you are then required to go through the KYC procedure. 
3. Perks like debit cards or cheque books will not be required. 
4. Only those applicants who still need to link their Aadhaar numbers to their mobile numbers should open a Lite account. 
5. This kind of account is not subject to interest payments. 

811 Limited KYC: 

1. To open this type of account, you need to submit your PAN card and Aadhaar card. 
2. Each year, you are allowed to deposit up to Rs.2 lakh and keep a maximum balance of Rs.1 lakh.  
3. If your yearly transactions do not exceed Rs.1 lakh, this account will be ideal for you.  
4. An interest rate of 4.00% is offered on this account. 

1. After you have successfully completed the KYC procedure, you have a year's time to convert your Lite account to a Limited account. If you don't, your bank accounts will be closed. 

811 Full KYC Account: 

1. The process to open this type of account is simple and hassle-free.  
2. There is no monthly minimum balance required.  
3. Since it permits unlimited transactions and daily savings, it is good for savings over the long run. 

1. A cheque book can be requested.  

811 EDGE: 

1. With the exception of the requirement for a minimum monthly balance of Rs.10,000 to keep the account open, it operates like any other regular savings account. 
2. In the event of non-compliance, the difference will be penalised at 5%. 
3. The majority of Edge's services are free but verify with the bank for more information on particular offerings and bonuses.  

1. The cheque book is free to use for 25 sheets each quarter. 

How to Open a Kotak 811 Account?

The following are the steps to open Kotak 811 Savings Account: 

1. Visit the Android Play Store on your mobile phone.
2. Download and install the Kotak Mobile Banking app.
3. Register using your Aadhaar number, PAN, and other personal details.
4. Set up a mobile banking PIN.
5. Start using your account immediately.

Eligibility to Open Kotak 811

You must meet the following eligibility criteria to apply for Kotak Mahindra Bank 811 Savings Account:

1. Applicant must be minimum 18 years old or above.
2. Applicant must be a citizen of India.
3. The applicant must be a new customer of Kotak Mahindra Bank.

Documentation for Opening Kotak 811

Following supporting documents that have to be submitted to apply for Kotak Mahindra Bank 811 Savings Account:

1. PAN Card (Mandatory)
2. Aadhaar Card

Fees and Charges of Kotak 811:

Listed below are the fees and charges applicable to Kotak Mahindra Bank 811 Savings Account:

Minimum Balance and Interest Rates:

The following are the details regarding minimum requirement of balance maintenance of Kotak 811 savings account and interest rates on these accounts: 

1. No minimum balance requirements for Limited KYC, Lite, and full KYC accounts under Kotak 811 Savings Accounts 
2. A minimum balance of Rs.10,000 should be maintained for Kotak 811 Edge account 

1. Non-maintenance of minimum balance of Kotak 811 Edge account will incur a penalty of 6.00% 
2. Except for the Lite account, Kotak Mahindra Bank offers 4.00% interest with account balance more than Rs.1 lakh in savings account  
3. For account balance less than Rs.1 lakh, the savings account will earn interest at 3.50% 

Debit and Credit Charges:

The following is the list of debit card charges of Kotak 811 savings account: 

The following is the credit card charges of Kotak 811 savings account: 

How to Apply for a Credit Card while Opening a Kotak 811 Account? 

The following are the steps to apply for a credit card while opening Kotak 811 account: 

1. Apply for credit card online while setting up your Kotak 811 savings account 
2. Your CIBIL score and eligibility will be checked as a part of 811-account opening process 
3. On the Thank you page, submit your employment information 

1. You can complete your credit card application based on eligibility criteria 

Customer Care Number of Kotak Bank:

The following are the corresponding contact numbers of Kotak Bank for specific purposes: 

Advantages of Kotak 811 Savings Account:

The benefits associated with the Kotak 811 savings account are listed below: 

1. The application process for the Kotak 811 savings account does not take more than 20 minutes.   
2. Virtual debit card is providing immediately that can be used for online shopping and other purposes 
3. Unlike Edge Account all other Kotak 811 account provides debit card

1. Mobile banking software has QR codes, universal payment interface, and other features that allows users to access their accounts online 
2. Dormat fund for more than 180 days in the account gets converted to Fixed Deposit automatically 
3. There is no minimum balance required with the exception of the Kotak 811 EDGE.   
4. The Kaymall e-commerce platform, which features deals from merchants like Flipkart is accessible through the Kotak mobile app.  
5. You can use the virtual debit card for online purchases and other transactions.