Kotak 811 Savings Account

Kotak Mahindra Bank is the second largest Indian private sector bank by market capitalisation. A few months back, the bank launched its zero-contact, video KYC Kotak 811 Digital Bank Account. Here, I will tell you all about Kotak 811 Savings Account (Kotak Zero Balance Saving Account).

Table of Contents

The Kotak 811 saving account is a digital savings bank account that you can open online right from the comfort of your home. Kotak zero balance saving account available to everyone (Resident Indian individuals only).

You can choose between Kotak zero balance saving account and Kotak Edge saving account based on your needs. The Kotak 811 zero balance account helps you save as well as grow your money with its varied investment offerings. You can transfer funds, pay bills, and do more easily.

Features of Kotak 811 Digital Bank Account

1. Instant Account Opening

No need to visit any bank branch or leave your home. Just open your Kotak 811 Zero Balance Account on a smartphone or through a browser instantly.

2. No minimum monthly balance requirement

With zero charges on non-maintenance of balance, you can enjoy no minimum monthly balance requirement.

3. Kotak 811 interest rate up to 4% per annum

Kotak 811 interest rate is up to 4% per annum on your account balance. This way your bank account earn more money.

4. Auto Sweep in Facility

You can set a sweep-in and sweep-out limit and see your funds being converted into an FD immediately.

5. Banking solutions at a single touch

Using the 811 Mobile banking app, you can open your investment account or book TD /RD in a single click from. Also, enjoy many more benefits of a savings account.

6. Virtual Debit Card

You can check the virtual card details within the safety of your app. Use it for online payments like shopping, paying bills, etc.

7. Scan and Pay

You can pay with the Scan and Pay feature for all you’re shopping, movies, groceries, and much more.

8. Shop, Travel, and More

With Kotak Mobile Banking App, you can shop on Flipkart, book your flight and hotels on Goibibo, or train tickets on IRCTC at the best rates.

9. Free Funds Transfer

You can transfer funds online for free using NEFT or IMPS or RTGS facility.

10. Physical Debit Card

You can request for a physical card and get it for Rs.199 per annum.

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Kotak 811 Saving Account Variants

Variant	811 Limited KYC	811 Lite	Full KYC Account – 811	811 EDGE
How to Open	Install 811 App/Website	Website/Install 811 App	Install 811 App/Website	Install 811 App /Website/ Visit your nearest branch
AMB requirement	Rs. 0	Rs. 0	Rs. 0	Rs.10,000
Physical Debit Card	Rs. 199 p.a.	NA	Rs. 199 p.a.	Rs. 150 p.a
Virtual Debit Card	Free	NA	Free	NA
Cumulative credit per year	Rs.2 lakh	Rs.1 lakh	Unlimited	Unlimited
Online transactions	IMPS & NEFT Free	NA	IMPS, NEFT & RTGS Free	IMPS, NEFT & RTGS Free
Cheques	NA	NA	On request	By default
Validity	12 months	12 months	NA	NA
Interest paid	Up to 4%	NA	Up to 4%	Up to 4%

Kotak 811 Variants

1. Kotak 811 Limited KYC Account

You can open this account with a PAN card and Aadhaar card. You will get up to 4% per annum interest in this 811 Limited KYC account.

2. Kotak 811 Lite Account

You can open this account using your PAN card only. This is a basic level digital savings account from Kotak Bank.

3. Kotak 811 Full KYC Account

You can open this account with full KYC formalities and document submission at the time of account opening. You will also get Kotak 811 interest rate of up to 4% per annum in this 811 Full KYC account.

4. Kotak 811 Edge Account

This is a regular bank savings account. And, the AMB (Average Minimum Balance) requirement is Rs.10,000 per month in this account.

Kotak 811 Saving Account Interest Rate

W.e.f. December 11, 2020, Kotak 811 interest rate are as:

1. An interest rate of 3.50% p.a. on balance up to Rs.1 lakh.

2. Kotak 811 interest rate is 4% per annum on balance above Rs.1 lakh up to Rs.1 Crore.

3. An interest rate of 3.50% p.a. on balance above Rs.1 Crore.

Eligibility Criteria

The applicant must meet the following eligibility criteria to open Kotak Mahindra Zero Balance Account:

1. Individual of age 18 years and above.

2. He/she must be a resident Indian.

A Quick link to open Kotak 811 Account now

Documentation required

To apply for Kotak 811 zero balance account you need to have the following documents:

1. PAN Card

2. Aadhaar Card

How to open Kotak 811 Savings Account

As explained above, Kotak 811 saving account is a digital zero balance savings account that you can open online. The process of opening the account is seamless, zero-contact, and takes only a few minutes.

Download and install the Kotak mobile banking app. Just complete a few steps to open the account online from the comfort of your home or office. Just keep your PAN card and Aadhaar number handy for this.

Once video KYC is completed, you can use your bank account with no restrictions on deposits or account balances.

Apply to open Kotak 811 Savings Account by clicking here.

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Kotak 811 Saving Account FAQs

The following are some FAQs about Kotak Mahindra Zero Balance Account:

1. Can I hold my account jointly with another applicant?

No, the Kotak zero balance saving account is for a single user only, and cannot be held jointly.

2. What is a Kotak Edge Saving Account?

Kotak 811 Edge account is a savings account which brings you the best of Kotak 811. The minimum balance of Rs.10,000 is required for this account.

3. How can I withdraw cash from my Kotak Mahindra Bank Digital Account?

You can withdraw cash through an ATM using your physical card. If you’ve verified your identity details physically then you can also visit a branch to withdraw cash.

4. When will I receive my Virtual Debit Card?

Once you finished opening your account, you’ll get your Virtual Debit Card instantly.

5. How do I use my Virtual Debit Card?

You can use your Virtual Card to shop online, pay bills, recharge or use “Scan & Pay” at merchant outlets.

6. How do I apply for a physical Debit Card?

You can request for a physical Debit Card from the 811 widget in your Kotak Mobile Banking app.

7. How do I upgrade to a regular Kotak 811 savings account?

To upgrade to a regular Kotak 811 saving account, you have to verify your Full KYC details. You can either book an appointment through Mobile Banking App or Call our customer care and schedule your appointment. The bank executive will visit you to complete the Full KYC verification.

8. Is Kotak 811 a zero balance account?

Yes, Kotak 811 is a zero balance account.

9. Can I have a joint account with another applicant?

No, the Kotak 811 account is for a single user only. Therefore, you can not have a joint account with another applicant.

A Quick Kotak online account opening link

Final Thoughts

Kotak 811 savings account is a digital savings bank account you can get right from the comfort of your home. You can open your Kotak savings account online within 15-20 minutes. There are no charges or fine on non-maintenance of the minimum balance in your account. So, you can spend your balance to the last rupee without any worry.

Click here to apply for Kotak Mahindra Zero Balance Account.

Note: This post was originally published on September 8, 2020 and has been completely updated for accuracy and comprehensiveness.

Kotak 811 Savings Account: India’s first zero-contact, video KYC savings account