savings account sells frantically when there is no requirement to maintain a specific balance in the account. And when it gets the digital support like the way Kotak 811 has, the excitement goes to the zenith.
Not many thought that Kotak 811 would be such a phenomenal success in the Indian banking arena. People are just going crazy about it because of a rich vein of comfort and services that this digital initiative has brought for them. Let’s check out what’s more it has apart from being a zero balance savings account.
Exciting Kotak 811 Features at a Glance
In the first of a kind service, Kotak Mahindra Bank launched 811 with a feature that was not heard before. It is an account that can be downloaded online from Android phones. You just need to download the account using Kotak Mobile Banking App and giving details of Aadhaar, PAN and others. A mobile banking PIN can be set up to enable instant operation of the account.
As you keep the money in this account, there’s an opportunity to earn interest to the tune of 6% per annum. On having an account balance of more than ₹1 lakh to up to ₹1 cr, 6% interest would be applicable. If you have a balance of up to ₹1 lakh, you can earn interest at 5.50%. On the other hand, a balance past ₹1 crore would come with an interest rate of 5%. Sounds exciting, isn’t it? In addition, there are no charges on fund transfers via National Electronic Fund Transfer (NEFT) or Real-time Gross Settlement (RTGS). The offering of virtual debit card helps you shop online via Scan and Pay feature at merchant establishments.
Can I Deposit Money to My Kotak 811 Account?
Yes, it’s possible through payment gateway that would ask you to use either your debit card or net banking of other bank accounts to do so. Funds can be transferred online to Kotak 811 via any of the three – NEFT, RTGS or IMPS. You can even visit the nearest bank branch to deposit the money into the account. The maximum amount allowed to be kept in the account at any point of time is ₹1 lakh. On the other side, a customer is permitted to credit a maximum of ₹2 lakhs in the account. Afterward, the account will be converted into a full KYC account.
The transaction limits will not be applicable when it is converted into a full KYC account. An executive will come to you for in-person verification. Post the successful verification, the conversion process will be completed in a matter of few minutes.
For the executive to come to your address, you need to fix an appointment with him/her through Kotak Mobile Banking App or dial the customer care number – 1860266266 to schedule your meet with the concerned individual. A biometric device will be used to authenticate your Aadhaar details. It’s the matter of just five minutes.
So, you have gone through the benefits of Kotak 811 that has revolutionized the banking industry greatly by bringing innovative digital services to a savings account. With more awareness, the initiative is set to rub among many who are yet to explore its magic.