Kotak Mahindra Bank’s Kotak 811 Zero Balance Account can be opened in 5 minutes and comes in 4 variants. The interest rates offered on the accounts ranges from 4% to 6% p.a. depending on the amount in the account. For 811 Edge accounts the minimum monthly balance to be maintained is Rs. 10,000. 811 is a zero balance bank savings account offered by Kotak Mahindra Bank. This savings account was inspired by the government's decision to demonetise high value currency notes last year on 8th November.
In a bid to transform the Indian economy into a cashless one, Kotak Mahindra Bank launched 811, a full-service digital banking system on your mobile. Kotak 811 account is for single users. Joint accounts cannot be opened with Kotak 811. Kotak Mahindra Bank also offers other digital accounts such as 811 Lite Savings Account and 811 OTP Savings Account to cater to the varying needs of its customers. Those without a PAN or Aadhaar number can apply for Kotak 811 Edge account.
Kotak 811 Account Variants
|Particulars||811 Limited KYC||811 Lite||811 Full KYC Account||811 EDGE|
|Minimum Monthly Balance||Rs. 0||Rs. 0||Rs. 0||Rs. 10,000|
|Interest Earned||4% - 6% p.a.||NA||4% - 6% p.a.||4% - 6% p.a.|
|Validity||12 months||12 months||NA||NA|
|Max credit per year||Rs. 2 Lakh||Rs. 1 Lakh||Unlimited||Unlimited|
|Funds Transfer||NEFT / IMPS||NA||NEFT / RTGS / IMPS||NEFT / RTGS / IMPS|
|Debit Card||Available @ Rs.199 p.a.||NA||Available @ Rs.199 p.a.||Available @ Rs.150 p.a.|
Features and Benefits of Kotak 811 Savings Account
Kotak 811 Limited KYC
- No minimum monthly balance requirement
- Offers physical and virtual debit cards
- Allow up to Rs. 2 lakh to be deposited in a year
- Deposits can be made via cheque or cash
- No withdrawals permitted via check or cash
- No cheques are offered with this account
- Allows only for IMPS and NEFT transfers
- Valid for 12 months from date of opening if full KYC is not completed
- No minimum monthly balance needs to be maintained
- Does not offer a physical or virtual debit card
- Deposit limits are Rs. 10,000 per month or Rs. 1 lakh per year
- Deposits can only be made via cash
- No interest is paid on the deposit
- No cheques are offered with this account
- Does not offer fund transfer facility
- Account is valid for 12 months from date of opening if KYC is not completed
811 Full KYC Account
- Does not have a minimum monthly balance requirement
- Offers a physical debit card at Rs. 199 p.a. and a free virtual debit card
- There are no limits on the amount that can be deposited monthly or annually
- Cheques for this account are provided when requested for
- Allows deposits and withdrawals via cheques and cash
- Does not have any restriction on the validity of the account
- You must maintain a monthly account balance of minimum Rs. 10,000
- Comes with a platinum debit card @ Rs. 150 p.a. and no virtual debit card
- There are no limits on the funds that can be deposited in the account
- Funds can be transferred using NEFT, IMPS or RTGS
- Withdrawals and deposits can be made using cheques and cash
- Cheques for the account are provided by default
- There is no restriction on the account’s validity
Interest Earned on Deposits
Except for the 811 Lite account, all variants offer interest rates of up to 6%. These rates depend on the balance maintained in the account. The interest rates applicable are:
|Account Balance||Interest Payable (per annum)|
|Up to Rs. 1 Lakh||4%|
|Rs. 1 Lakh to Rs. 1 Crore||6%|
|Rs. 1 Crore and above||5.5%|
How to Open Kotak 811?
- Visit the Android Play Store on your mobile phone.
- Download and install the Kotak Mobile Banking app.
- Register using your Aadhaar number, PAN, and other personal details.
- Set up a mobile banking PIN.
- 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:
- Applicant must be minimum 18 years old or above.
- Applicant must be a citizen of India.
- 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:
- PAN Card(Mandatory)
- Aadhaar Card
Fees and Charges of Kotak 811
Listed below are the fees and charges applicable to Kotak Mahindra Bank 811 Savings Account:
|Classic Debit Card Annual Fees||Rs.299|
|Replacement of lost Debit Card||Rs.299|
|Cash transaction fees||1 free cash deposit per month upto Rs. 10,000 Thereafter, a charge of Rs.3.50 per Rs.1,000 cash deposit, subject to a minimum of Rs.5|
|Kotak Bank ATM transaction fees||
|Other domestic ATM transaction fees||
|Statements and alerts||
|Foreign Currency Conversion Charges||
Kotak 811 Savings Account FAQs
Listed below are the frequently asked questions about Kotak Mahindra Bank 811 Savings Account:
How can I deposit money into my Kotak 811 Savings Account?
You can deposit money into your 811 account through the following methods:
- Cash deposit at the nearest Kotak Mahindra Bank branch.
- Net Banking.
- Payment gateway using your debit card.
- Transfer funds from another account via NEFT or IMPS.
- What is the deposit limit in 811 account?
- What is the validity of the 811 account?
- What happens after 12 months of validity of the 811 account?
How can I convert my 811 account into a full KYC account?
Visit the nearest Kotak Mahindra Bank branch to convert your account to a full KYC account as the procedure includes in-person verification. To book an appointment with a bank representative, log into your mobile banking app or call the bank customer care at 1860 266 2666. The conversion process will not take more than 5 minutes one your Aadhaar details are verified through a biometric device.
What is a virtual debit card?
Kotak 811 account offers a virtual debit card in your mobile banking app that can be used for online shopping, bill payments, and mobile recharges.
Can I request for a physical debit card?
You can request for a physical debit card after opening your 811 account. Debit card will be issued with a charge of Rs.299 p.a.
What is Kotak 811 Edge Account?
Kotak 811 Edge Account offers you the best of 811 and regular savings accounts. You must have a minimum balance of Rs.10,000 in this account. You will be issued a platinum chip debit card, free transaction limits, and free transactions at Kotak ATM centres. You have the option to convert your 811 to 811 Edge.
What is Kotak 811 Lite Account?
If you haven't looped your mobile number and Aadhaar number, you can still open a Kotak 811 Lite Account. 811 Lite can be upgraded any time by visiting the nearest Kotak Mahindra Bank branch. The maximum balance you can maintain in this account is Rs.20,000 per month. This account will be valid for 3 years within which you can convert it into a full KYC account.
What are the security features used to protect my banking information?
The bank used security standards such as Firewalls and Internal Systems Encryption to prevent unauthorised access to your banking information.
The maximum money you can keep in 811 Lite account is Rs.1 lakh p.a. You can credit up to Rs.2 lakhs per annum in the 811 Limited KYC account. There will not be a deposit limit once your account is converted into a full KYC account.
The validity of the 811 account is 12 months from the date on which the account is opened.
The validity condition is only applicable to the Limited KYC and Lite accounts. If you don’t complete the full KYC in the 12-month period, further deposits in the account will not be permitted.
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