The 811 Edge savings account offered by Kotak Mahindra Bank is a complete digital banking ecosystem that can be operated from your mobile phone. The account was designed to enable customers to perform transactions in an easy and simple manner. Customers can get interest up to 6% per annum on the balance maintained in the 811 Edge Savings Account. The experience of opening the account is completely paperless and digital. The average monthly balance that is required to be maintained in the account is Rs.10,000.
Features and Benefits of 811 Edge Savings Account
The key features and benefits of the 811 Edge Savings Account offered by Kotak Mahindra Bank are as follows:
- Instant opening of savings account with Aadhaar details.
- The Average Monthly Balance (AMB) of the account is Rs.10,000.
- The customer can earn 6% interest per annum if the savings account balance is between Rs.1 lakh and Rs.5 crores. 5% interest is earned per annum for a savings account balance up to Rs.1 lakh. The interest rate is 5.5% per annum if the account balance is more than Rs.5 crores. These rates are applicable only for resident accounts. It should be noted that interest rates on savings account are subject to change from time to time. So, it is advisable to check the latest rates on the insurer’s website.
- The account enables you to make free online transfers using NEFT, IMPS, and RTGS.
- The bank offers a Platinum Chip Debit Card at Rs.150 per annum to account holders.
- The customer can pay for all in-store purchases using Scan and Pay.
- Transfers through IMPS and NEFT are also free using the mobile app.
- Customers can book movie tickets, shop, and purchase flight tickets using a single app. This implies that you can do online shopping on Flipkart, book travel tickets through Goibibo, and book movie tickets with PVR.
Fees and Charges
The fees and charges applicable to Kotak Mahindra Bank 811 Edge Savings Account are as detailed below:
|Cash transaction fees||4 free cash transactions per month or upto Rs.2 lakh, whichever occurs first. Thereafter, a charge of Rs.3.50 per Rs.1,000 cash transaction, subject to a minimum of Rs.150.|
|ATM / debit card charges||
|Pay Order/DD/Cheque Book charges||
|Requests, such as balance and interest statement, duplicate passbook, stop payment through branch, etc.||Rs.100 per request.|
|Home Banking Service, such as cash pickup or delivery||Rs.150 per visit.|
|Statements and alerts||
In order to apply for the Kotak Mahindra 811 Edge account, a customer needs to fulfill the following criteria:
- He/she should have completed 18 years of age.
- He/she should be a resident Indian.
An individual has to submit the following documents to apply for the Kotak Mahindra 811 Edge account:
- Aadhaar Card
- PAN Card
How to open a Kotak Mahindra 811 Edge Savings Account?
- A customer has to visit the Android Play Store on his/her mobile phone.
- He/she will have to download and complete the installation of the Kotak Mobile Banking app.
- Registration process will require the customer’s Aadhaar number, PAN, and some personal information.
- A mobile banking PIN can also be set up through the app.
- Following this, the customer can start using the account.
811 Edge Savings Account FAQs
- How can I deposit money into my Kotak 811 Edge account?
Money can be deposited into the Kotak 811 Edge account through a payment gateway using your debit card or net banking. Alternatively, you can do funds transfer from another account through IMPS or NEFT. You can also visit your nearest bank branch and deposit money into this account.
- What is the maximum amount of money that can be deposited into my Kotak 811 Edge account?
The maximum amount of money that can be kept in the Kotak 811 Edge account is Rs.1 lakh. A maximum of Rs.2 lakhs can be deposited into this account, following which this will be converted into a full KYC account. This is an easy and quick process that will also remove the transaction limits associated with the account.
- What is the process for converting my Kotak 811 Edge account into a full KYC account?
You can contact a bank representative and convert your Kotak 811 Edge account into a full KYC account. This process needs in-person verification. An appointment can be booked with the bank official through the mobile banking app or by calling up the customer service number, 1860 266 2666. Alternatively, you can visit the nearest bank branch to convert the account. Your Aadhaar details will be authenticated using a biometric device, and in minutes, your account will be converted.
- Can I open an account jointly with a relative?
No, the Kotak 811 Edge account can only be held by a single user.
- Can I open a Kotak 811 Edge account without a PAN Card?
PAN Card is necessary to open a Kotak 811 Edge account. If you do not have one, you will need to submit Form 60 along with the application form. A customer service representative will contact you to guide you through the process.