Kotak 811 will be ideal for you if you are looking to open a Zero Balance Savings Bank Account. This facility is available to only Resident Indians. You can either open a Digital Zero Balance Savings Account or an Edge Digital Savings Account based on your requirement. 811 Kotak Mahindra is a one-stop solution for all your everyday transactions and financial requirements. In this article, you will get to know about the variants of Kotak 811, the features and the interest rates.
Kotak 811 Zero Balance Account is an easy solution for all your financial transactions. Kotak Mahindra Bank is the first financial institution to introduce the concept of a Zero Balance Digital Savings Account. You can derive maximum benefits by saving money in Kotak Mahindra Zero Balance Account. Kotak Zero Balance Account Open is enabled with no contact and video KYC. With this benefit, you can open an 811 Kotak Account anywhere and at any time.
Kotak 811 Zero Balance Account provides you unlimited benefits without any restriction on deposits or withdrawals. You can withdraw up to the last rupee in the account as there is no minimum balance stipulation.
Features of Kotak Mahindra Zero Balance Account are
The following are the variants of the Kotak 811 Savings Account
You can open Kotak 811 Account through the official website of the Bank or by installing the Kotak Mobile App.
To be eligible for Kotak 811 Account opening, you should comply with the following criteria.
1. The applicant should be above 18 years of age.
2. Should b a resident Indian.
The documents required for opening 811 Kotak Account are
If both the documents are not available, a Limited KYC Account can be opened, which is valid for 12 months. On the availability of the other document, the KYC can be completed, and the account can be updated to 811 Full KYC, which will be valid for a lifetime.
The fees and charges for Kotak 811, wherever applicable, are given below:
|Type of charge||Applicable charges|
|Non-maintenance of minimum balance||5% of the shortfall for minimum balance|
Free if done online. For NEFT/RTGS transfer done at the branch the charges are as given below;
4 transactions or upto Rs. 2.00 lakhs whichever is earlier will be free of cost.
Transactions 4 or Rs. 2.00 lakhs at Rs. 4.50 per Rs. 1000 upto a maximum of Rs. 150/- per transaction.
My Team or other image debit card provided on request
Rs. 150/- p.a.
One-time image cost plus Rs. 199/- p.a.
Transactions at Kotak Bank ATM(financial as well as Non-financial)
Other Bank ATMs
5 transactions (including financial and non-financial) in a month free and in 6 major cities i.e., Mumbai, Bangalore, Kolkata, New Delhi, Chennai and Hyderabad 3 transactions (financial and non-financial) free. Beyond the free transactions charges at Rs. 21/- per transaction for financial transaction and Rs. 8.50 per non-financial transaction will be collected.
|Declined transactions due to insufficient balance||Rs. 25/- per instance|
|Transaction at International ATM||Rs. 150/- for financial transaction and Rs. 25/- for non-financial transaction|
|Cardless cash withdrawal||1 transaction a month free and Rs. 10/- per transaction for transactions thereafter.|
|DD/Pay Order||Rs. 4/- per thousand with a minimum of Rs. 50/- and a maximum of Rs. 10000/-|
|Cheque book||25 leaves free per quarter. Beyond 25 leaves, Rs. 3/- per cheque leaf.|
|Dishonour of ECS/Cheque due to insufficient balance||Rs. 500/- per instance|
|Standing Instruction Dishonour||Rs. 100/- per instance|
|Dishonour of Outward Cheque (cheque deposited)||Rs. 100/- per instance|
|Home banking service||Rs. 150/- per visit|
It is good to open Kotak 811 Zero balance account as there is no minimum balance stipulation and so you will not be penalised for a breach of minimum charges condition. You can utilise the funds to the last rupee.
Funds transfer through NEFT/RTGS/IMPS done online are free of cost. However, there are charges between Rs. 4.- to Rs. 40/- depending on the amount for NEFT/RGTS done at branches.
ATM transactions at Kotak ATM are free. But for transactions beyond 5 including financial and non-financial transactions and beyond 3 transactions including financial and non-financial charges at 6 major cities, charges for the financial transactions will be Rs. 21/per transaction and for the non-financial transaction, it will be Rs. 8.50 per transaction.
For financial transactions at International ATMs, the charges will be Rs. 150/- per transaction and for the non-financial transactions it will be Rs. 25/- per transaction.
Kotak 811 account opening online is totally safe there is a two-level authentication in the Kotak Mobile App with an easy interface. You can open the digital account without restrictions and verification can be done through Video KYC.
November 8 2016 was the day that changed India when Honourable Narendra Modi announced the demonetisation of high-value currency. Inspired by this the name Kotak 811 was given.
You can deposit cash in Kotak 811 account either through debit card or through netbanking of other banks. You can also deposit cash by visiting the nearest branch of Kotak Mahindra bank. Cash deposit charges will be applicable if deposited at the branch.
The Kotak 811 account will be opened online and so the Kotak bank passbook will not be a part of the account opening kit. However, you can place a request for a passbook at the Kotak Mahindra Bank branch. Since there is no provision for issuing an passbook for Kotak 811 account, there is every chance that your request for a passbook for Kotak 811 account to be turned down at the branch.
You can open a Kotak Mahindra Online Account either through the Kotak Mobile App or through the official website of the Bank.
To open the Kotak Mahindra Online Account you will have to
You can open a Kotak Bank account offline by submitting the application along with the supporting documents at the nearest branch of the Bank.