Kotak Mahindra Bank is an Indian privatized bank. It received an intimation in 2003 seeking a license from RBI. The company was formed in Mumbai and was created with the intention of providing banking services. They are a provider of fast and systemized account opening procedures. Moreover, they indulge in offering a variety of financial services. It has ventured into fields from insurance to capital markets and believes in maximizing the returns for their clients. They have been active participants in the corporate social responsibility aspect. Kotak always looks to give back to the society. Thus, adhering to the digitalization movement of the country, they have introduced Kotak 811. When you read further, you will learn more about Kotak 811 and the login/ application procedures to follow.
What is Kotak 811?
Kotak 811 is a new gen digital account. It is a zero balance account. Hence it is highly beneficial for those who worry about the minimum balance requirement. You need to be above 18 years of age and a resident of India with an Indian identification to register for this account. One can open a bank account by downloading the Kotak mobile banking app. You may be required to register using yourself using your aadhar and PAN details. Finally, you may start using the account immediately just by setting up a mobile banking PIN.
Also, the app is available for Android and IOS phones. This account is available only for a single account user and does not support joint accounts. The aim is to keep the process paper free, and they don't generally require you to show your documents. They use biometrics and protect your account through your fingerprint.
To prevent unauthorized access to your account or any of your information, they maintain strict security standards. Kotak uses Firewalls and internal systems encryption to provide safety of your transactions and personal information.
How do I log in/register for Kotak 811?
- Go to your play store
- Download Kotak 811 & mobile banking app
- Register yourself by inserting your details and identification proof.
- Once you have registered, you will receive a mail confirmation or an SMS.
- You will receive a call from a representative to verify your ID proofs
- A customer relationship number will be generated once you register yourself.
- This number will be unique to you and will serve as evidence of your connection as a customer.
- You may enter your CRN and set password and surf through the application.
- This process might take a day at max. Otherwise, everything takes place with immediate effect.
What are the benefits/ features of Kotak 811?
Kotak 811 is a blessing for young account holders. It encourages people to hold accounts from all backgrounds. Kotak 811 is one account where you will not be required to maintain a minimum account balance. It has long been a worry for account holders, and the 811 feature has solved it.
Moreover, it allows you to make online transfers (RTGS/IMPS/NEFT), and all of this is protected as mentioned above. It may also be possible for you to deposit cash into your account. There is a possibility of receiving a tangible debit card. You will have to reach out the customer care or intimate them via the application. Consequently, the physical debit card will reach you upon the payment of courier and other charges.
Most of all it comes with a virtual debit card that gives you the freedom to scan and pay or shop online too. You can also book movie/train/bus tickets just by logging into the app. There are exciting coupons, and discount offers available as well.
What is the maximum amount limit?
Since this account serves as a savings bank account, it can give you 6*% interest per annum. You can earn 6% p.a. Interest on savings account balance over Rs. 1 lakh and up to Rs. 1 crore. Earn 5% p.a. Interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. Interest on savings account balance above Rs. 1 crore. Applicable for Resident Accounts only.
Also, the maximum amount you can keep under this account is 1 lakh. You can credit a maximum of Rs. 2 Lakhs in this account and post which you will need to convert to Full KYC account. The validity of this account will be one year, within which you will need to convert this account to a Full KYC Account. Therefore, it is a quick and easy process, and we will help you through it. Switching to a Full KYC account will also remove the transaction limits from your account.
Can I convert this account to a personalized account?
You most definitely can convert this account to a personal account. There is a procedure you will have to follow:
- First of all, contact the Kotak customer care on 18602662666 or log on to their website and click on “Reach us.”
- A customer care representative will approach you.
- Tell them your query and they will fix an appointment of a personal banker either at your doorstep or in the nearby branch.
- Before approaching the banker, you must carry the original as well as a copy of your ID proof/ address proof and two passport size photos.
- The banker will verify your documents and process your application for conversion of 811 accounts into a personalized account.
- Finally, your account will get converted to a personal account once your KYC details are verified.
Not registered your mobile number with your aadhar card? We found a solution:
You can use your 811 Lite account to try out the features of 811. Upgrading is easy. Just schedule an appointment so one of the representatives can visit you to verify your KYC details. The average of all credit in this account should not exceed Rs. 10,000 in a calendar month. The maximum amount you can keep under this account at any given point of time is Rs. 10,000. Furthermore, the validity of this account will be 12 months and the aggregate of all credits in the account in a financial year should not exceed Rs. 1,00,000. Any credit exceeding the limits stated above will not be accepted into the account.
What is 811 Edge?
811 Edge is a savings account which brings you the best of 811 and the regular accounts. This account requires a minimum balance of Rs.10,000. This account comes with Platinum Chip Debit Card, high Free transaction limits, Free transactions on all Kotak ATMs and many more perks. You can either choose this account while going for Full KYC if you have already opened an 811 account or you can directly apply for the same on the website.
Hence, Kotak's 811 feature serves for the betterment of the country and has expanded its reach to the rural masses. Thus encouraging the citizens to take the initiative of obtaining bank accounts and maintaining their faith in online banking.