Kotak Mahindra presents a digital banking experience for its customers in 5 minutes of their time. This savings account is a zero balance and a zero charge on digital transactions. After the infamous Demonetisation, to promote cashless India, Kotak 811 is a step forward in this direction. With its instant and attractive services provided over our phones, the customers can enjoy various benefits through their individual savings account including earning a maximum of 6% p.a. on balance over Rs.1 lakh to maximum Rs.5 crores, 5% p.a. on the balance up to Rs. 1 lakh and 5.5% p.a. on balance above Rs.5 crores. Instant money transfer and around the clockatmwithdrawals helps the customer in immediate situations and makes banking effectively simple.
The new customer of Kotak Mahindra Bank can directly download the app from the Play store or Apple store. Input their Aadhar and PAN CARD details with other personal details and Set-up a mobile-banking app.
Eligibility & Online Benefits:
The only eligibility criteria require an Indian is to be above 18 years old and by restoring details of your Aadhar and PAN CARD, the customers can instantly claim the rewards of their new savings account with Kotak. The main idea behind this service is to gift its customers a hassle-free and ‘on the go’ banking experience. Transactions are made easier with digital debit cards during in-store payments, with an option to go Scan and pay. The customers need to download the Kotak Bank Mobile Application to use their virtual debit card services.
One can issue a classic debit card with an annual fee of Rs. 299 and the same to pay in case of replacing a lost one. The customers can deposit money through various regular ways by visiting the nearest Kotak Mahindra Bank branch, NET banking, from another account via NIFT or IMPS. One can deposit up to Rs. 2 Lakh and credit even more after converting into a KYC account with a validity of 1 year, for availing the full KYC account services one has tomake in-person verification with the Kotak Bank branch or call the customer care service to book an appointment at 1860 266 2666. There is one for everyone with Kotak 811 lite, Kotak 811 OTP savings account, and Kotak 811 Edge, which employs a digital approach to banking services. The customers can also enjoy easy booking of movie and flight tickets and shopping online is made possible through app features.
CHARGES AND LIMITATIONS:
Kotak 811 provides one free cash deposit per month and then each deposit costs Rs. 3.50 per Rs. 1000 which continues up to 5 transactions. If you need to obtain a physical debit card one can issue with an annual fee of Rs. 299. It also provides 5 free withdrawals fromatm – centresafter which it costs Rs. 20 per transaction. Daily and weekly SMS costs Rs. 30 and Rs. 15 every 4 months. Transactions declined costs Rs. 25. This service doesn’t entertain jointaccount. a single account holder can apply to avail its services. Foreign conversion currency charges are as follows:
Up to Rs. 1 lakh- Rs. 37.50 or 0.15% of the gross value, whichever is higher.
Rs. 1 lakh- Rs. 10 lakh- Rs. 150 or 0.075% of the amount exceeding Rs. 1 lakh.
Above Rs. 10 lakh- Rs. 825+0.015% of the amount exceeding Rs. 10 lakh amounts to a maximum of Rs. 7,500.
KOTAK 811 EDGE ACCOUNT:
KOTAK 811 is a better version of KOTAK 811, with free transaction limit and free transactions at ATM centres unlike the Kotak 811 which charges Rs. 20 after 5 daily transactions. 811 edge comes with a platinum chip debit card keeping a minimum balance of Rs. 10,000.
KOTAK 811 LITE ACCOUNT:
This service is for those customers who don’t have their mobile numbers linked with their Aadhar with a validity of 3 years to convert into a Full KYC account.Theminimum balance amounts to Rs. 20,000 with a chance to upgrade by visiting the near Kotak Bank Branch.
CUSTOMER SUPPORT AND SECURITY: Kotak customers are ensured with reliable customer care that is in direct contact with us at 1860 266 2666. The security employs Firewalls and Internal Systems Encryption to protect your sensitive information.