Kotak Mahindra Bank introduces the Kotak 811 Zero Balance Account, which takes 15-20 minutes to open and offers four different versions. The bank provides an interest rate of up to 4.00% per year. This unique bank savings account, known as 811, doesn’t require a minimum balance and is offered by Kotak Mahindra Bank. It was developed following the government’s move to eliminate high-value currency notes on November 8th of the previous year.
To transition India’s economy to a cashless one, Kotak Mahindra Bank has introduced 811, a comprehensive digital banking system accessible through a dedicated 811 app on any smartphone. This Kotak Instant Account is designed for individual users only. Furthermore, Kotak Mahindra Bank provides other digital account options like the 811 Lite Savings Account and the 811 OTP Savings Account, catering to the diverse requirements of its customers.
Kotak Each 811 Savings Account: Key Features and Benefits
811 Lite
- A PAN card is needed to initiate this savings account.
- Depending on the account type, you can maintain a monthly balance of up to Rs. 10,000 and an annual balance of up to Rs. 1 lakh.
- After a year, the Lite account expires, and you must undergo the KYC process.
- Debit cards or chequebooks are not necessary for this account.
- Ideal for those who still need to link their Aadhaar numbers to their mobile numbers. This account type does not earn interest.
811 Limited KYC
- Requires both PAN card and Aadhaar card submission.
- You can deposit up to Rs. 2 lakh annually and maintain a maximum balance of Rs. 1 lakh.
- Suited for yearly transactions within Rs 1 lakh.
- An attractive 3.50% interest rate is provided on this Kotak Mahindra Zero Account.
- After successful KYC, you have a year to convert your Lite account to a Limited account; otherwise, your account will be closed.
811 Full KYC Account
- Hassle-free and straightforward account opening process.
- No monthly minimum balance requirement.
- Designed for long-term savings with unlimited transactions.
- You can request a chequebook for your convenience.
811 EDGE
- Similar to a regular savings account, except needing a minimum monthly balance of Rs. 10,000 to maintain the account.
- Non-compliance results in a 5% penalty on the shortfall.
- Most of Edge’s services are free, but specifics and bonuses should be confirmed with the bank.
- You can use the chequebook for free, up to 25 quarterly sheets.
