Kotak Mahindra Bank, one of India’s leading private sector banks, launched a digital savings account called Kotak 811 in March 2017. The name of the account is derived from the date of its launch – 8/11. The account can be opened online through the Kotak 811 website or mobile app, making it a hassle-free and convenient option for customers who prefer digital banking.
Kotak 811 offers a zero balance savings account, which means customers do not have to maintain a minimum balance in the account. This feature makes it an attractive option for individuals who are just starting their financial journey and do not have a large sum of money to deposit. Additionally, customers can earn interest on their savings, which is credited to their account on a quarterly basis.
To open a Kotak 811 account, customers need to provide their Aadhaar card number and PAN (Permanent Account Number) details. Customers also need to complete the KYC (Know Your Customer) process, which involves submitting their ID and address proofs. The entire process can be completed online, which saves customers a lot of time and effort.
Once the account is opened, customers can access a range of banking services through the Kotak 811 mobile app. These services include fund transfers, bill payments, and mobile recharges, among others. The app also offers a range of investment options, such as mutual funds and fixed deposits, which customers can use to grow their savings.
Kotak 811 also offers a virtual debit card, which can be used for online transactions. Customers can also opt for a physical debit card, which can be used to withdraw cash from ATMs or make purchases at retail stores. The bank offers free withdrawals at Kotak Mahindra Bank ATMs and a limited number of non-Kotak ATMs.
Kotak 811 has gained popularity among customers due to its convenience and ease of use. The bank has also launched a range of offers and discounts for Kotak 811 customers, such as cashback on bill payments and discounts on online shopping. The bank has also tied up with various merchants to offer exclusive deals to Kotak 811 customers.
Conclusion
Kotak 811 is a digital savings account offered by Kotak Mahindra Bank. It can be opened online and offers a range of banking services through its mobile app. The account is a zero balance account, which means customers do not have to maintain a minimum balance. The bank has also launched a range of offers and discounts for Kotak 811 customers, making it an attractive option for individuals who prefer digital banking.