Looking for online bank account opening with zero balance that too instantly, than this post will certainly going to help you opening paperless bank account within minutes.
In the era of pandemic such as coronavirus, social distancing is really important but there are some things such as opening a bank account specially in country like India requires one to visit the branch.
But now no more, just like trading and demat account which gets open online sitting at home now you can open the bank account and avail all the facilities within few minutes with Kotak 811 which is a product of Kotak Mahindra bank.
However, before you go and start searching and looking or open an account i would request you to read this entire post or at least important things you should know prior opening the account.
So. let us see what it is and how you can open an online bank account with them and what are the things required for you to get it done step by step.
About Kotak Mahindra Bank:
Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd., the Group’s flagship company, received banking license from the Reserve Bank of India, becoming the first non-banking finance company in India to convert into a bank.
Kotak811 is a new age bank account offered by Kotak Mahindra Bank. You can open a 811 account online by visting website and getting yourself register by entering your pan card or Aadhar card details and confirming it with otp on your mobile.
Kotak811 offers 6%* interest p.a. on the balance. This is a zero balance savings account with a variety of offers and variants. It is a digital savings bank account you can get right from the comfort of your home.
Let us know more about the features of this bank account, eligibility criteria, fees, charges etc.
How To Get Online Bank Account Opening With Zero Balance Through Kotak 811?
Kotak 811 is a new age bank account offered by Kotak Mahindra Bank. You can open a Kotak 811 account by visiting www.kotak.com and registering using your Aadhaar number (optional), PAN and other basic details.
You can set up a mobile banking PIN and start using your account immediately. With zero charges on non-maintenance of balance this account gives you the flexibility to spend, as well as earn up to 4%* interest p.a.
Having said that before you even think to open the account you should be aware of different variants under kotak 811 scheme, I mean there are different account with different features, there are 3 types of account opened under 811. Below is the feature comparison table for these accounts:
As you can see there are 3 different accounts that can be opened under kotak 811 scheme online:
- Kotak811 OTP Based
- Kotak811 Lite
- Kotak811 Full KYC
There are some limitation with kotak 811 otp based also known as limited kyc and kotak 811 lite, whereas with full kyc account there are no restriction. You can complete the KYC through video call online in no time, however it’s up to you to choose.
Once the account is opened through the Video KYC process, there are no limitations on transactions on the account.
Features of Kotak811 Limited (OTP) KYC Account:
Aggregate of all credit should not exceed 2 Lakh in a year and, Account balance at any point should not exceed 1 Lakh. Customer can transfer a maximum amount of 1,00,000 through online transfers.
Customer won’t be allowed to transfer funds through branch before the account is converted to Full KYC account. No cheque book will be issued.
Features of Kotak811 Lite Account:
Aggregate of all credits should not exceed Rs. 10,000 in a calendar month. Balance in the account should not exceed Rs. 10,000 at any point in time. The aggregate of all credits should not exceed Rs. 1,00,000 in a financial year.
Customer won’t be allowed to transfer funds before the account is converted to Full KYC account. No cheque book will be issued and cheque deposit will not be allowed to customers.
Features Of Kotak811 Full KYC:
There are no restriction with this account it serves similar to a normal saving bank account. Moreover you can have a physical debit card, no transaction limit, opt for cheque book and do lot more.
What are the features of Kotak 811?
811 is a fully loaded Digital Bank Account brought to you by Kotak Mahindra Bank. Below are the key features of your 811 account:
To summarize the features of kotak 811 account:
- Interest rate: Earn up to 4%* interest p.a. on your savings account balance
- No Minimum Balance: Enjoy banking with no balance commitment
- Virtual Debit Card: Shop online with ease using your virtual debit card
- Free funds transfer: Transfer funds online for free using NEFT or IMPS or RTGS
- Physical Debit card: Request a physical card through Net-banking or Mobile Banking App and get it for Rs.199+applicable GST per annum
Apart from this you can do international transaction, UPI or VPA payments, start a monthly (RD) recurring deposit/term deposit , or (FD) fixed deposit or invest in mutual funds through SIP/lumpsum and lot more from the comfort of your home.
How Video KYC Gets Done to open full-fledged Kotak 811 Account?
Once you registered for online account opening by entering your full name, email address, mobile number, Aadhar card, pan card details and done the otp verification, you need to open a link sent to you for the video kyc make sure you open it in google chrome browser only.
Here are some of the things that you should keep in mind before starting the video call for KYC:
- Please ensure that you have uninterrupted data connectivity when you are going through the Video KYC process.
- Please ensure that your background is blank. Also ensure that your background is white in color and no other person should come into the frame during the Video KYC process.
- Please keep your Aadhaar number and the hard copy of your PAN Card handy during the process.
- Please make sure that you have a blank white paper with black/blue pen available during the Video KYC process to provide your signature.
If you are not comfortable with the online video kyc, you can open a Kotak 811 Account through the online account opening journey and book an appointment or visit your nearest branch to complete the full KYC procedure .
Keep in mind you can carry out the video KYC process during a bank working day from 8 AM to 8 PM only.
FAQ On Kotak 811 Account:
Below are some of the frequently asked question related to online account opening with zero balance in kotak:
Documents Required To Open Kotak 811 Account Online?
Aadhaar card, Pan Card
When the account will get opened?
If you are applying for kotak lite or kotak otp based account than it get opened immediately within few minutes, however if you are opening the full-kyc account you need to wait after the kyc is done for at least 8 hours to receive the kit.
What will be the fees & charges for 811 account?
kotak 811 is free for use in the online world. This means –
- They won’t charge you any minimum balance fees
- They will give you a virtual debit card for free
- They won’t charge you for any fund transfers done via their app or Net Banking
If you select one of their additional services, such as a physical debit card or a cheque book*, there may be additional charges.
* Cheque book charges are applicable only to Full KYC customers
*Not available for 811 Lite customers
Can You add a nominee to your account?
Yes, Adding a nominee to your account is the smart thing to do. In the unfortunate event of an accident or untimely death, the funds in your account will be transferred to your nominee quickly and easily.
How can you withdraw cash through Kotak 811 account?
You can use your physical debit card to withdraw cash through an ATM. You can also visit a branch to withdraw cash. The physical Debit Card will be charged at Rs. 199 + taxes per year. You’ll need to have sufficient balance in your account to order one.
What is a Virtual Debit Card? How do I use it?
Kotak 811 brings you a Virtual Debit Card inside your Mobile Banking App. You can use it to shop online, pay bills, recharge or use ‘Scan & Pay’ at merchant outlets. 811 Debit Card is given to customers who have verified their details using Aadhaar OTP.
How can You deposit money into Kotak 811 account?
You can deposit money via a payment gateway using your Debit Card or Net Banking of another bank.
Does Kotak 811 Lite/ 811 Limited (otp) KYC account have a validity?
As per RBI guidelines, your Kotak 811 Lite/ limited KYC Account has a validity of 1 year, if the KYC formalities are not completed before the completion of 1 year your account will lapse/need to be closed at the end of a year. (Year is calculated from the date of opening of the 811 Lite, 811 Limited KYC account).
I hope you have liked the way private banks in India is now gearing up to make most of the things online and i hope the government banks can do the same with the ingoing digital revolution.
There is no point asking someone to visit a branch and make it more crowded and hectic, it’s better if these things can get done online with much hassle.
Kotak Mahindra is India’s one of the reputed bank and I do not see any reason not to open the account online when you want it, just like opening a trading and demat account online have become a new norm.
So, go ahead there is nothing to lose and open the kotak 811 account right away if you need it.
By the way you can open a free mutual fund account here if interested.
Incase looking to make the RD than make sure to check the moneycontain free monthly RD calculator, doing a manual calculation takes much of time, therefore feel free to use the monthly RD calculator anytime you want to know the future value of your investments.
You can also check Moneycontain Monthly SIP/lumpsum Calculator to know how much need to invest today to reach your future financial targets.
Incase you are looking to buy home than do not forget to check moneycontain free home loan calculator which tells you your monthly EMI’S, interest need to pay on sum borrowed and lot more.
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Disclaimer: Interest on Savings Account balance: 3.50% p.a. up to Rs. 1 lakh | 4% p.a. over Rs. 1 lakh and up to Rs. 5 crores | 3.75% p.a. above Rs. 5 crores. Applicable for Resident Accounts only. The interest rates are subject to change.