Forget the long queues, lengthy paperwork and inordinate delays. Now you can open a bank account in a few minutes! Kotak Mahindra Bank, in fact, recently launched a new age bank account, called ‘811’, which can be opened by downloading the Kotak Mobile Banking App and registering your Aadhaar number, PAN and other basic details. It allows you to set up a mobile banking PIN and start using your account immediately. Kotak Bank claims that the account can be opened in less than five minutes. Here are 10 things you need to know about this bank account.
1) What is 811?
811 is a digital savings account offered by Kotak Mahindra Bank.
811 pays interest of up to 6% per annum with zero minimum balance requirement. It allows you to make online money transfers for free (IMPS, NEFT and RTGS) and comes with a Virtual Visa Debit Card which you can use to shop online as well as pay via Scan & Pay at merchant outlets. You can earn 6% p.a. interest on savings account balance over Rs 1 lakh and up to Rs 1 crore; 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, which is applicable for resident accounts only.
3) How to open an account?
You need to visit the Playstore from your Android phone and download the Kotak Mobile Banking App. (It is also available on iOS platform)
4) Who is eligible to apply?
You need to be more than 18 years of age, and a resident of India with an Indian address to be eligible to apply for an 811 account. You will need to have your PAN and Aadhaar Number handy. However, this account is available only for individuals who do not have any existing relationship with Kotak Mahindra Bank. (It is also available for existing customers)
5) How to deposit money?
You can deposit money into your 811 account via a payment gateway using your Debit Card or Net Banking or just do funds transfer from your another account through NEFT or IMPS. You can also do a cash deposit in this account by visiting the nearest Kotak Mahindra Bank branch.
However, the maximum amount you can keep in this account at any given point of time is Rs 1 lakh. You can credit a maximum of Rs 2 lakh in this account, post which you will need to convert it into a Full KYC account. The validity of this account will be 1 year, within which you will need to convert this account into a Full KYC Account. Converting it to a Full KYC account will also remove the transaction limits from your account.