In line with the government's digitalization move in nearly all spheres, the private sector banker has introduced a digital savings bank account "811". With it, customers will no longer need to visit the bank for opening a savings bank account and do the necessary documentation formalities for complying with KYC procedure.
How can you open the '811' savings bank account?
To open the new 811 account, you need to download the app of Kotak Mahindra Bank, Kotak mobile banking app, using playstore on your Android phone. Once, the app is installed, to begin with the account opening process, you need to go the Get started now link. Thereafter for registration purpose you need to furnish, all basic details including PAN and Aadhaar. With it, account opening process shall complete and details of your account number and CRN will be generated.
Later, you need to set a PIN for mobile banking for initiating banking activities in the account on an instantaneous basis.
It is to be noted that the new-age '811' savings account can only be opened by individuals who do not have any existing relationship with Kotak Mahindra Bank. Further, to be eligible you need to aged 18 years or more and a resident of India with a proof of address of India. Also, you need to have both PAN and Aadhaar.
1. On the savings account, you can earn a maximum of 6% interest p.a. on balance of over Rs. 1 lakh and upto Rs. 5 crores.
On balance of upto Rs. 1 lakh, the interest of 5% p.a. will be payable
For balance over Rs. 5 crores, 5.5% interest per annum will be paid to the accountholders.
2. Further, there is no minimum balance requirement, i.e. the bank account is a zero balance account.
3. Online fund transfer including IMPS, RTGS and NEFT are for free.
4. Virtual Visa debit card offered with the account can be used at merchant outlets as well as to transact online.
How can money be deposited in your '811' savings bank account?
Using the Payment gateway you can add money to your savings account by either netbanking or debit card. Fund transfer transaction by means of IMPS or NEFT can also be initiated to deposit money into the new savings account. Cash transaction can also be done by visiting the nearest bank branch.