Kotak Bank
Are you finding it challenging to manage all your transactions through one savings account? Or are you a student looking to open your first bank account? Now, you don’t need to go anywhere to open a Savings Account – Get Kotak 811 Zero Balance Savings Account Online from your home. Plus, enjoy a lifetime free credit card!
Who should open Kotak 811 Zero Balance Savings Account?
Students above 18 years of age who do not wish to visit a bank branch to open an account
Individuals who want a savings account with no average minimum balance (AMB)
People who have a savings account but want to open another to save money or set up investments
Persons who do not have any relation with Kotak Bank
Also read: Want a Credit Card? Open Kotak 811 Zero Balance Savings Account
Why should I open 811 Digital Savings Account?
Kotak 811 Digital Savings Account can be opened instantly.
This is a zero-balance savings account with no average minimum balance. It is best for students, housewives, self-employed people etc. who may find it difficult to maintain a minimum amount in their accounts.
The account opening process is completely online. So, you don’t have to fill any physical form or submit photocopies of your KYC documents.
All you have to do is add your PAN and Aadhaar details during the account opening process.
Upon opening an account, you get a free virtual debit card instantly, which you can use to make your online purchases or pay bills online.
After opening the account, you can download Kotak-811 and Mobile Banking App and do banking transactions.
You can also opt for video KYC account opening process where a bank representative completes the KYC process through video conference. The bank will open your account within a few hours.
What are the things that I should keep in mind before opening a Kotak 811 zero balance account?
You will need your PAN, Aadhaar number and Aadhaar-registered mobile number to open a zero balance savings account.
Accounts not opened through Video KYC process are e-KYC accounts. You have to complete the complete KYC of your account within 12 months from the date of account opening. If the full KYC is not completed within a year, the bank will have to close the account.
Before the complete KYC process, you can deposit a maximum amount of Rs. 1 lakh in your account, and total credit of Rs. 2 lakh in a financial year.
Since this is a digital account, there is no physical welcome kit.
The bank does not provide a physical debit card by default. If you still want one, you’ll need to apply for a physical debit card through the mobile banking app.
How can I get a credit card?
After completing full KYC and adding funds to your Kotak 811 savings account, you can easily apply for Kotak 811 #DreamDifferent Credit Card from your mobile banking app. Log in to the App >> Go to the Apply Now section >> Click on the Credit Card icon to start the online application.
Kotak 811 Credit Card is a secured credit card backed by a Fixed Deposit (FD). The card has no joining or annual fee, which makes it very affordable. You are also not required to provide any income proof. All you have to do is book a minimum FD of Rs. 10,000. You can book the FD during the credit card application process or choose from the existing list of fixed deposits.
The credit limit of the card is up to 80% of your FD, i.e. the minimum credit limit is Rs. 8,000
If you are a student, or do not have a credit history, this can be one of the best credit cards for building credit history.
Go ahead and open Kotak 811 zero balance savings account now and enjoy lifelong free credit cards.