Is Kotak 811 is a zero balance account?
Kotak 811 digital savings account can be opened instantly. It is a zero-balance savings account without any average minimum balance.
The Kotak 811 Lite Account account is also more of a digital wallet without a card but where you get interest on your money. It is mandatory to update it to a full KYC account within one year of opening. ATM Cash Withdrawal: Virtual Prepaid Card with Nil Charges. NEFT/RTGS: Fund transfer not allowed.23-Aug-2022
What are the benefits of Kotak 811?
Features of the 811 Digital Bank Account
Can I deposit 5 lakhs Kotak 811?
Features of Kotak811 Limited Full 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.
Transaction limit of INR 5,000 and re-load limit of INR 5,000 per month and 1,20,000 per year will be applicable on your 811 Lite Account as well as your Virtual Prepaid Card. The account doesn't pay interest, and doesn't come with a cheque book. You can deposit money to your account online via a payment gateway.
What are the disadvantages of Kotak 811 account?
At the same time, the Kotak 811 Edge account requires a minimum balance of 10,000 rupees. Failure to do could invite penalties and other fines which could be 5% of the shortfall balance. It's the only drawback from keeping a Kotak 811 Edge account.17-May-2022
Kotak 811. 5 financial Transaction / month @ nil charges, thereafter Financial Txn. – 21.00 / Txn. Maximum of 5 transactions @ nil charges (incl.
Which is better bank Icici or Kotak?
ICICI Bank Ltd is most highly rated for Job security and advancement and Kotak Mahindra Bank is most highly rated for Job security and advancement.Overall Rating.
Customers of Kotak 811 don't have to maintain any minimum average balance. As a result, you can use your 811 account freely without worrying about maintaining minimum average balance. On the other hand, regular savings accounts have monthly minimum average balance that customers need to maintain to avoid penalties.
Can I get physical debit card in Kotak 811?
*Charges Apply. Physical debit card is not available for Kotak811 Lite account customers. Kotak811 Lite customers must complete their Full KYC to lift this restriction.
There are two ways to withdraw your money from an Kotak811 account: Through an ATM using physical debit card** You can also visit a branch to withdraw cash.
Can I get passbook for Kotak 811?
Since Kotak811 is a fully digital account, it does not come with a physical passbook by default. Full KYC customers can activate their passbook by logging into the Kotak811 Mobile Banking App and following these simple steps: Go to Service Request > Account related. Select Activation/Deactivation of Passbook option.
Maintain a minimum account balance of Rs. 10,000 per month and leverage facilities like free online funds transfer via IMPS, NEFT and RTGS.
Is Kotak 811 cheque book free?
Cheque Book is available to Full KYC accounts at a mimimal charge. To get your personalized Cheque Book, follow the steps below: Log in to the Kotak Mobile Banking App. Go to '811' section.
Kotak Mahindra Bank's Kotak 811 Zero Balance Account can be opened in 5 minutes and comes in 4 variants. The interest rate that is offered by the bank is up to 3.5% p.a. For 811 Edge accounts, the average monthly balance that must be maintained is Rs. 10,000.
What is full KYC in Kotak 811?
Full KYC process is nothing but getting your KYC documents such as PAN and address proof verified by a bank agent. Kotak 811 is an online account, i.e. you can open the account through the Aadhaar-based One-Time Password (OTP) verification process.
Note: All domestic / international Non Kotak ATM transactions will be chargeable for Easy Pay Debit Card (Rs.Fees and Charges.
Which zero balance account is best?
Best Zero Balance Savings Account 2022
Kotak 811 Edge is a savings account that brings you the best of Kotak 811 and Kotak's regular savings accounts. This account requires a minimum balance of Rs. 10,000. Kotak brings a complete digital experience to banking with 811 Edge Savings Account.06-Oct-2022
Can I deposit cash in Kotak 811 account?
Following are the ways in which you can deposit money into your Kotak811 account: You can deposit money in your account using your Debit Card or Net Banking of another bank. You can transfer money from another account through NEFT, IMPS or UPI* You can visit your nearest Kotak Mahindra Bank branch to deposit cash*.
Is Kotak 811 is a zero balance account?