Kotak 811 Saving Accounts Review

Kotak has launched two kinds of digital accounts. One is 811 Digital Bank Account balance savings account, which is a zero balance savings account and another one is 811 Digital Bank Account. These accounts are completely digital and Here are the features of both the accounts:

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Kotak 811 Saving Account

3.5

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Interest

3.50%

Account Type

Digital

Branch Visit

Not Required

Open Account

On Kotak Bank Website

Interest

3.50%

Account Type

Digital

Branch Visit

Not Required

Pros & Cons

• Easy to open.
• Good interest rates.

• Less cash transactions available through the branch.

The 811 Digital Bank Account is the most basic digital account and comes in three variants; these variants differ in their KYC verifications and because of that the facilities are also different, and works on the concept of stronger the KYC better the services. All the three variants are zero balance accounts.

Here’s what the three variants feature:

1. Kotak 811 Limited KYC

This account can be considered a digital wallet rather than a savings account as it has features of a digital wallet with a prepaid card rather than a savings account. It is mandatory to update it to a full KYC account within one year of opening.

• Average Monthly Balance to Maintain: Zero
• Interest Rate: 3.5% till 50 lakh and 4% above that
• ATM Cash Withdrawal: five transactions from Kotak ATMs and five from other banks.
• Debit Card Type: Classic debit card.
• NEFT/RTGS: RTGS not available, NEFT nil charges and can only be done online.
• IMPS: Nil charges and can only be done online.
• Cheque Leaves Per Year: Not available.
• Cash Transactions:At branch or cash deposit machine (deposit or withdrawal) is nil and just one transaction available in a month.

How To Open A Kotak 811 Limited KYC Account

• This account can be opened without doing any KYC.
• It can be opened online by entering the details. This account does not require a full KYC and is only valid for one year. Within one year the account holder will have to approach the bank and get the full KYC done and a failure to do this will result in the closure of the account.
• Applicants can apply for KYC and the bank official will collect the documents from the property of the applicant at the convenient slot selected by the applicant.
• One can get a physical debit card for INR 299 (inclusive of GST), which is the yearly fee.

Pros:

• Can be opened online.
• Debit card available.
• No KYC required.

Cons:

• Only valid for a year.
• Cash withdrawal not available.

2. Kotak 811 Lite

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.

• Average Monthly Balance to Maintain: Zero
• Interest Rate: 3.5% till 50 lakh and 4% above that
• ATM Cash Withdrawal: Virtual Prepaid Card with Nil Charges.
• Debit Card Type: Virtual card free of charge
• NEFT/RTGS: Fund transfer not allowed.
• IMPS: Fund transfer not allowed.
• Cheque Leaves Per Year: Not available.
• Cash Transactions: At branch or cash deposit machine (deposit or withdrawal) is nil and just one transaction available in a month.

How To Open A Kotak 811 Lite Account

• This account can be opened without doing any KYC.
• It can be opened online by entering the details. This account does not require a full KYC and is only valid for one year. Within one year the account holder will have to approach the bank and get the full KYC done and a failure to do this will result in the closure of the account.
• Applicants can apply for KYC and the bank official will collect the documents from the property of the applicant at the convenient slot selected by the applicant.
• There is no debit card available and fund transfer is not possible.

Pros:

• Can be opened online.
• No KYC required.

Cons:

• Only valid for a year.
• Debit card not available.
• Cash withdrawal not available.

3. Kotak 811 Full KYC account

This account is a thorough account and fulfills all the functions of a proper account unlike the previous two.

• Average Monthly Balance to Maintain: Zero
• Interest Rate: 3.5% till 50 lakh and 4% above that
  ATM Cash Withdrawal: Nil charges.
• Debit Card Type: Virtual prepaid card.
• NEFT/RTGS: Nil charges.
• IMPS: Nil charges.
• Cheque Leaves Per Year: INR 3 per cheque leaf
• Cash Transactions: At branch or cash deposit machine (deposit or withdrawal) charges are nil and just one transaction available in a month.

How To Open A Kotak 811 Full KYC Account

• This account can not be opened without doing any KYC.
• It can be opened online by entering the details. This account requires a full KYC.
• After opening the account, bank officials will collect the documents from the property of the applicant at the convenient slot selected by the applicant.
• It has a proper debit card for which INR 299 (inclusive of GST) is the yearly fee.

Pros:

• Can be opened online.
• Debit card available.
• Lifetime zero balance account.

Cons:

• Just one cash transaction available in a month.

To open this account full KYC is done and Aadhar details of the account holder are required and the account can be opened digitally on a video call from the bank.

• Average Monthly Balance to Maintain: INR 10,000
• Interest Rate: 3.5% till 50 lakh and 4% above that
  ATM Cash Withdrawal: From Kotak’s ATM nil charges, from other ATMs 3 transactions will be free in metros and 5 in other cities after that INR 21 per transaction and INR 8.5 per banking transaction.
• Debit Card Type: Kotak 811 Platinum Debit Card
• NEFT/RTGS: Free if done through net-banking (chargeable if done through branch)
• IMPS: Free if done through net-banking (chargeable if done through branch)
• Cheque Leaves Per Year: 25 leaves for free (chargeable after the limit).
• Cash Transactions: At branch or cash deposit machine (deposit or withdrawal) is nil up to four transactions or INR 2 lakh a month whichever is earlier. Post these limits, charged at INR 4.5 per 1000.

• It can be opened online by entering the details.
• After opening the account, bank officials will collect the documents from the property of the applicant at the convenient slot selected by the applicant.
• It has a proper debit card for which INR 299 (inclusive of GST) is the yearly fee.

Pros:

• Can be opened online.
• Debit card available.
• Lifetime zero balance account.

Cons:

• Will have to maintain an average monthly balance to avoid penalty.

The account has been rated on the basis of the following criteria:

• Charges for NEFT/RTGS/IMPS services.
• If the account is free from any hidden charges.
• Hassle free formalities.
• Extra facilities that the bank has to offer other than the basic facilities.
• Pocket friendly deposits if any.