If you're wondering “does Kotak Mahindra Bank charge money to their Kotak 811 user?” then answer is yes they do charge some money for the services which they offer.

Kotak Mahindra Bank has advertised that their 811 accounts are zero balance account. That doesn't mean that all the services provided by Kotak 811 will have zero charges they mean to say that you don't need to maintain any minimum balance in Kotak 811 zero balance account except Kotak 811 edge.

There are 4 variants of Kotak 811

  • 811 Lite 
  • 811 Limited KYC
  • 811 Full KYC 
  • 811 Edge

First 3 accounts are 0 balance account while 811 Edge is a premium account for which you need to maintain 10000 rupees. In this article, I’ll discuss only the charges related to 3 Kotak 811 zero balance account variants.



kotak 811 charges


I’ve listed the various service charges taken by Kotak Mahindra Bank for each Kotak 811 variant.

1.) Fund Transfer Charges


Fund transfer include NEFT/ RTGS/ IMPS transactions. NEFT/ RTGS can be done through the bank. For which Kotak Mahindra Bank charges some money.


#For 811 Lite



NEFT/ RTGS/ IMPS done through net/ mobile banking


Not applicable (As this service is not available for lite users)


NEFT/ RTGS done through banks


Not applicable (As this service is not available for lite users) 


UPI transactions


Not applicable (As this service is also not available for lite users)


#For 811 Limited KYC



NEFT/ RTGS/ IMPS done through net/mobile banking


NEFT/ RTGS/ IMPS has Nil (0) charges


NEFT/ RTGS done through banks


Not applicable (As this service is not available for Limited KYC users)


UPI transactions


Paying merchants, online shopping, paying bills through UPI is completely free. These transactions are not considered as UPI fund transfer. But if you send money to other individuals like family friends etc. UPI fund transfer charges will be applicable.


Every month, there are 30 free UPI fund transfers after that you'll be charged based on the amount of fund transferred.


For any transaction below or equal to RS 1000, RS 2.5 + 18% GST will be charged and above RS 1000, RS 5  + 18% GST will be charged.


#For 811 Full KYC

NEFT/ RTGS/ IMPS done through net/mobile banking


NEFT/ IMPS/ RTGS has Nil (0) charges


NEFT/ RTGS done through banks


NEFT


RS 2.5 + 18% GST for amount upto Rs 10000.

RS 5 + 18% GST for amount from 10,001 to 100,000.
RS 15 + 18% GST for amount from 100,001 to 200,000.
RS 25 + 18% GST for amount greater than 200,000.

RTGS


RS 25 + 18% GST for amount from 200,001 to 500,000.

RS 50 + 18% GST for amount greater than 500,000.

UPI transactions

Paytm merchants, online shopping, paying bills are not considered as UPI fund transfer. These transactions are completely free. But if you send money using UPI to other users you’ll be charged based on the amount transferred.

RS 2.5 + 18% GST for transactions upto RS 1000.
RS 5 + 18% GST for transactions above RS 1000.


2.) Cash Transaction Charges

Cash transaction includes both deposit and withdrawal. This can be done through bank as well as cash deposit machine.


#For 811 lite users

(Cash withdrawal is not applicable for 811 Lite users only cash deposit is available for them)

Nil (0) charges for 1 transaction or RS 10,000 per month whichever applicable first.

It means you won't be charged for 1 transaction per month provided the transferred amount is not greater than RS 10000.


For transaction above RS 10000, RS 3.5 + 18% GST will be charged provided the amount charged is greater than RS 50. For any transaction above RS 10000, minimum 50 rupees + 18% GST will be charged to you.


For example,


If you did a transaction of RS 14000, so the charges will be Rs 49 + 18% GST based on RS 3.5  + 18% GST per RS 10000 but this amount is less than 50 rupees so you have to pay RS 50 + 18% GST instead of RS 49 + 18% GST.


Let's take another example,


If you did a cash transaction of RS 10000, so the charges based on RS 3.5 + 18% GST per RS 1000 will be RS 56 + 18% GST. This amount is greater than RS 50 so you have to pay RS 56 + 18% GST.

#For 811 Limited KYC

Same charges are applicable to this 811 variant.

#For 811 Full KYC

For 811 normal full KYC customers:

Same charges are applicable to this 811 variant also.


For 811 Select full KYC customers:

Nil (0) charges for 4 transactions or RS 100,000 per month whichever applicable first.

It means you won't be charged for 4 transactions per month provided the transferred amount is not greater than RS 100,000.


For transaction above RS 100,000, RS 3.5 + 18% GST will be charged provided the amount charged is greater than RS 150. For any transaction above RS 100,000, minimum 150 rupees + 18% GST will be charged to you.

3.) Virtual Debit Charges

#For 811 lite users

Not applicable because lite users don't get virtual debit card instead they get virtual prepaid card and the charges for it, is zero to none.

#For 811 Limited & Full KYC

Nil (0) charges for virtual debit card.

4.) Physical Debit & Other Related Charges


#For 811 Lite users

Not applicable because the physical debit card is only available for Limited KYC and full KYC users.

#For 811 Limited & Full KYC

Annual fees or Replacement fees is RS 199 + 18% GST per year.


There are two types of transactions

  • Financial transactions (cash deposit, money withdrawal)
  • Non-Financial transactions (balance inquiry, pin change, mini statement request)


#Financial and non-financial transaction charges done at Kotak Mahindra Bank’s ATM



Nil (0) charges upto 5 transactions per month.

After that,

RS 20 + 18% GST per financial transaction

RS  8.5 + 18% GST per financial transaction



#Financial and non-financial transaction charges done at other domestic Bank’s ATM


For transactions done in top 6 cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad)


Nil (0) charges upto 3 transactions per month.

For transactions done in normal places

Nil (0) charges upto 5 transactions per month.

After that,

RS 20 + 18% GST per financial transaction
RS  8.5 + 18% GST per financial transaction


#Financial and non-financial transaction charges done at International ATM

RS 150 + 18% GST per transaction

#Cardless cash withdrawal using IMT

Nil (0) charges for one transaction per month after that RS 10 + 18% GST per transaction will be charged.

#Transaction declined at websites, ATMs, merchant outlets due to insufficient funds

RS 25 + 18% GST per such instance 

5.) Cheque Book & Other Related Charges

Kotak 811 cheque books are mainly of two sizes 25 and 50 leaves.

Cheque book charges are based on the number of leaves of a cheque book.

Rs 3 + 18% GST per cheque book leaf.

Minimum 25 leaves can be ordered through mobile/ netbanking

Cheque Bounce charges

RS 500 + 18% GST per such instance

To read about other few charges of less used services please visit this Kotak 811 charges page.

Conclusion:

If you're not an existing customer of Kotak 811 then this will help you to decide whether to open Kotak 811 zero balance account or not.

I hope that you liked this article and your doubts regarding Kotak 811 charges are resolved.