What is Kotak 811?


Kotak 811 is a completely digital bank account provided by Kotak Mahindra Bank. It is a zero balance savings account which means you don't need to pay anything upfront to open this account.


After opening the account you don't even need to maintain any specific minimum amount, it will remain active even if the account balance is zero. It is very similar to a real savings bank account you can avail almost every service which a non-digital savings bank account can provide.



Is Kotak 811 Safe?

Kotak 811 is completely safe, the data provided by you is fully secured using high-security standards. Even Kotak Brand is a very well known brand in India, so you don't need to worry about the safety of your money.


What Does 811 Stand for in Kotak 811?

811 stands for 8/11 or 8th of November, the historic day when our honorable prime minister Modiji announced the demonetization of 500 & 1000 rupees notes. The whole of India was shaking on this day.

This decision gave a boost to digital transactions in India. And digital payment platforms like paytm, phonepe, freecharge, etc saw huge spikes in customer base.



Who Can Apply for Kotak 811 & Which Documents Will Be Needed?


You need to be a resident of India having an Indian address. Along with this, your age should be 18 years or more. You should not have an early relationship with the kotak Mahindra bank. For example, having a loan, bank account, credit cards, etc. 


You need to have a pan card in order to open this account. In case you don't have Aadhaar Card you can still open 811 Lite account.


Different Types of Kotak 811 Accounts & Their Features

Different types of kotak 811 accounts


1.) Kotak 811 Lite

Kotak 811 Lite is a less featured zero balance account it has many limitations in terms of validity, credit restrictions, service availability, etc.

You won't get virtual debit card instead a virtual prepaid card will be issued to you. Using this, you can shop online, pay bills, do recharge anywhere all you need is an Internet connection. Also, you cannot avail services like physical debit card, cheque book, and outward transfer, etc. You've to face some credit restrictions. 


You can deposit money into this account using the online payment gateway. You won't receive any interest.


Sum of all credits (deposited amount) should not exceed RS 10000 in a Calendar month and RS 100,000 in a financial year.


This account will be valid for 1 year only after that your account will be blocked. To avoid this blockage you need to complete the KYC process. After completing kyc process your account will be upgraded to full KYC account.



Who Will Get 811 Lite Account:
  • A person who doesn't want to use or have Aadhar card for opening kotak 811 account
  • A person who has not linked his or her mobile number to the Aadhar card or fails to receive OTP to the Aadhar Card registered mobile number.

2.) Kotak 811 Limited KYC

Kotak 811 Limited KYC is a semi-featured zero balance account it also has many limitations in terms of validity, credit restrictions, service availability, etc.

You will get a virtual debit card. You cannot avail services like cheque book, and outward transfer through the branch, etc. You’ll face some credit restrictions. 

Sum of all credits (deposited amount) should not exceed RS 200,000 in a year. At any given point of time, your account balance should not exceed more than 1 lakh rupees.

This account will be valid for 1 year only after that your account will be blocked. To avoid this blockage you need to complete the KYC process. After completing the KYC process your account will be upgraded to full KYC account.

Who Will Get 811 Limited KYC Account:
  • A person who has an Aadhar card and linked his or her mobile number to the Aadhar card. But not completed the KYC process.

3.) Kotak 811 Full KYC


Kotak 811 full KYC is equivalent to a real savings account as you can avail almost every service which a non-digital savings bank account provides.

You can open this account in one go. You need to first open Kotak 811 Limited KYC account after that you have to complete KYC process then your Limited KYC account gets upgraded to full KYC account.

Full KYC account has no limitation you can avail services like physical debit card, cheque book, DD, Fund transfer, branch access, etc.

In this account, you are eligible to avail interest on your deposited money. You can even visit Kotak Mahindra Bank to withdraw or deposit money.

Who Will Get 811 Full KYC Account:
  • A person who had Limited KYC or lite account and completed the KYC process.


Things You Need to Know Before Opening 811 account

You cannot always continue with 811 lite and limited KYC accounts. At one point of time, you've to upgrade your account to Full KYC account. Otherwise, your account will be blocked after 1 year. If you want to know more about this, read my guide on 811 KYC process.

This account won’t be completely free. Kotak Mahindra Bank will charge money for their paid services like physical debit card cheque book money deposit through Bank etc. That's how they are able to provide you zero balance account without charging you any money upfront.


Kotak 811 is a digital Bank to avail free services like virtual debit card, IMPS, NEFT you need to keep the app installed. Branch visits are not free. Even Kotak Mahindra Bank doesn’t encourage users to visit the branch as it would increase operational cost.


You won't get welcome kit which includes physical debit card, passbook, checkbook. If everything would be the same as offline savings account then there is no point to call this account a digital savings account. By eliminating various operational cost Kotak Mahindra Bank is able to provide this service to everyone.


You need to know the charges associated with using Kotak 811 zero balance account like ATM transaction charges, passbook charges, physical debit card charges. etc. Be sure this account suits your needs and your pocket also. And if you want to learn more about charges read my detailed guide on Kotak 811 charges.



Don't open this account if you don't want to because if you went to the Bank in the first six months to close this account they will charge you some money as account closure charges. This charge can be avoided by closing it after 6 months.


How To Open Kotak 811 Account Online

The process to open kotak 811 account is online you don't need to visit the bank. You just need to visit this Kotak page. After that watch this video and follow each and every step to get your Kotak 811 account.




Conclusion:

This is how you can open kotak 811 account online in just a few minutes. And don't forget to complete the kyc process.