Kotak 811 – Account Types, Features And Interest Rates

9 May 2018

Was there any bank offering account opening facility through mobile before Kotak Bank? As far as I know, none of the banks in India had this option. Kotak became the first ever bank to give us the option to open a bank account through Kotak 811 app.

The app has many attractive features which are discussed in this article. You may also read different types of accounts available under this account.

Key Features of Kotak 811 Account

There are 3 types of Kotak 811 account and the features of each the types are as follows:

811 Savings Account

  • India’s First downloadable account
  • Zero balance account
  • Instant Savings account with Aadhaar Card details
  • Earn interest rate up to 6% per annum
  • Virtual Debit card facility
  • Free IMPS/NEFT using Net Banking and Mobile Banking
  • Book movie tickets, flight tickets and shop online with Kotak 811 App
  • Pay for in-store purchase using Scan & Pay feature

811 Lite Savings Account

  • Transact for up to 20,000 per month
  • Comes with the validity period of 36 months from the date of savings account activation
  • Complete full KYC within 36 months of account activation and upgrade your savings account to 811 Savings Account
  • Shop, book movie and flight tickets without downloading other apps

811 OTP Savings Account

  • Interest up to 6% per annum
  • Zero balance savings account
  • Instant savings account opening with Aadhaar Card details
  • Online shopping with the Virtual debit card
  • Pay for in-store purchase using Scan & Pay

Features and Benefits of Kotak 811 Plan

Here is the detailed description of Kotak 811 App:

Zero Balance Account– Open a zero balance account the app and earn an interest rate of 5-6% per annum on your savings with the balance over ₹1 lakh and up to ₹5 crores.

Scan and Pay– Pay for groceries, shopping, tickets, movies and other requirements without cash by just scanning your debit or credit card.

Multi-Purpose App- Book movie tickets, flight tickets, shop, subscribe to magazines etc.

Virtual Debit Card Accessibility- You can pay bills or recharge or any other online payments in just a few minutes.

Get Loans and Make Investments- You can also apply for a loan from this app and make investments.

Eligibility Required to Open Kotak 811 Account

The eligibility criteria required by Kotak Mahindra Bank for Kotak 811 Account is as follows:

  • Any individual of age 18 years and above can open this account
  • The applicant must be a Resident Indian

How to Use Kotak 811 App?

To enjoy the services and products, follow the below steps:

Download App– Download Kotak 811 app from Google play store.   

Provide Aadhar Number- You need to mention your Aadhar Number.  

Submit the OTP Pin- Mention the OTP pin for authentication to open the savings account on your mobile.

If you do not have a bank account and have been finding it difficult to choose the best bank, you can compare savings account interest rate online. If Kotak 811 accounts become your choice, you can open this account instantly and enjoy the relevant benefits. With the amazing features, it won’t be wrong to say that this bank account surely became the game changer as many other banks then followed the path.

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