Kotak 811 Zero Balance Account Review: Kotak 811 Digital Account is a digital savings account offered by Kotak Mahindra Bank in which the account holder does not need to maintain any minimum balance. This is the most basic digital account and has three variants namely, Kotak 811 Limited KYC, Kotak 811 Lite, and Kotak 811 Full KYC account. These three variants have different features based on the KYC i.e. the account with stronger KYC has more features than the account that has minimum KYC.
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Let’s discuss the three Kotak Zero Balance Saving account and their features:
Kotak 811 Limited KYC Accounts
The Kotak 811 Limited KYC account is a variant of the Kotak 811 Digital Savings Account that can be opened through limited KYC but the account holder needs to complete their full KYC within 12 month timeframe to get lifetime validity of the account. An account holder can complete Full KYC through the Video KYC process by showing their PAN card, Aadhar Card, and signature on a blank sheet.
Features of Kotak 811 Limited KYC Accounts:
No Minimum Balance: The account holder does not need to maintain any minimum balance in their savings account and can deposit upto 2 Lakh per year and keep a maximum balance of Rs. 1 Lakhs.
Rate of Interest: The account holder can earn upto a 4% interest rate per annum on their Kotak 811 Digital Savings Account.
Debit Card: The account holder gets a virtual debit card that can be used for online shopping, bill payment, recharge, and many more or the account holder can request a physical debit card through Net banking and Mobile banking App for Rs 299/year.
Video KYC: Anyone who wants to open this account does not need to visit the branch for the KYC process, they can do it through video call by showing their Aadhar Card, PAN card, and their signature on a blank page within a few minutes.
Cash Withdrawal: Five withdrawals from Kotak bank ATMs and five from other banks ATMs.
Kotak 811 Lite Zero Balance Saving Account
The Kotak 811 Lite account is a variant of the Kotak 811 Digital Savings Account that can be opened without any KYC but the account holder needs to complete their full KYC within a 12-month timeframe to get lifetime validity of the account and the account holder fails to complete full KYC than it may leads to closure of the account. An account holder can complete Full KYC through the Video KYC process by showing their PAN card, Aadhar Card, and signature on a blank sheet.
Features of Kotak 811 Lite:
No Minimum Balance: The account holder does not need to maintain any minimum balance in their savings account.
Rate of Interest: The account holder can earn upto a 4% interest rate per annum on their Kotak 811 Digital Savings Account.
Debit Card: The account holder gets a virtual debit card that can be used for online shopping, bill payment, recharge, and many more.
Video KYC: Anyone who wants to open this account does not need to visit the branch for the KYC process, they can do it through video call by showing their Aadhar Card, PAN card, and their signature on a blank page within a few minutes.
Fund Transfer: NEFT, RTGS, and IMPS are not allowed in this account.
Kotak811 Account Full KYC version
The Kotak 811 Full KYC account is a variant of the Kotak 811 Digital Savings Account that can be opened through full KYC and fulfills all the functions of a proper savings account and the account holder does not need to maintain any minimum balance in their bank account.
Features of Kotak 811 Full KYC Account:
No Minimum Balance: The account holder does not need to maintain any minimum balance in their savings account.
Rate of Interest: The account holder can earn upto a 4% interest rate per annum on their Kotak 811 Digital Savings Account.
Debit Card: The account holder gets a virtual debit card that can be used for online shopping, bill payment, recharge, and many more or the account holder can request a physical debit card through Net banking and Mobile banking App for Rs 299/year.
Video KYC: Anyone who wants to open this account does not need to visit the branch for the KYC process, they can do it through video call by showing their Aadhar Card, PAN card, and their signature on a blank page within a few minutes and after that a bank official will collect the documents from the property of the applicant at the convenient slot selected by the applicant.
Fund Transfer: NEFT, RTGS, and IMPS are allowed in this account.
Cash Withdrawal: Five withdrawals from Kotak bank ATMs and five from other banks ATMs.
Interest Rate of Kotak 811 Digital Savings Account
| AMOUNT ( RS ) | INTEREST% |
| Till 50 Lakhs | 3.50% |
| < 50 Lakhs | 4.00% |
Features of Kotak 811Digital Saving Accounts with Zero Balance facility:
| Account | Zero balance | Debit card | Virtual debit card | Rate of interest | KYC | Video KYC |
| Kotak 811 Limited KYC | Yes | Yes (Rs 299/year) | Yes | 3.5% to 4% | Limited KYC till 12 months | Yes |
| Kotak 811 Lite | Yes | No | Yes | 3.5% to 4% | No KYC till 12 months | Yes |
| Kotak 811 Full KYC | Yes | Yes (Rs 299/year) | Yes | 3.5% to 4% | Full KYC | Yes |
How to Open Kotak 811 Digital Savings Account:
- Kotak 811 Digital Savings Account with Zero Balance feature can be opened online.
- Kotak 811 Limited KYC account can opened through limited KYC, Kotak 811 Lite can be opened without any KYC, and the Kotak 811 Full KYC account can be opened only through full KYC.
- It can be opened online by entering details and the applicant does not need to visit a branch to open a Kotak 811 Digital Savings Account.
- After that KYC can be done through video KYC by showing PAN Card, Aadhar Card, and a signature on a blank sheet to the bank official.
- After all the process, bank officials will collect the documents from the property of the account holder at a convenient time.
- After that, the account holder can request a physical debit card at Rs 299 (inclusive of GST) per annum.
Kotak 811 Zero Balance Account Review: Final Verdict
We can say that Kotak Bank offers the best zero balance account if you compare to any other bank. In 2024 the Kotak 811 account offers all the important needs of having a saving account.
Don’t forget to checkout our credit card review here.
💰 Kotak 811 Zero Balance Account offers flexible options with no minimum balance requirement and attractive features. Easy KYC through video call makes it convenient. #KotakBank #ZeroBalanceAccount 💳
After lots of research on India’s best banks for high interest saving accounts, I found Kotak is best option, but I dont know why the executive asked me to take premium debit card of Rs.550 something.
Please check the benefits of debit card if worth it then take otherwise in Kotak811 0 balance account normal debit card cost 299. But if you don’t want physical debit card then no charge. Virtual debit card can be found in kotak app for online transactions.