How To Open Kotak 811 Savings Account Online? Know Features

In a recent development from the Reserve Bank of India (RBI), almost ten months after the restriction was imposed on Kotak Mahindra Bank, the RBI on Wednesday, February 12, 2025, lifted the restrictions, enabling the bank to issue new credit cards and enroll new customers via its website and mobile app.

Kotak 811

Kotak 811, the bank’s flagship brand, offers digital savings accounts to customers. Since the ban on Kotak Mahindra Bank has been lifted, the Kotak 811 savings account continues to offer a fully digital banking experience. This online account provides a practical approach to money management. There is no minimum amount needed to open it instantly online. With interest rates as high as 4% annually, it offers the freedom to spend and earn. Moreover, it offers a digital experience to its customers.

The account opening process is simple and can be done from the comfort of your home. With a Kotak 811 account, you can enjoy features like zero balance requirements and a virtual debit card. The Kotak 811 Savings Account comes in three variants: Kotak 811 Limited KYC, Kotak 811 Lite, and Kotak 811 Full KYC Account. Kotak 811 accounts are available to resident Indian individuals.

Documents Needed to Open Kotak 811 Savings Account online

PAN Card
Aadhaar Card
Aadhaar-registered mobile number

Key Features of Kotak 811 Savings Account

Instant Online Account Opening: Kotak 811 offers a fully digital banking experience, allowing you to open an account online in just a few minutes.

Zero Balance Account: No need to maintain a minimum balance.

Interest Rate: You can earn interest on your savings account balance. As of Feb 15, 2023, daily balances in savings accounts above Rs. 5 lakhs will earn 3% interest p.a., and for balances above Rs. 5 lakhs and up to Rs. 50 lakhs, they will earn 3.50% interest p.a., while balances up to Rs. 50 lakhs will earn 3.50% interest p.a.

Active Money Interest Rate: Earn up to 7% interest on your savings with the ‘Active Money’ feature on your Kotak 811 Savings account.

Instant Virtual Debit Card: Kotak 811 provides a virtual debit card within the mobile banking app for online shopping, bill payments, and more. Physical debit cards are also available with Rs. 299 p.a. (inclusive of taxes).

Digital Banking Experience: Access banking services like fund transfers, bill payments, and more through the app or internet banking.

Online Transfers: Account holders can enjoy free online fund transfers using NEFT, IMPS, or RTGS.

Kotak 811 Savings Account

To open a Kotak 811 Zero Balance Savings Account, follow these steps:

Step 01: Download the Kotak Mobile Banking App or visit the ‘Apply Now’ section on the Kotak 811 website.

Step 02: Enter your details such as name, phone number, and email ID.

Step 03: Enter the OTP sent to your registered mobile number.

Step 04: Enter your Aadhaar number and PAN card number.

Step 05: Complete KYC: Ensure you have a PAN card and Aadhaar card in physical form.

Video KYC: A bank representative will conduct a video call to verify your identity.
In-Person KYC: A bank representative will visit your home to complete your KYC.

After completing KYC and verification, your Kotak 811 Savings Account will be activated, and you can enjoy banking services.

Important Notes

You must complete full KYC within 12 months of account opening; otherwise, the account may be closed.

Before completing full KYC, you can maintain a maximum balance of Rs 1 lakh and total credits cannot exceed Rs 2 lakh in a financial year.

Disclaimer: The information is based on the latest research and development available. However, it may not fully reflect all the current aspects of the subject matter. Moneydaily.in advises readers to visit the Kotak Mahindra Bank’s official website for further information.