Kotak Mahindra Bank, one of the leading private sector banks in India has launched a new digital offering for its customers which is known as Kotak 811 plan. The plan has been designed to give a major push to digital banking in India. Kotak 811 plan is bound to strengthen and improve the customer base of the bank.
This also means the bank will able to cater to more number of customers even with its limited branches. At a time, when India is taking baby steps towards moving to online transactions, the plan is simply perfect for the promotion of digital banking.
Kotak 811 plan can truly be regarded as an innovative idea that can change the way a person banks in India. The customers of the bank can now open a zero balance savings account on the 811 app and they will not be charged for any digital transactions. A person will only require his/her Aadhar and PAN card to open an account which will give him/her access to over 100 features on the mobile. The entire process will be digital and there will be no paperwork involved. The interest rate is provided up to 6% on a savings account. The person will be provided with a virtual debit card.
A point which holds quite a value here is that the name Kotak 811 plan has specifically emphasized on the numeric numbers 811. The bank has strategically used the numbers because on the very same day i.e. November 8, 2017, India witnessed a major revolution in the banking sector.The wave of demonetisation was introduced by our Prime Minister and this resulted in 500 and 1000 rupees notes being officially out from circulation. The bank was inspired by the same and hence the name was given-Kotak 811 plan.
The 811 app service comes with exciting features and benefits that are passed on directly to the bank’s customers. The best part is your mobile will act as a bank for you, which means you can operate and use it as per your convenience. An interested person can download and install the application from Google play store.
The app will be available soon at the Apple store. As mentioned above, you will just have to enter the details of your Aadhar and PAN card. You will soon receive an OTP through which you can authenticate your account.
So, in a matter of five minutes, your account will be opened and you will have a savings account. The rates offered on your savings account are higher when compared to other banks. The customers won’t have to worry about maintaining a minimum balance anymore. Kotak 811 plan has truly emerged as one of the best schemes to open the savings account and avail attractive interest rates.
The icing on the cake is that making payments is going to be easier now. You no longer will have to carry the card in a wallet and won’t have to give the card for making payments. You can easily scan and make payments directly. A point which has to be brought to your notice is that the facility will available in only a few outlets and more than 10,000 online merchants. The bank is working hard to expand and increase the number of merchants and outlets.
You can use the app for shopping, booking movies tickets, bus tickets or flight tickets. Kotak 811 plan has become the one-stop destination for all the facilities. You can also transfer the money to your friend by using one-time transfer service. In short, it has everything that a person would desire for.
The bank has ensured that there is a top-notch security and safety of the customer’s account and details. It has tried to eliminate all sorts of security threats or breaches that can come out all of a sudden. The customers can secure a loan and make any kind of investments using the app.
All said and done, Kotak 811 plan can be considered a great masterstroke from Kotak Mahindra Bank. The plan will not only support the digital India initiative but will actually bring a drastic change in the way Indian people bank.