Ever since the Digital India mission announced by the government a couple of years ago, the talks of digital economy have been doing the rounds. The digital ride was given further impetus from the demonetization move aimed to usher in the cashless economy in India. Looking at the economy tilting towards the digitization, Kotak Mahindra Bank, the fourth largest private sector bank, has given a new dimension to online banking transactions with the launch of Kotak 811 Plan. The innovative product aims to enhance the digital banking experience of customers wanting to transact in a quick and hassle-free manner, miles away from the discomfort of taking some time out of your busy schedule to visit the branch and open an account. By providing an experience of opening the account through an app, it’s surely gonna be one of a kind service that would attract more and more customers as the days go by. Wanna check out a complete detail of what Kotak 811 Plan has in store for you? If so, then stay connected as we bring you all the magic of the plan before you.
What Exactly Kotak 811 Plan is?
I reiterate by saying 811 is a new age digital initiative launched by Kotak. All you need is to download 811 account through Kotak Mobile Banking App and get registered by submitting your PAN, aadhaar and other details. A mobile banking PIN is what you need to set and start using the account instantly. Also good is the fact that you can earn interest at a rate of upto 6% per annum with no requirement of specific balance to be maintained. On savings account balance of above ₹1 lakhs to 5 crores, you can earn 6% interest. Whereas on balance of upto ₹1 lakh and above ₹5 crores, 5% and 5.5% interest rate are applicable, respectively. So, from the earning side of things, you have a reason to cheer with Kotak 811.
The World of Services on Your Feet
You have the privilege of doing online money transfer free via NEFT, RTGS or IMPS. Normally, there is a nominal charge on such a transaction. Besides, a virtual debit card is fitted in the app. So, the shoppers, start shopping online and pay for the goodies via scan & pay feature. In addition, you can pay for your utility bills, movie & travel tickets and much more.
The striking feature of the service is that you can deposit money into this account via payment gateway using net banking or debit card. You can also transfer the funds from another bank account to 811. Cash deposit is also permitted at the bank branch.
How Much Can You Deposit?
You can keep a maximum of ₹1 lakh at any point of time. A maximum of ₹2 lakhs can be credited to the account. Beyond which, you are required to convert to full KYC account. The account is valid for a year. Within this period, you would need to get this account converted to a full KYC account, which would remove the transaction limits from the account.
Conversion Procedure to Full KYC Account
The conversion to full KYC account requires you to book an appointment of the bank executive who will come and do in-person verification. You can use the mobile banking app, dial the customer care number-18602662666 or even visit the nearest bank branch. The executive will use a biometric device to authenticate the aadhaar details, and within 5 minutes, the entire process will be completed.
I hope, it’s been an exciting experience knowing Kotak 811 Plan in detail. The enormous convenience of doing online transactions, along with massive earning possibility on saving account and zero balance requirement, is most likely to make 811 account a hassle-free banking experience for all.