Introduction
Kotak Mahindra Bank, founded in 1985 and headquartered in Mumbai, is a prominent Indian bank providing a range of financial services. As one of the largest private sector banks by market capitalization, it offers products such as consumer banking, investment banking, credit card services, mutual funds, mortgage loans, insurance, and more.
Product by Kotak Mahindra Bank: Kotak 811 Variants.
- 811 Limited KYC- Zero Minimum Balance.
- 811 Lite-Zero -Minimum Balance
- 811 Full KYC- Account-Zero Minimum Balance
- 811 Edge- Rs10,000 Minimum Balance Required.
The Kotak 811 Full KYC Account is a fully digital savings account that can be opened through mobile phones from the comfort of your home with instant account activation.
Key Features of Kotak Mahindra bank:
1) No Minimum Balance: It is not mandatory to maintain a particular balance amount, making it accessible to a large number of audiences in the market.
2) Earn Interest: One can earn up to 4% interest per year on the savings account. It also comes with exclusive offers, discounts, and cashback on various transactions for more savings for the customers.
3) Digital Opening of Account: Kotak 811 Account gives customers the freedom to open their accounts from anywhere, anytime, making it accessible and convenient for them.
4) No-cost Virtual Card:
Customers can receive a brand-new, no-cost virtual debit card without any charge. However, the physical debit card costs 299 INR per year, including government taxes.
5) No-cost Transactions:
Furthermore, you can make transactions through IMPS, UPI, and NEFT without any fees, anytime and anywhere, 24/7. However, ensure you have a stable and secure internet connection for smooth transactions.
Prerequisites:
1) Resident: The individual must be a resident of India.
2) Age: The individual must be at least 18 years old.
Benefits of Kotak Mahindra bank:
1) Zero Balance Account: No-Minimum Balance requirements make it one of the most lucrative benefits.
2) Ease of Opening Account: Individuals can make and activate accounts within a few minutes from their place of comfort without the need to visit Kotak bank.
3) Mobile Banking:
Once the account is activated, individuals can immediately begin paying bills, conducting transactions, and even investing in mutual funds. Furthermore, mobile banking provides convenience by allowing users to manage their finances from anywhere at any time.
4) Safety and Security: The individual’s account is safe with two-factor authentication and robust encryption to protect confidential information.
5) Offers and Deals: Kotak 811 offers different cashback, discounts, and offers for their customers.
Documents Required:
1) Aadhaar Card
2) Permanent Account Number (PAN)
3) Signature Proof