A significant innovation in modern banking is the invention of a zero balance savings account which has genuinely pushed the boundaries of digital India.
A zero balance savings account is a type of savings account in which the account owner is not required to have an average monthly balance. And a major pioneer in these types of accounts is Kotak Mahindra Bank.
But many people still struggle to open a zero balance savings account in Kotak Mahindra Bank in 2022.
So here is the complete guide on zero balance savings accounts in Kotak Mahindra Bank and how to open it.
- 811 is subdivided into three accounts.
- 811 Lite account: This account has a spending limit.
- 811 Limited account: Has to have a spending limit of 2 lakh per year. It can only be accessed with an Aadhar OTP.
- 811 Full KYC: This is a completely zero-balance account with no restrictions on any online transactions and can be accessed only after Aadhar OTP and biometrics verification.
- 811 Edge account: This is an 811 full KYC account with a minimum balance of Rs.10,000; if this figure is not sustained, the institution will incur a penalty every month.
To register for a Kotak Mahindra Bank 811 Savings Account, you must satisfy the following requirements:
- The applicant must be at least 18 years old.
- The applicant must be an Indian citizen.
- The applicant must be a new Kotak Mahindra Bank customer.
The following documents must be submitted in order to apply for a Kotak Mahindra Bank 811 Savings Account:
- Aadhaar Card (Mandatory)
- PAN Card/ Passport. Voter ID/ Driving license
Steps to open kotak 811 saving account
Kotak offers digital accounts to all customers who have a PAN and an AADHAR card.
- To begin, download the KOTAK 811 application from the Google Play or Apple App Store.
- If you are new to Kotak, click “Get Started.”
- Your basic information will be the next step—full name, birthdate, email address, mobile number, etc. Enter accurate information as per government documents since it will be entered into bank records and verified afterwards.
- Finally, enter your PAN and AADHAR information.
- According to RBI regulations, banks can create zero-balance savings accounts online using Aadhaar OTP authentication.
- After OTP verification, you’ll be prompted to another stage.
- You can now view your address as it appears on your Aadhaar card. As your communication address, use this address or another address.
- Include information such as the names of the father and mother, employment, sex, and annual income.
- Before beginning the Video KYC verification procedure, go through the information you’ve entered.
- Sign the terms of the agreement.
- After the video KYC verification procedure, you have an 811 Limited account with a transaction limit. If you want to open an 811 Full KYC account, you must agree to biometrics verification.
- Make sure that you submit all current and correct contact information.
- The next stage is biometrics, which can be done online by requesting an executive appointment for documentation.
- After verification of the biometrics, an 811 Full KYC account will be activated.
Now you can enjoy the benefits of a zero balance savings account in Kotak Mahindra Bank.
Still, if you face any issue in kotak 811 account opening, watch given below video: