How to Open a Kotak Mahindra Bank Zero Balance Account?
Do you want a zero-balance bank account that comes with the benefits of a private bank? Yeah, me too because let’s be honest, zero-balance bank accounts are only offered by government banks. Well, if you think the same then let me introduce you to the Kotak Mahindra Bank zero balance account. With this, you can now not only save your money but grow it as well with a competitive interest rate. Read along and find out why and how to opt for the Kotak811 account.
Features and Benefits of a Zero Balance Savings Account
It is important that you know and are aware of all the features and benefits of the Kotak811 digital savings account. Here are some of the major ones:
- You do not have to maintain any minimum balance in your account. So, you can go and spend even the last penny in your account without worrying about any negative balances or penalties.
- With the help of the Kotak811 app, you can open your digital zero balance account from the comfort of your home with just your PAN Card and Aadhaar card.
- You can grow your money even on your zero balance savings deposits with the prevailing interest rate.
- Basic facilities like debit cards, credit cards, internet banking, mobile banking, chequebooks also come with this account.
- To complete the account opening process, you need to complete the KYC process by visiting the bank in person within 180 days from the time of application or by submitting a video of yourself online.
Eligibility To Open Kotak 811 Zero Balance Account
You must meet the following criteria to be eligible to apply for the savings accounts:
The first thing is that you should be a minimum of 18 years old or above. To be eligible one should be a citizen of India or an Indian living abroad. There are no income requirements or anything else so that’s a plus.
Documents Required
To open a Kotak Mahindra Zero Balance account, you only need two documents that are mandatory:
- PAN Card
- Aadhaar Card
Fee and Charges
Below we mention the fees and charges applicable to the Kotak Mahindra Bank 811 savings account:
| Type of Fee | Charges |
| NEFT/ IMPS/ RTGS/ Mobile Banking | Free |
| NEFT/ RTGS via bank branch | A fee of up to Rs.40 is charged varying on the amount being transferred. |
| Charges for not maintaining a monthly average balance | NA |
| CDM/ Cash Deposit via Branch | Zero fees for one transaction or Rs.10,000 per month.
Rs.4.5 is charged per Rs.1000 after that. |
| Annual Fee | NA |
| Statements and Alerts |
|
How to Open Kotak Mahinda Zero Balance Savings Account Online?
You can easily open your digital savings account in a just few minutes. Here are the steps:
- Download the official 811 app from the Play Store or you can visit the official Kotak Mahindra Bank’s website.
- Next, fill in your name, contact number, and email ID that is registered with the bank.
- You will receive an OTP on your phone number for verification.
- After the verification is complete, the bank will ask for your PAN and UID number.
- Once again, you will receive an OTP for confirmation. Read all the terms and conditions and accept them.
That’s it! This is how you can easily open your bank account. Now all that is left for you to do is wait and complete the KYC by visiting the nearest bank branch. Another great thing is that, you can complete the KYC by submitting a video of yourself as well. This eliminates the need to visit the bank.
Kotak Mahindra Bank Customer Care
You will be glad to know that the customer support of the Kotak Mahindra Bank is nothing short of amazing. You can contact them at any time of the day for all your banking needs. There are two numbers that you can call to reach out to them:
- 1860 266 0811
- 1800 209 0000
Wrapping Up
This was all about the Kotak Mahindra bank zero balance account. This makes it easily accessible for everyone. You can open your bank account from the comfort of your home eliminating the need to visit the bank branch, standing in long queues, and whatnot.
With no requirements to maintain a minimum balance, you can spend your hard-earned money however you want without worrying about any fee or penalties.
As a writer, my task is not only writing but making tough topics easy to understand. I have the ability to connect with the readers and deliver them the best piece of writing.
