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Kotak Bank 811 – The Answer to Post Demonetisation Era Banking

, May 17, 2017, 0 Comments

kotak-bank-811-bank-account-marketexpress-inA key component of banking in the post demonetisation era is a purely digitally-enabled savings account. 811 and 811 Edge is a new age banking solution offered by Kotak Mahindra Bank.

It is newest method for online bank account opening with zero balance. It is the first ever bank account that you can install by downloading the Kotak Mobile Banking App and set up a mobile banking PIN and start using your account immediately!

What’s more, you can now earn 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 5 crores and 5.5% p.a. interest on savings account balance above Rs. 5 crores in your 811 & 811 Edge accounts! It allows you to make online money transfers for free (IMPS, NEFT and RTGS) and comes with a Virtual Visa Debit Card which you can use to shop online as well as pay via Scan & Pay at merchant outlets.

Kotak Bank’s ‘811’ is a nod to the government’s November 8 decision to demonetize high-value currency notes and push India towards a cash less economy. The app will allow users to make payments using a virtual debit card and BharatQR, money transfers using Unified Payments Interface, manage investments in fixed deposits and mutual funds, access credit cards and apply for personal loans. 811 also lets you access the benefits of partnerships with PVR, Flipkart and Goibibo, whose services account holders will be able to avail of directly through the app.

The 811 account can be used to shop online, pay bills, recharge subscriptions or use ‘Scan & Pay’ to pay across lakhs of merchants across the country. 811 brings you a Virtual Debit Card inside your Mobile Banking App. With the aim of keeping the entire process paper-free by using fingerprint-based authentication, 811 doesn’t require you to provide any documents.

The 811 Edge is a savings account that brings you the best of 811 and a regular savings accounts. While, this account requires a minimum balance of Rs.10,000, it comes with Platinum Chip Debit Card, high Free transaction limits, Free transactions on all Kotak ATMs and many more perks. You can either choose this account while going for Full KYC, if you have already opened 811 account or you can directly apply for the same on Kotak Bank website.

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