Kotak811 Savings Account is for every Indian
811 Zero Balance
Classic Zero balance account that opens in 5 minutes*
Premium Savings Account at Rs. 10,000 minimum balance
1 : Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.
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Want to know more on Eligibility criteria
Savings Account Eligibility Criteria
Maximise your benefits by saving money in the Kotak 811 digital savings account. Kotak 811 digital savings account comes in two variants, designed to cater to diverse spending habits. With the added convenience of zero-contact and video-KYC features, you can open a Kotak 811 digital savings account anytime and from anywhere. Enjoy the best online banking solutions with just a few clicks. Open your online savings account now and explore our extensive range of offerings....
Frequently Asked Questions
A fixed deposit (FD) acts as collateral for a secured credit card, as the bank puts a lien on the FD until the customer returns the credit card. If the customer defaults on the credit card payments, the bank can use the FD to cover the outstanding balance.
A credit card against FD is an excellent choice for those struggling to obtain a credit card due to low credit scores, irregular income sources, or unsatisfactory ID proof(s). It helps build credit scores and provides access to emergency funds.
Not every secured credit cardholder gets upgraded to an unsecured card. The reason may be a low/average income or any other factor. However, increasing the FD amount in the bank can lead to an increase in the credit limit.
No, it is not possible to deposit money using a debit card, credit card, or wallet. These forms of payment are meant for purchases and transactions rather than for depositing funds. However, other options are available for depositing money, such as bank transfers or cash deposits.
No, taking a fixed deposit will not directly impact your CIBIL score. However, by taking a secured credit card against an existing FD and making timely bill payments, you can improve your CIBIL score through your repayment history.
Yes, ATMs usually allow you to withdraw 100% of your credit limit. However, the card's credit limit will only be 75-90% of your fixed deposit.
Banks usually offer a credit limit equal to about 75-90% of the amount you have in a fixed deposit. So, if you've got a ₹10,000 fixed deposit, you can expect a credit limit ranging from ₹7,500 to ₹9,000. Remember that the precise credit limit may differ depending on the bank's guidelines and your credit history.
Regrettably, credit cards backed by fixed deposits are not accessible to foreign nationals in India. This service is exclusively offered to Indian citizens and residents.
The minimum amount of fixed deposit for a credit card varies by bank. Typically, it ranges from Rs.2,000 to Rs.25,000.
Many Indian banks, such as Kotak Mahindra Bank, offer credit cards against fixed deposits for enhanced financial flexibility.
Disadvantages of secured credit cards include lower credit limits (typically 75-90% of the FD amount) and the requirement to maintain a fixed deposit with the issuing bank.