Can I open a savings account jointly with another applicant?
No. You cannot have a joint account with another applicant. Kotak811 savings account is for a single user only.
What are the different types of savings accounts by Kotak811?
You can choose from Kotak811 Zero Balance Digital Savings Account, and 811 Super Savings Account.
How do I choose the best savings account?
The choice of the best savings account depends on your preferences. If you often struggle to maintain balance, opt for a Zero Balance Digital Savings Account. If you want cashback benefits on your debit card spending, the 811 Super Savings Account is ideal.
What happens if I don’t maintain the required balance?
Zero Balance Account: No penalties.
Super Savings Account: No penalties. But to enjoy all the cashback benefits associated with the account, you must meet the required spending conditions.
What are the benefits of a Kotak811 Savings Account?
The key benefits of a savings account are:
- A free virtual debit card or a physical card is available upon request.
- Fully digital account opening with instant activation.
- Competitive interest rate of up to 5.75% p.a. interest with ActivMoney
- Free fund transfers via NEFT, IMPS, and UPI.
- Cashback benefits (for Super Savings Account users)
Check out specific account pages to explore the complete range of benefits.
Can I upgrade my Kotak811 savings account?
Yes, you can upgrade from a Zero Balance Account to a Super Savings Account. The process can be carried out through the mobile banking app or by connecting with a customer care representative.
Who is eligible for a Kotak811 Savings Account?
To be eligible for a Kotak811 Savings Account, you should be a citizen of India, above 18 years of age (except in the case of a minor savings account). You must submit valid KYC documents.
Is video KYC valid for savings accounts?
Absolutely! You can complete your KYC from home over a video call with a Banking Officer. It is easy and open for Indian residents present in India during the process.
How can I withdraw money from my Kotak811 Savings Account?
You can withdraw money from your Kotak 811 Savings Account either by using your physical debit card at an ATM or by visiting a Kotak Mahindra Bank branch. If you own a physical debit card linked to your Kotak811 Account (usually available for Limited and Full KYC accounts), you can visit any ATM and follow the standard withdrawal process.
What charges are applicable on Kotak811 Zero Balance Savings Accounts?
A Zero Balance Savings Account levies no annual charges or fines.
What are the charges for virtual debit cards available with 811 Zero Balance Savings Account?
Nil! With a Kotak 811 Zero Balance Savings Account, the virtual debit card is available free of cost and is instantly issued upon account opening.
Which Kotak811 Savings Accounts offer an ActivMoney facility?
The ActivMoney feature is offered to customers holding a Kotak811 Zero Balance and 811 Super Savings Account.
Will I be eligible for the Activmoney facility if I am a non-resident?
Unfortunately, no. The ActivMoney facility in a savings account is not for:
- Non-Resident customers
- Savings account without PAN
- Savings account with already Linked FD Facility
- Accounts with One Way Sweep facility linked
- With overdraft facility is availed
What documents are essential for opening a savings account?
To open a digital savings account with Kotak811, you need only your Aadhaar Card and PAN Card. It is valid for 12 months and requires full KYC completion within this period to continue services.
What if I do not have an Aadhaar Card to open a savings account?
You can open a Pre-KYC 811 Lite Account if you do not have an Aadhaar Card. This is a basic digital wallet-like account without a physical debit card. You will be required to provide your PAN and a few other details.
Do I need to add a nominee to my savings account?
Yes, adding a nominee to your savings account is a wise step. In the case of an unfortunate event, the funds in your savings account will be transferred to your nominee easily. Having said that, you have the choice to opt out of adding a nominee by selecting the ‘I don’t wish to add a nominee’ option.
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