811 Kotak & Variants on Your Fingertips

Kotak Mahindra Bank may not have achieved the numero uno status overall but has always managed to grab traction over the years owing to its ability to bring something new to the table every now and then. A little more than a year and a half before, Kotak had launched a digital bank account in the form of 811. As soon as it happened, 811 Kotak became a rage and it still is given the wide range of services on offer. The account has four variants - 811 Limited KYC, 811 Lite, 811 Full KYC Account and 811 Edge. Let’s check out the details of each of them in this article before choosing a one for us.

811 Limited KYC

Firstly, the account can be opened by installing 811 App on mobile or on the website. The best part is that it does not require an individual to maintain a balance by virtue of a zero balance feature. You can earn interest of up to 6% per annum. A free virtual debit card would be offered to you to make transactions with the same. On the other hand, a physical debit card would be offered at an annual cost of ₹199. The cumulative deposits allowed in a financial year amount to ₹2 lakhs. You can get free NEFT and IMPS transactions. Deposits can be made through either cash or cheque. However, withdrawal is not allowed either through cash or cheque.

811 Lite

You can open the account by installing the 811 App or on the website. There’s no need to maintain a balance in the account. As a customer, you can earn interest on your deposits at up to 6% per annum. The deposit allowed in a calendar month and financial year is ₹10,000 and ₹1 lakh, respectively. However, only cash deposits are allowed. At the same time, there are no withdrawals allowed by either cash or cheque.

811 Full KYC Account

You can install the 811 App to open this account. The most interesting part of the account is its zero balance feature, giving a sense of freedom in using the account. A free virtual debit card is also given. The interest can be earned up to 6% on the bank deposits. On the other hand, the physical debit can be issued at an annual charge of ₹199. There are no caps on cumulative deposits along with free NEFT, RTGS and IMPS transactions. Also, deposits and withdrawals can be made by both cash and cheque.

811 Edge

The account can be opened via installing 811 App, on the website, or even at the bank branch. Here, you need to maintain an average monthly balance of ₹10,000. You can earn up to 6% interest on the money deposited on the account. A platinum debit card with an annual charge of ₹150 can be issued to you. Like Full KYC, Edge account also does not come with any restriction on cumulative deposit. Plus, there are free IMPS, NEFT and RTGS transactions on the account.

So, you checked the minute details of 811 Kotak, including the one used to describe the process of 811 Kotak Bank Account Opening Online. Keep embracing the new wave of digitization to make most of the convenience it has on offer.