NEW DELHI and MUMBAI, India, April 3, 2024 – The way people go about personal banking is undergoing a seashift in India, and exciting new products are entering the market all the time. Customers want speed, simplicity, and convenience when it comes to their finances, which they’ll invariably do through a savings account. Neo-banking platforms like Kotak811 are doing their bit to facilitate this with products like the Kotak811 Digital Savings Account.
A simple online account opening in just 3 minutes, no minimum balance requirements, earning up to 7% interest p.a. on savings with ActivMoney, and much more.
3 Minute Account Opening
Opening a bank account online with Kotak811 takes just 3 minutes from wherever, whenever. No physical paperwork or visits to a bank branch required, The Savings Account documents required are just an Aadhaar and PAN Card.
Follow simple steps:
• Download the Kotak811 Banking App from the app store
• Register on the app using an active mobile number and verify it with an OTP. If you’re an existing Kotak811 customer, simply log in with existing credentials.
• Select ‘811 Digital Savings Account’ and then ‘Apply Now’ section and select the ‘811 Digital Savings Account’ option.
• Fill in Personal Details: Enter personal details as required, including name, date of birth, address, and Aadhaar/PAN details.
• Complete Video KYC: Follow the instructions to complete the Video KYC process. Applicants will need to show their Aadhaar card and PAN card during this process for verification purposes.
Upon activation, customers will get a virtual debit card linked to their Kotak811 account ready to go. This card can be used for online transactions immediately.
Account holders can start using their Kotak811 Digital Savings Account for various banking transactions, including deposits, withdrawals, bill payments, and more, all from the convenience of a smartphone.
Zero Balance, Maximum Benefits
One of the standout features of Kotak811 is its zero balance requirement. Traditional banks often mandate a minimum balance, penalising customers who might not maintain it consistently. Kotak811 eliminates this hurdle, and ensures customers’ money works smarter for them without any strings attached. Whether a seasoned saver or just starting a financial journey, the freedom from minimum balance constraints is a big plus.
Earn up to 7% Interest p.a.
Interest rates on savings accounts often hover around the 2-3% mark, providing nominal returns that cannot keep pace with today’s inflation. Kotak811 disrupts this norm by offering an impressive interest rate of up to 7% with its ActivMoney feature. This higher rate ensures money not only stays secure but also grows at a pace that outpaces many traditional savings options.
Flexible deposits can be automatically moved into the savings account without any commitment to a lock-in period. This is done to cover any shortfall of funds. Excess funds that exceed the limit of ₹25,000 are directed appropriately. Kotak811’s ActivMoney facility ensures optimal utilisation of funds by booking them in multiples of ₹5,000. Once the amount of ActivMoney is transferred, the interest gets credited every 180 days, maximising the earning potential.
Secured Credit Cards and Fixed Deposits
Kotak811 goes beyond the limits of a traditional savings account by offering additional financial tools such as secured credit cards and fixed deposits. The secured credit card, backed by a Fixed Deposit (FD), serves as a bridge for individuals with no employment or credit history. This inclusive approach opens the door for a broader audience to step into the world of formal credit card usage. As customers use these facilities responsibly, they simultaneously build a positive credit history, unlocking more significant financial opportunities in the future.
24/7 Banking at Your Fingertips
Kotak811 embraces the digital age with its commitment to 24/7 banking. Manage finances, check balances, and conduct transactions anytime, anywhere. The unified Kotak app ensures that banking needs are met with a few taps on a smartphone, bringing unparalleled convenience to financial management.
A Seismic Shift in Banking
If customers are searching for a no-fuss savings account that combines simplicity, high-interest returns, and additional financial tools, Kotak811 stands out as a great choice. The easy account opening, zero balance requirements, high interest rates, and the inclusion of secured credit cards and fixed deposits make it a holistic solution for modern banking needs. Embrace the future of banking with Kotak811, where financial flexibility is not just a promise but a tangible reality.
About Kotak811
When 8th November 2016 changed the way India transacted forever, Kotak811 was conceptualized to simplify banking and make it fully accessible online. Kotak811 was launched on 29th March 2017. As one of India’s first full service, truly digital banks, it offers customers a simple and convenient way to open a savings account and transact digitally using 180+ features on its Kotak811 Mobile Banking app, from home or on the move.
On 29th March 2022, Kotak811 presented itself as a bank within a bank, adopting a fresh and new brand identity with ‘digital at its core. As a brand ethos, Kotak811 continuously inquires into India’s banking challenges, innovates to bridge these gaps, and inspires Indians to adopt a way of banking that lets them take full control.
