Kotak 811 Account was inspired by the government’s decision to demonetise

high value currency notes on 8th November, 2016. In a bid to transform the
Indian economy into a cashless one, Kotak Mahindra Bank launched 811, a full-
service digital banking system on your mobile. Kotak 811 account is for single
users. Joint accounts cannot be opened with Kotak 811.
In order to open 811 account, you just need to download Kotak Mobile
Banking App and register using your Aadhaar and PAN. It is zero balance
account offering 6% interest rate. Once you open Kotak 811 account, you can
perform banking transaction anytime, anywhere with a click of button.

Zero balance saving accounts are also called no-frills accounts which provides
lesser facilities than the regular savings accounts. Let’s compare zero balance
saving accounts vs regular saving accounts to have a clear idea of whether you
should go for zero balance saving accounts or not?

Regular Savings Account Zero Balance Saving Accounts

Offers high deposit and withdrawal limits Offer limited deposit and withdrawal limits

Only one proof can be submitted to open

Full KYC is required to open the account
the account

Maintenance of the minimum balance is

No minimum balance is required
necessary

Annual charges for ATM/debit card Free ATM/debit card forever

Useful for day to day financial transactions Useful for occasional use

Can be open at any branch of the bank Limited branches are offering this account

Maximum Rs. 100000 can be deposited in a

Can have a deposit of high amount
year

No capping on monthly withdrawal Rs. 10000 capping on a monthly withdrawal

 A high number of free ATM transactions Less number of free ATM transactions

In order to understand the Performance delivered by Kotak 811, let’s look at

Kotak 811 Bank Account key features and benefits:
Key Features of 811 Account
 Zero minimum balance requirement
 Savings Interest rate Up to 6% per annum
 Free online money transfers (IMPS, NEFT and RTGS)
 Kotak 811 virtual debit card. You can also get the physical card for 199 per
annum charge.
 Login to your Kotak 811 account through app.
 You can get chequebook based on demand.
 Multiple benefits and offers.
 Upto Rs 1 lakh – 5%
 Rs 1 lakh to Rs 1 crore – 6%
 Above 1 crore – 5.5%

Kotak bank offers four types of digital bank accounts (1) Kotak 811 Limited KYC
(2) Kotak 811 Lite (3) Kotak 811 Full KYC (4) Kotak 811 Edge Account.

Restrictions
 Total Cumulative credit allowed in this account is 2 Lakh in a year.
 Maximum balance allowed at given point of time is 1 Lakh.
 Time to complete your KYC is 12 months from date of opening this account
online.
If you convert this account in full KYC account, no such restriction is applicable.

Below is the summary of the top zero balance saving accounts providers in
India:
Expert Opinion:
If you are looking for which bank gives highest interest rate on savings
account in India, then you should go for Kotak Mahindra bank.
Kotak Mahindra bank offers one of the highest savings account interest rate in
India. You would get up to 6% interest rate on your savings account. Even the
FD interest rate of SBI, HDFC and ICICI ranges between 6 to 7%.
So you can earn approximately the same fixed deposit interest rate on your
savings account without locking your money.
Best For
Persons who are looking for a higher interest rate and zero account balance.
Customers Talks:
The app-based savings account is seen gaining popularity among young
banking customers as customers below 40 years are interested in the service.
The 811 service is available at about 700 locations where the bank has its
branches.