It was round about this time last year when Kotak Mahindra Bank, one of the premier private sector banks, surprised many by launching the first ever digital account, i.e. Kotak 811. If there was a craze for Kotak 811 at that time, it’s now converted into a rage because of the infinite possibilities the digital account has created for users. From letting one open the account instantly to earn them higher interest rates on their balance, the next generation account has been a dream come true for depositors seeking glorified services. So, sneak into the glorious path of the account taking the route of this article.
What Drives Users Towards Kotak 811?
All you need is to download Kotak 811 Mobile Banking App online and open the account. The best part about Kotak 811 is that it’s a zero balance account and hence eliminates the requirement to maintain a specific balance. On the other side, the interest rates are on the higher side to keep encouraging the depositors to park more and earn more. The rates, precisely, range between 5%-6% per annum.
Services on Offer
All those seeking a safe way to build their corpus can book recurring deposit or term deposit with one click via Kotak 811 app. With the virtual debit card, paying utility bills, recharging DTH/mobile phones can be done in a few taps. The ‘Scan and Pay’ feature allows shopping for groceries, booking cabs, ordering home deliveries, etc. You can book tickets for movies, flights, hotels and buses at Goibibo using the app. Even IRCTC tickets can be booked via the app. All those wanting to stay updated with what’s happening around the world can subscribe to national or international magazines with the app.
Kotak 811 Login
You can login to Kotak 811 using Customer Relationship Number (CRN) and Mobile Personal Identification Number (MPIN). If you don’t know the CRN, you can SMS CRN to 5676788 from your registered mobile number to retrieve the same. Similarly, you can get the MPIN back on texting MPIN to 5676788 from the registered mobile number. You will be given a link, valid for 30 minutes, to set the MPIN. On clicking the link, a new page will open asking you to enter your Date of Birth (DOB), mother’s maiden name and PAN number. The details you enter must match with that recorded at the time of opening the account. The moment you click on ‘Submit’, a 6-digit OTP will come to your mobile number. All you need to do then is to enter the OTP, MPIN and confirm. The MPIN gets set successfully.
Kotak 811 Variants
There are four variants of Kotak 811 – 811 Limited KYC, 811 Lite, 811 Full KYC Account and 811 Edge. All four variants can be opened by installing the app. The Edge variant can even be opened at the bank branch. As far as verifications are concerned, they can be either OTP or Aadhaar based. You can transfer the funds from any of these accounts via NEFT, RTGS, IMPS for free, except the Lite variant where transfer to another account is not allowed. While cash deposits are allowed across the variants, cheque deposits can be made only at 811 Limited KYC and 811 Edge. On the other hand, cash and cheque withdrawals are permitted only at 811 Full KYC Account and 811 Edge.
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