Is Kotak 811 a zero balance account?

What is the minimum balance in Kotak 811 account?

Rs. 10,000 This account requires a minimum balance of Rs. 10,000. Kotak 811 Edge comes with a Platinum Chip Debit Card, high free transaction limits, free transactions on all Kotak ATMs and many more perks. If you already have an 811 account, you can upgrade to 811 Edge once you've verified your KYC details with us.

What is the minimum balance in Kotak zero balance account?

Rs.10,000 Kotak 811 Lite, Kotak 811 Limited KYC account and Kotak 811 Full KYC account are zero balance accounts. Hence, there is no need to keep a minimum balance. However, Kotak 811 Edge Account requires you to maintain minimum Average Monthly Balance of Rs. 10,000.

Which bank is best for zero balance account?

Latest Interest Rate for Zero Balance Savings Account

Bank Name of zero-balance savings account Interest rate
Kotak Mahindra Bank 811 4% to 6%
Standard Chartered Bank Basic Banking Account 0.5% to 4.90%
HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4%
Axis Bank Basic Savings Account 3.50% to 4%

What is 811 Edge account?

The 811 Edge savings account offered by Kotak Mahindra Bank is a complete digital banking ecosystem that can be operated from your mobile phone. The account was designed to enable customers to perform transactions in an easy and simple manner. … The experience of opening the account is completely paperless and digital.

Is Kotak Mahindra a zero balance account?

Kotak 811 is a zero balance saving account. This means that you don't have to pay any penalties for not maintaining a minimum balance.

How can I close my Kotak 811 account?

To close Kotak 811 account, you need to visit the nearest Kotak Mahindra Bank. Make sure to carry original ID Proof, Aadhaar Card, and PAN Card as well as a photocopy of the documents. Request the bank official for an Account Closure form. Fill up the form and submit it with the photocopy of the documents.

What are the disadvantages of Kotak 811 account?

  • You can transact and add up to Rs.10,000 in a month and Rs.1,00,000 per year.
  • It is a 0 interest account.
  • Outward fund transfer is not available.
  • Physical Debit Card is unavailable.
  • Cheque Book is unavailable.
  • UPI Transactions are unavailable.
  • Customers can't do banking transactions through net banking.

How can I convert my Kotak account to zero balance account?

Visit the nearest Kotak Mahindra Bank branch to convert your account to a full KYC account as the procedure includes in-person verification. To book an appointment with a bank representative, log into your mobile banking app or call the bank customer care at 1860 266 2666.

What is the difference between Kotak 811 and Kotak 811 edge?

Kotak 811 Edge is a savings account that brings you the best of Kotak 811 and our regular savings accounts. … Earn up to 4%* interest p.a. on your savings account balance. You need to maintain a minimum Average Monthly Balance of Rs. 10,000 to enjoy the perks of Kotak 811 Edge.

How is Kotak zero balance account?

Kotak 811 is a zero balance saving account. This means that you don't have to pay any penalties for not maintaining a minimum balance. … Just keep your PAN card & Aadhaar number handy and complete a few steps to open the instant savings account from the comfort of your home or office.

Is Kotak zero balance account good?

The zero balance Kotak 811 accounts are better because there are no penalties and you can use your money to the fullest extent. But, Kotak 811 Edge is a regular savings account where you need to keep Rs. 10,000 as an average monthly balance (AMB).

Can I get passbook in Kotak 811?

Kotak Bank provides various banking services in India. … Also, Kotak 811 online account holder doesn't get a passbook facility. All such customers can apply for Kotak bank passbook request online sitting from your home.

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