An original savings account which can be opened online and managed totally via mobile phone. Kotak Mahindra has launched the first app-based savings account and offers up to 6% interest rate.
More specifically, 5.00% is calculated on deposits up to Rs. 1 lakh, 6.00% for amounts more than Rs. 1 lakh and 5.50% for amounts above Rs. 100 lakhs. This interest rate is marked higher than most basic Indian savings accounts.
What is more, this is a zero balance savings account. So there is no minimum requirement to maintain it.
Together with the savings account you get a virtual debit card. You can also request it via the mobile App. You can then use the IBAN of the card to do online shopping or arrange bill payments. Getting a physical card is also possible with a charge of Rs. 299.
811 savings account is an innovative account and can be a great fit for frequent smartphone users. Good to know, you cannot open a joint account.
How to open the account?
You can open this account quickly in an original way via your mobile phone. You will need to download the bank’s Kotak Mahindra App and then click on ‘get started now’. Then you only need to enter your PAN and Aadhaar number. When this is complete, you will get an account number and you are ready to use your savings account.
Benefits :
Who can apply?
All Indian adult residents with an Indian address can apply for 811 account. To fill in the application, you will need your Pan and Adhaar number. If you already have a savings account at Kotak Mahindra it’s not possible to ask for a new one.
Who is Kotak Mahindra Bank?
Kotak Mahindra is a private Indian bank that has been operating since 1985. It currently processes 500 branches and more than a thousand ATMs in the country. Regarding savings accounts, the bank provides several products to meet different needs. The 811 account is an innovative product launched with the aim of expanding and growing the bank.
