Important Things To Keep In Mind Before opening 811 Account by Kotak Mahindra 2021 Review. In this post, you’ll get to know the list of things that you should keep in mind before opening 811 account.
What is Kotak 811 account?
Kotak 811 is an new age digital bank account, anyone with a smartphone can download Kotak – 811 Mobile and Banking app. And register using Aadhar and PAN card and start using the banking service. After that one can schedule a full kyc appointment from the app and Kotak kyc executive will visit your home and complete the kyc process. There are no charges for it. Or one can visit the nearest Kotak bank and complete the kyc process.
What Are The Advantages of Kotak 811 account?
- No minimum balance required. One can have 0 balance in the account.
- It provides a virtual debit card, which can be used all across for online shopping. One can apply for a physical debit card as well.
- Free Fund Transfer one can transfer money online using NEFT, RTGS, IMPS without paying any extra charge.
- One can apply for a Cheque book but have to pay some money for it.
- Unlimited Online Transactions can be performed for free.
- Great customer support and friendly branch staff.
What Are The Disadvantages of Kotak 811 account?
- You cannot perform cash transactions of more than Rs 10000 in a month. After 10000 standard charges will be levied
- You can only perform a single cash transaction. Either of Rs 10000 or less than that. After that standard charges will be levied. For eg if you did a cash deposit of Rs 5000 your single transaction limit is over. After that, even if you deposit Rs 100, Rs 59 will be deducted from your account.
- The above two points are applicable only for physical transactions i.e withdrawal and deposit.
- One cannot have a joint account with Kotak 811.
- You’ve to pay for the Cheque book.
Do Read: FAQ’s kotak 811 account
As a result, if you want to stay safe and do not want to pay unnecessary charges to the bank. Please do not open this account.
If you are a student or someone who wants to open account with no physical transaction and want to link your account with Google Pay, PayTm, PhonePe and do all the transactions online. Kotak 811 will be the best.
In Conclusion, read everything carefully and choose the best.