Kotak 811 Account Review 2022 – Zero Balance Savings Account

Kotak 811 is one of the most popular digital accounts to open online. 

You can avoid the hassle of visiting the bank branch and save time that goes waste in the process of opening a traditional savings account.

It took hardly 20 minutes for me to open a Kotak 811 digital account online. The process was seamless and you need only your PAN card and Aadhaar card to open the savings account.

You get instant access to a virtual debit card on your 811 account opening. You can deposit money online and use the card immediately. 

The USP of Kotak 811 account is a quick online account opening, zero balance account, and virtual debit card.

Earlier, Kotak Bank offered a 6% interest on all the savings bank accounts, but now you will get 4% interest on the Kotak savings account. Which is still higher than SBI, HDFC, ICICI and Axis Bank. 

Let’s go into details of the Kotak 811 savings account review. 

Kotak 811 Account Variants

The Kotak 811 digital saving account comes in four variants.

• Kotak 811 lite account
• Kotak 811 limited KYC account
• Kotak 811 full KYC account
• Kotak 811 Edge account

#1. Kotak 811 Lite Account Review

Kotak 811 Lite is a basic level digital savings account that requires a bare minimum KYC and can be opened only using a PAN card.   

The maximum balance that you can keep in Kotak 811 Lite account is Rs. 10,000 per month and Rs. 1 Lakh in a year. 

You wouldn’t get any interest on the Kotak lite savings account. Cheque book and the option to have a physical debit card is also not there. 

You can operate the Lite account for a year. Post which you need to complete KYC to operate your account further. 

Best For – You should go for the Kotak Lite 811 account only if you do not have access to Aadhaar linked mobile. Otherwise, go for the Kotak 811 Limited KYC account where you earn 4% interest. 

#2. Kotak 811 Limited KYC Account Review

You can open an 811 limited account with a PAN card & Aadhaar card. You get 4% interest on the Kotak 811 Limited KYC account which is missing in the Lite account.

You can keep a maximum amount of Rs. 1 Lakh in the account at any point and Rs. 2 Lakh deposits in a year.

Kotak Bank gives 12 months’ time to do full KYC so that you could benefit as a full saving account. Otherwise, Kotak Bank will discontinue account operations. 

Best For – You should go for a Limited KYC account if you have a PAN and Aadhaar card and your transactions are limited up to Rs. 1 Lakh.  

#3. Kotak 811 Full KYC Account Review

You need to undergo full KYC disclosure including FATCA declaration and document submission at the time of account opening.

The Kotak 811 Full KYC account comes with all the benefits of a regular savings account except for maintaining the minimum monthly balance.

If you are looking for a savings account for long-term use, you should go for Kotak 811 full KYC account.

Best For – Good for people if you are looking for regular savings account with unlimited transactions without minimum balance requirements.

#4. Kotak 811 Edge Account Review

Kotak 811 Edge is a regular savings account where you need to maintain an average minimum balance of Rs. 10,000 per month.

Kotak Bank charges a penalty for non-maintenance of minimum monthly average balance for 811 Edge accounts.

Best For – You can open a regular Kotak 811 Edge savings account if you want to avail of all the facilities like checkbook, RTGS and ATM facilities.

Kotak 811 Minimum Balance Requirement

You can open a zero balance savings account with Kotak 811 Lite account, Kotak 811 Limited KYC and Kotak 811 Full KYC. 

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).  

Non-maintenance of average monthly balance will attract a penalty of 5% of the shortfall in required AMB. That’s the drawback as you have to track your AMB regularly. 

Kotak 811 Savings Account Interest Rate

You can earn up to 4% on Kotak Mahindra Bank savings account on all the 811 Accounts except on Kotak 811 Lite account. 

You get 4% interest on the daily balances in excess of Rs. 1 Lakh and daily balance up to Rs. 1 Lakh earns 3.50% interest.

For example – if the account balance is Rs. 1.5 Lakh, then you get 

• 3.5% interest on Rs. 1,00,000 and 
• 4% interest on Rs. 50,000 (amount in excess of Rs. 1,00,000)

That means to earn an additional interest of 0.5% you need to keep money in excess of Rs. 1 Lakh in your account. So, you should at least go for Kotak 811 Limited account that helps you in earning interest. 

Kotak 811 Debit Card

You get debit cards as under

Kotak 811 Account Variants	Account
Kotak 811 Lite account (digital savings account)	You get only the virtual prepaid debit card. Which means you need to load your debit card every time you use it. You do not have the option to apply for a physical debit card
Kotak 811 Limited KYC account(digital savings account)	You get an inbuilt virtual debit card that you can use for transactions. You can request a physical classic debit card in case you need it for using on POS machines.
Kotak 811 Full KYC account (digital savings account)	You get an inbuilt virtual debit card that you can use for transactions. You can request a physical classic debit card in case you need it for using on POS machines.
Kotak 811 Edge account	You get a regular Platinum debit card with the savings account.

Kotak 811 Debit Card Charges

You should use Kotak virtual debit card and QR codes available on the app for online payments. This saves you from the hassle of carrying a physical debit card. 

You just have to open your Kotak mobile banking app (811 account) on your smartphone and scan the QR code for payment. Or you can use the virtual debit card for online purchases. 

If you are shopping at malls and places where you need to swipe cards or want to withdraw cash at ATMs then only you should make a request for a physical debit card.  

You can use Kotak Bank ATM for 5 financial transactions per month.

At other bank’s ATMs, a total of 5 transactions (both financial and non-financial) are free per month. This includes a cap of 3 transactions in six metro cities – Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. 

Kotak Bank collects following charges on debit card

Charges	Kotak 811 Lite	Kotak 811 Limited KYC	Kotak 811 Full KYC	Kotak 811 Edge
Virtual debit card	No charge	No charge	No charge	N.A.
Physical debit card	N.A.	Rs. 199 p.a. (available on request)	Rs. 199 p.a. (available on request)	Rs. 150 p.a
At Kotak Bank ATM (after free transactions)	N.A.	Financial transaction – Rs. 20 per Txn. Non-financial – Rs. 0	Financial transaction – Rs. 20 per Txn. Non-financial – Rs. 0	Unlimited
Other Bank’s ATM (after free transactions)	N.A.	Financial transaction – Rs. 20 per Txn. Non-financial – Rs. 8.50 per Txn	Financial transaction – Rs. 20 per Txn. Non-financial – Rs. 8.50 per Txn	Financial transaction – Rs. 20 per Txn. Non-financial – Rs. 8.50 per Txn

How to Get Virtual Debit Card in Kotak 811

You get a virtual debit card benefit in Kotak 811 Lite, Kotak 811 Limited KYC and Kotak 811 Full KYC account only. 

The Kotak 811 Edge account does not have a virtual debit card facility. 

Virtual Debit Card (VDC) can be viewed only, the card does not have a physical presence. You can use VDC for all online shopping and bill payments in a similar way as you use a physical debit card. 

Steps to get a Virtual Debit Card in your Kotak Mobile Banking App

• Log in to the App using your CRN (customer reference number) and MPIN (Mobile PIN)
• Click on the ‘811’ tab
• Select ‘Virtual Debit card’ tab to see the details

The drawback of VDC is that you cannot use a virtual debit card at ATMs or Point Of Sale (POS) machines. You need to apply for a physical debit card in that case.

Kotak 811 Account Features and Benefits

#1. Digital Savings Account

Kotak 811 is a digital savings account where you get the flexibility to use your smartphone for all the personal banking needs. 

The 811 account comes with a “Kotak mobile banking app”. The app is loaded with payment tools like QR code scan, UPI, Virtual debit card that helps you to carry out bill payments, money transfers and online shopping. 

Note- Kotak 811 Edge account comes only with a physical debit card.   

#2. Instant Online Account Opening 

You can open a Kotak 811 account online from home without visiting the branch. You have the flexibility to open an 811 account as per your banking needs. 

I got mine opened in just 20 minutes with a ready to use the virtual debit card.  

You just need to have a smartphone, PC, or a laptop, good internet speed and the KYC documents ready with you.  

#3. No Minimum Balance Requirements

You need not worry about paying charges for breaching minimum balance requirements because all Kotak 811 accounts do not require minimum balance maintenance.

Kotak 811 Edge account is an exception where you need to keep an average monthly balance of Rs. 10,000.

#4. Auto Sweep in Facility

Auto sweep-in facility helps you earn a higher interest rate by combining the benefits of a savings interest rate and that of a fixed deposit rate. 

The money lying idle above the threshold level gets automatically converted into FD for 180 days. In case of a shortfall, the FD is broken and credited back into your 811 account. This way you earn a higher interest rate on your money. 

#5. Virtual Debit Card

Virtual Debit Card (VDC) relieves you from the hassle of maintaining a physical card. You do not have to carry your debit card in your wallet and you won’t have to worry about or fear of losing it. 

But, you cannot withdraw cash from an ATM through VDC.  

#6. Integrated Kaymall 

You can access both your 811 account and Kaymall (Kotak Bank’s online shopping platform) using Kotak mobile banking app. 

Kaymall offers shopping on Flipkart, flight & hotel reservation on GoIbibo, train tickets on IRCTC and other offers at discounts. 

Kotak 811 Charges and Fees

Charges	Kotak 811 Lite	Kotak 811 Limited KYC	Kotak 811 Full KYC	Kotak 811 Edge
Non-maintenance of balance	N.A.	N.A.	N.A.	5% of the shortfall in the required AMB
NEFT/ RTGS/ IMPS through net/ mobile banking	Outward fund transfer not available	Nil charges (RTGS not available)	Nil Charges	Free
NEFT/ RTGS/ IMPS through branch	Outward fund transfer not available	Facility not available	Up to Rs. 40 depending on the amount transferred	Up to Rs. 40 depending on the amount transferred
Cash Transaction at branch/ cash deposit machines	Nil Charges for 1 transaction or 10,000 per month.  After which, Rs. 50 charged (Cash Withdrawal: Not available)	Nil Charges for 1 transaction or 10,000 per month. After which, Rs. 50 charged  (Cash Withdrawal: Not available)	Nil Charges for 1 transaction or 10,000 per month.  After which, Rs. 50 charged	Nil Charges for 4 transactions or Rs. 2 Lakh per month. After which, Rs. 150 charged

What I Liked

• Kotak 811 account can be opened online
• Zero balance 811 savings account
• 4% interest rates
• Virtual debit card for shopping 
• 4 account variants giving the flexibility to open an account as per needs
• Offers & discounts from Kaymall

What I Didn’t Like About

• Kotak 811 account cannot be held jointly

Kotak 811 Online Account Opening Process 

Eligibility to Open Kotak 811 Account

• Individual of age 18 years and above
• Resident Indian

#1. Open Kotak 811 KYC Account

Following three Kotak 811 accounts need KYC

• Kotak 811 Limited KYC account
• Kotak 811 Full KYC account and
• Kotak 811 Edge account

You need to have your Aadhaar card number and the OTP to get yourself verified for opening the above accounts. 

The rest of the online account opening process is similar to Kotak 811 Lite Account. You need to provide additional income, educational and occupation details.

#2. Open Kotak 811 Lite Account

You need only a PAN card for opening a Kotak 811 Lite account. Providing Aadhaar card details is optional. 

Step 1 – Visit Kotak Bank 811 digital account page. Click the “apply now” tab to start the account opening. 

You have the option to do a video KYC with a Kotak Bank representative. Or you can select the option – “Continue without Video KYC”.  

Step 2 – Fill in your full name, mobile number and email address and click the “open now” tab.

Step 3 – On the next page, you will be prompted for Aadhaar number & OTP verification. Providing Aadhaar number for Kotak 811 Lite account is voluntary. You can go either of the options.

After this, you need to provide your PAN details. 

Provide your complete address details as shown below. 

Further, you need to fill in your personal details like date of birth, marital status, occupation, annual income and name of parents.

If you wish you can add a nominee in the next step of can skip for now. 

Step 4 – Read all the declaration and check all the boxes before continuing ahead. 

Step 5 – Kotak Bank prompts you to select a location (your address or the nearest bank branch) for a meet. 

This is because we had opted for without video KYC. In the case of video KYC, the step would not have been there. 

But, the good thing is that you can have a meeting at your home address. You can arrange a meet as per your convenience. Select one of the options and click next. 

Here you need to create your mobile banking PIN. You can select a 6 digit number as your MPIN.  

And finally, your Kotak 811 Lite account is ready with a virtual debit card and CRN (customer relationship number).

Digibank vs Kotak 811

Digibank saving account can be opened online and operated using an app and the account offers banking facilities seamlessly on your smartphone. 

Below is the snapshot of what both Kotak 811 and Digibank offers 

Particulars	Kotak 811	Digibank
Bank	Kotak Mahindra Bank- (Private bank)	DBS Bank- (Foreign bank)
Interest rate	Up to 4% p.a.	Up to 5% p.a.
Account opening	Though App & Website	Through App
Variants	4 Variants Kotak 811 Lite Kotak 811 Limited KYCKotak 811 Full KYCKotak 811 Edge	Single Digibank account
Debit  card	Virtual debit card & Physical card on request	Physical debit card
Debit card charges	Up to Rs. 199	Rs. 150
Minimum balance	Kotak 811 Edge – Rs. 10,000 others – Nil	Rs. 0
Cheque book	Only in Kotak 811 Full KYC & Kotak 811 Edge accounts	No cheque book facility
Sweep in facility	Available	No sweep-in facility
Other bank balance details	No integration for knowing other bank account balance details	Can view all your other bank balances in digibank app

My Final Views

Kotak 811 account gives you the flexibility to open a savings account online. You can open your savings account within 20 mins. 

Out of the 4 variants, you should at least open Kotak 811 Limited KYC savings account to earn 4% interest, use the virtual debit card for online transactions and enjoy zero account balance facility. 

Kotak 811 Lite account should be the last option, only if you do not have an Aadhaar linked mobile for account opening.  

In case you have requirements for multiple transactions then you can go with Kotak 811 full KYC savings account.