Having a zero balance account is a must because now the maintenance charges of a regular savings account have increased. As a result of this, almost all banks have started promoting their zero balance account. Kotak Mahindra Bank introduced first ever digital bank account – 811. This was nothing less than a storm which took over all other bank accounts.
If you do not have a zero balance savings account yet, you can open Kotak zero balance account. The features that make Kotak 811 account one of its kind is given below:
Types of Kotak Zero Balance Account
Kotak Mahindra Bank offers 811 account which is a digital bank account. There are three types of Kotak 811 bank account. You can read the features of these below:
811 Savings Account
- India’s First downloadable account
- Zero balance account
- Instant Savings account with Aadhaar Card details
- Earn interest rate up to 6% per annum
- Virtual Debit card facility
- Free IMPS/NEFT using Net Banking and Mobile Banking
- Book movie tickets, flight tickets and shop online with Kotak 811 App
- Pay for instore purchase using Scan & Pay feature
Those who do not have Aadhaar card yet can also enjoy the other two zero balance savings account namely 811 Lite savings account or 811 OTP savings account. The features are as follows:
811 Lite Savings Account
- Transact for up to ₹20,000 per month
- Comes with the validity period of 36 months from the date of savings account activation
- Complete full KYC within 36 months of account activation and upgrade your savings account to 811 Savings Account
- Shop, book movie and flight tickets without downloading other apps
811 OTP Savings Account
- Interest up to 6% per annum
- Zero balance savings account
- Instant savings account opening with Aadhaar Card details
- Online shopping with Virtual debit card
- Pay for instore purchase using Scan & Pay
How can you open Kotak Zero Balance Account?
Since this is a mobile bank account, you can open an account through your smartphone. You only have to download Kotak 811 app from your play store. The steps involved in the process are very simple and it hardly takes a few minutes. You can open this account on the basis of PAN card. This is the simplest way to open a bank account.
What are the other zero balance accounts available except Kotak 811?
SBI BSBD Account Features
- Regular savings account holders can not open this account.
- Not more than 4 withdrawals in a month are allowed
- Zero balance account
- No charges involved on issuance of Basic RuPay ATM-cum-Debit card, maintenance charges, deposit/collection of cheques drawn by Central/State Government, and receipt of money via electronic channels like RTGS or NEFT
- You can activate your deactivated account for free.
ICICI Bank BSBD Account
- Free RuPay Card facility
- No charges on cash deposits/withdrawal
- Passbook to be issued free of cost
HDFC Bank BSBD Account
- Access to free RuPay Card
- Four free cash withdrawal allowed in a month
- Free cash and cheque deposits at bank branches and ATMs
- Passbook to come free
Axis Bank BSBD Account
- Free RuPay Debit Card facility
- Get monthly e-statements, SMS alerts and passbook facility