Kotak 811

Q: What is Kotak 811?

A: Kotak 811 is a fully digital savings account offered by Kotak Mahindra Bank. It's known for its zero minimum balance requirement, video KYC process, and various online banking features.

Q: What are the different types of Kotak 811 accounts?

A: There are four main types:

• 811 Limited KYC: Basic account with limited transactions and no physical debit card.

• 811 Lite: Similar to Limited KYC, but with video KYC and higher transaction limits.

• 811 Full KYC: Provides full banking features like cheque facility and physical debit card.

• 811 EDGE: Premium account with exclusive benefits like higher cash withdrawal limits and accident insurance.

Q: What are the benefits of a Kotak 811 account?

A: Benefits of a Kotak 811 account included:

• Zero minimum balance: No penalty charges for maintaining low balances.

• Easy online account opening: Open your account instantly through the app or website with video KYC.

• Free virtual debit card: Make online payments securely without a physical card.

• Free IMPS, NEFT & RTGS transactions: Transfer funds online without any fees.

• High interest rate: Earn 4% p.a. interest on your savings balance (terms and conditions apply).

• 24/7 account management: Manage your account anytime, anywhere through the app or website.

Q: What is the Kotak 811 Refer and Earn program?

A: The Kotak 811 Refer and Earn program is an initiative where existing Kotak 811 account holders can refer friends and family to open a Kotak 811 Savings Account. Both the referrer and the referred individual receive Woohoo vouchers worth Rs. 125 each upon successful participation.

Q: How can I participate in the Kotak 811 Refer and Earn program?

A: To participate, sign up for the referral program using your Name, Email id & Mobile number. Invite friends via E-mail, Facebook, WhatsApp, or Twitter to open a Kotak 811 account. You and your friends will receive Woohoo vouchers worth Rs. 125 each when they open an account and spend a minimum of Rs. 500.

Q: What is the reward for referring someone to open a Kotak 811 account?

A: When you successfully refer someone to open a Kotak 811 account, and they spend a minimum of Rs. 500, both you and the referred person receive Woohoo vouchers worth Rs. 125 each.

Q: Are there any limitations on the number of referrals I can make in the Kotak 811 program?

A: Yes, you can refer up to 4 people successfully. For up to 2 completed referrals, you get a voucher worth Rs. 125 each. For up to 4 completed referrals, you get 2 vouchers worth Rs. 125 each, totaling Rs. 250.

Q: What is the definition of "spend" in the Kotak 811 Refer and Earn program?

A: "Spend" is defined as the purchase of any goods or service through any online website or merchant establishment. Transactions like Fund Transfer, ATM Withdrawal, Deposit to Wallet, etc., do not constitute as Spends.

Q: When will I receive the Woohoo voucher in the Kotak 811 Refer and Earn program?

A: Both the referrer and the referred will receive Woohoo vouchers worth Rs. 125 within 30 days on their registered email once the referred person spends a minimum of Rs. 500.

Q: Can I track the status of my referrals in the Kotak 811 program?

A: Yes, as a referrer, you can monitor how many people have converted after signing in from the link provided in the referral program.

Q: How can I refer someone in the Kotak 811 program?

A: You can refer via any social media platform such as Facebook, WhatsApp, Twitter, Email, etc., using the link generated in the referral program.

Q: Is there any restriction on how the referred person can open the Kotak 811 account?

A: The referred person needs to open the new account either through the link shared by the referrer or by entering the referrer’s unique code at the time of opening the account.

Q: What happens if the referred person fails to open the account from the shared link in the Kotak 811 program?

A: If the referred person fails to open the account from the shared link, neither the referrer nor the referred will receive any vouchers as part of the referral program.

Q: What is the Kotak 811 customer care number?

A: You can reach Kotak 811 customer care by calling 1860 266 0811. Local call rates apply.

Q: How can I open a Kotak 811 account?

A: Simply download the Kotak 811 app or visit their website. You can choose between Limited KYC (PAN card required) or Lite/Full KYC (PAN and Aadhaar required).

Q: Can I open a Kotak 811 account without Aadhaar?

A: Yes, you can open a Limited KYC account with just your PAN card. However, upgrading to Lite/Full KYC later will require Aadhaar.

Q: Can I convert my Kotak 811 account to a regular savings account?

A: Yes, you can convert your Limited KYC or Lite account to a Full KYC account by completing the video KYC process.

Q: How do I close my Kotak 811 account?

A: You can close your account through the Kotak 811 app or by visiting a Kotak Mahindra Bank branch. Ensure you settle any outstanding dues before closing the account.

Q: Can I apply for a credit card through Kotak 811?

A: Yes, you can apply for a Kotak Mahindra Bank credit card directly through the Kotak 811 app or website. Eligibility criteria and approval process apply.

Q: Can I get a physical debit card for my Kotak 811 account?

A: Yes, you can upgrade your account to Lite or Full KYC to avail a physical debit card. Limited KYC accounts come with a free virtual debit card only.

Q: Does Kotak 811 offer cheque facility?

A: Cheque facility is available only with Full KYC accounts. Limited KYC and Lite accounts cannot issue cheques.

Q: How can I do full KYC for my Kotak 811 account online?

A: Currently, full KYC cannot be completed entirely online. You can start the process through the app or website and then visit a branch for in-person verification.

Q: Is Kotak 811 safe for online transactions?

A: Yes, Kotak 811 uses advanced security measures like multi-factor authentication and data encryption to protect your information.

Q: What are the charges associated with Kotak 811 accounts?

A: Most basic transactions like IMPS, NEFT, and fund transfers are free. Some charges may apply for specific services like physical debit card issuance, cash withdrawals beyond limits, etc. Refer to the Kotak 811 website for detailed fee structure.

Q: What are the transaction limits for Kotak 811 accounts?

A: Limits vary depending on your account type and KYC completion:

• Limited KYC: Rs. 2,00,000 cumulative credit in a financial year, Rs. 5,000 per calendar month, Rs. 1,20,000 cumulative credit in a financial year.

• Lite: Rs. 5,00,000 cumulative credit in a financial year, Rs. 25,000 per calendar month, Rs. 2,50,000 cumulative credit in a financial year.

• Full KYC: No restrictions on transaction limits.

Q: Can I withdraw cash from my Kotak 811 account?

A: Yes, you can withdraw cash at ATMs with your physical debit card (Full KYC accounts only). Limited KYC and Lite accounts cannot withdraw cash.

Q: Are there any charges for cash withdrawals?

A: Free cash withdrawals are available at Kotak Mahindra Bank ATMs. Charges may apply for withdrawals at other bank ATMs.

Q: Can I invest in mutual funds through my Kotak 811 account?

A: Yes, you can invest in mutual funds directly through the Kotak 811 app or website.

Q: Does Kotak 811 offer any loan or overdraft facilities?

A: Currently, Kotak 811 does not offer loan or overdraft facilities directly. However, you may be eligible for other credit products from Kotak Mahindra Bank based on your account history and creditworthiness.

Q: Can I link my Kotak 811 account to UPI apps like Paytm or PhonePe?

A: Yes, you can link your Kotak 811 account to most UPI apps for instant online payments and transfers.

Q: Can I set up recurring payments or standing orders with my Kotak 811 account?

A: Yes, you can set up recurring payments and standing orders for bills, mobile recharges, etc., through the Kotak 811 app or website.

Q: What happens to my Kotak 811 account if I become inactive for a long time?

A: Inactive accounts may be subject to dormancy charges or temporary suspension. To avoid this, maintain minimum transactions or inform the bank about your expected inactivity.

Q: Does Kotak 811 offer any educational resources or financial planning tools?

A: Yes, the Kotak 811 website and app provide educational articles, financial calculators, and budget tracking tools to help you manage your finances effectively.

Q: What are the customer reviews and ratings for Kotak 811?

A: Kotak 811 generally receives positive reviews for its convenience, user-friendly interface, and helpful customer service. However, it's always advisable to research and compare options before making a decision.