This is an attempt on the part of Kotak Mahindra bank to help every Indian to open a bank account. For most of us, what discourages us from having a bank account is that maintenance of minimum balance, failing which, you’ll be charged by the bank. But with the Kotak 811 service, there is no need to maintain a minimum balance. Yes, you can maintain zero balance without any fees being charged by Kotak. There are some other amazing benefits that come along by holding a Kotak Mahindra Zero Balance Account.
No matter what and who you are, the Kotak 811 scheme is meant for every Indian.
What is the significance of 811 in the name Kotak 811?
This question always used to bother me. Quite a number of times I have thought about it and forgot about it, until I read an interview by Uday Kotak (Chairman of Kotak Mahindra) a few days back. Do you remember the 8th of November, 2016? A clue – When the existence of 1000 rupee notes came to an end in India. Yes, Demonetisation. Uday Kotak was moved by the Modi government’s outstanding approach and named the scheme as Kotak 811.
What are some of the Features of Kotak Mahindra Zero Balance Account?
Easy Money Transfer: Gone are those days where you had to visit a branch, stand in a long queue and wait for hours to send money to a loved one. With the Kotak net banking and Kotak mobile app facility, you can transfer your money to anyone and anywhere, hassle-free.
Easy Account Opening: There is no need to visit the branch to open an account. Just log-in to the Kotak website and click on the instant account opening option. That’s it!
Interest earnings: Where other banks are offering an interest rate upto 4% per annum, Kotak Mahindra is offering upto 6% interest rate on your savings. Kotak Mahindra zero balance account interest rate is certainly changing the banking game by arranging for such good returns.
No Minimum Balance: As it evidently proclaims, it is meant for everyone, so it is designed where customers do not have to maintain any minimum balance. Zero fees will be charged as there’s no need to maintain a minimum balance.
Free ATM Card: The envelope which you’ll get after being admitted as a Kotak 811 plan customer will have the Kotak 811 Virtual Debit Card in it. With this debit card, you can go cashless. Just swipe your card for anything you want.
What is the One Feature that makes Kotak Mahindra Zero Balance Account different from other Zero Balance Accounts?
Mostly all banks provide a similar interest rate of around 4% per annum on the savings lying in your account. But Kotak takes a bigger leap to provide around 6% per annum under the Kotak 811 scheme. There’s a feature in this scheme called Activ Money which can help you earn more interest. So what this feature does this is invests your money in fixed deposits and offers you the flexibility of sweep-in and sweep-out whenever you want. Not only do you have the opportunity of making more interest but also have greater flexibility and liquidity (which is not the case you witness in the case of fixed deposits).