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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Have you recently opened a Kotak 811 account online? If yes, then you need to complete the full KYC of your account to convert your new savings account into a full-fledged savings account. Full KYC process is nothing but getting your KYC documents such as PAN and address proof verified by a bank agent.
Kotak 811 is an online account, i.e. you can open the account through the Aadhaar-based One-Time Password (OTP) verification process. According to the Reserve Bank of India (RBI) guidelines, account holders need to complete the full KYC procedure of their online account within 12 months of account opening to continue using the account. Also, the regulator has kept restrictions on transactions and spends taking place through these accounts, unless the Full KYC process is completed.
All these restrictions cease to exist when you complete the full KYC of your account. It is a simple process, and it hardly takes a few minutes. You can book an appointment through your Kotak Mobile Banking App or walk in to your nearest bank branch to verify your account details.
If you are confused about the Full KYC process, don’t worry. This article will explain all that you need to know about full KYC and the importance of completing the full KYC process of your Kotak 811 Online Savings Account.
What is KYC?
The full form of KYC is ‘Know Your Customer’. As the name suggests, it helps financial institutions to know their customers better. The aim of KYC is to curb money laundering, bribery or corruption. All bank customers need to comply by the Know Your Customer (KYC) process. The Reserve Bank of India has mandated banks and payment companies to carry out the KYC process before on-boarding the customers.
What is the Full KYC (FKYC) Process?
With the advancement in technology, many banks such as Kotak Mahindra Bank have launched their digital savings accounts. Kotak Mahindra Bank launched Kotak 811 three years ago as a digital savings account that customers can open online.
However, the account opened through this process is only an Online account. You need to complete the full KYC procedure to convert your account into a regular savings account.
The full KYC procedure for a Kotak 811 Digital Savings Account can be completed within a few minutes. You can finish the full KYC of your account by visiting your nearest branch, giving a missed call to +91 22330 67171 or booking an appointment for Full KYC through the Kotak Mobile Banking App.
If you have installed the Kotak 811 app and you are reading this on your mobile, you can directly click to book an appointment.
Here’s how you can book an appointment:
When you meet the bank official, whether in the bank branch or at the meeting point, you can complete the process through Biometric (with Aadhaar).
Biometric is the easiest and fastest way to complete full KYC through Aadhaar. All you need to do is provide your thumb impression and the verification process will be complete. In this method, you don’t need to provide any communication address proof, if your communication address does differ from your Aadhaar address.
Differences between a Full KYC account and Limited KYC or Online account
Here are the differences between a full KYC account, Limited KYC or Online account and Kotak 811 Lite Account. Full KYC completion lets you enjoy the benefits of your Kotak 811 digital Savings Account to the fullest.
Features
Kotak 811 Lite
Limited or Online account
Full KYC account
Maximum Balance
Rs.10,000 in a calendar month
Rs.1 Lakh
No limit
Total Amount Deposit
Rs.1 lakh
Rs.2 Lakh
No limit
Validity
12 months
12 months
Lifetime
Deposits and Investments
Not Applicable
Not Applicable
Can save and invest through mobile app
Credit products
Not Applicable
Not Applicable
Can apply online
Cash Withdrawal from branch
Not Applicable
Not Applicable
Available
Cheque book
Not Applicable
Not Applicable
Can apply through mobile app
Importance & Benefits of completing Full KYC
Completing the full KYC process of your 811 Account is an important step. By completing the full KYC process, bank converts your account into a full-fledged savings account without any limitations.
Here are the top six benefits of completing the full KYC process of your savings account.
Before you complete the full KYC of your account, the validity of the account is 12 months. This means that if you don’t complete the full KYC process, your account will be closed within 12 months. After the account is closed, you won’t be able to open a new Kotak 811 Account. We don’t want that to happen to you.
However, if you complete the process, your account will have life-time validity.
Full KYC account comes with no limitations on account balance or on quantum of transactions. You can use your full KYC account without worrying about breaching any maximum limitations.
If you haven’t completed the full KYC of your account and you are a limited KYC account holder, you can only keep a maximum balance of up to Rs.1 lakh in your account. Moreover, the total credit transactions in your account should not exceed Rs.2 lakhs in a financial year.
Just keeping your money in a savings account is not enough.. As the prices of goods and commodities increase over the long term, it is important to save or invest your money in options that can give higher returns than the current inflation rate. It is important to not just save but make your savings work harder. After completing the FKYC process, you can invest your money in a wide range of saving and investment products.
Fixed deposits (FD) or Time Deposits (TD), Recurring Deposits (RD), Mutual Funds (MF)** and Initial Public Offering (IPO) are some options where you can park your savings to earn higher returns and achieve your financial goals.
Depending on your financial goals and risk taking capacity, you can choose the right investment option. You don’t have to visit any office or fill up physical forms to invest in these options. You can invest in investment schemes of your choice instantly through your Kotak mobile banking app.
In addition to investment options, debt products such as credit cards or loans can also help you achieve your financial goals.
Credit cards come with a host of features and benefits. Not only can it come in handy during an emergency but you can also get attractive offers and benefits from it. After you complete the KYC process, you can apply for the credit card of your choice from your app.
You can opt for loans such as personal loans, gold loans through the Kotak Mobile Banking App.
Always be prepared for emergency situations. After you complete the full KYC process, you can withdraw cash from your nearest bank branch through cash withdrawal slips. After full KYC completion, you have the dual option of using your physical debit card or visiting the bank branch to withdraw cash.
With internet banking and mobile banking, cheque books may have become a thing of the past. However, cheque books do have many advantages. Customers who have completed their full KYC process can request for a cheque book through their mobile banking app.
Full KYC Process
So, complete your full KYC procedure now to reap all the 180+ features and service and much more offered by your Kotak 811 Account.
Open Zero Balance Account Online with Video KYC
Disclaimers:
**Mutual fund investments are subject to market risks, read all scheme related documents carefully.
*Giving Aadhaar details is voluntary.
#For Credit card: Issuance of credit cards is at the sole discretion of Kotak Mahindra Bank Limited. All features and benefits are subject to Credit Card Terms and Conditions. Please read the Credit Card terms and conditions carefully provided on the bank website www.kotak.com.
For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
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