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Frequently Asked Questions

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account:

  • Above 1 Lakh and up to 1 Crores the interest rate applicable is 6% p.a
  • Up to 1 Lakh, the interest rate applicable is 5.0% p.a
  • Above 1 Crores, the interest rate applicable is 5.5% p.a

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How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.

Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.

Date

Narration

Withdrawal

Deposit

Closing balance

1

January 1st, 2012

Opening Balance

 

 

Rs. 10,000/-

2

January 10th, 2012

ECS Credit-VD

 

Rs. 10,000/-

Rs. 20,000/-

3

January 16th, 2012

Cash Withdrawal

Rs. 5,000/-

 

Rs. 15,000/-

4

January 25th, 2012

Cheque Deposit- MICR Clearing

 

Rs. 20,000/-

Rs. 35,000/-

5

January 28th, 2012

HPCL Petrol Pump POS 43860000000012

Rs. 1,000/-

 

Rs. 34,000/-

6

January 30th, 2012

Cash Deposit Mumbai

 

Rs. 9,000/-

Rs. 43,000/-

7

January 31st , 2012

Funds Transfer

Rs. 25,000/-

 

Rs. 18,000/-


AMB Calculation:

Sr. No.

Time Period

Calculation

Amount (Rs.)

1

EOD Balance from January 1st, 2012 to January 9th, 2012

Rs. 10,000/- x 9

Rs. 90,000/-

2

EOD Balance from January 10th, 2012 to January 15th, 2012

Rs. 20,000/- x 6

Rs. 1,20,000/-

3

EOD Balance from January 16th, 2012 to January 24th, 2012

Rs. 15,000/- x 9

Rs. 1,35,000/-

4

EOD Balance from January 25th, 2012 to January 27th, 2012

Rs. 35,000/- x 3

Rs. 1,05,000/-

5

EOD Balance from January 28th, 2012 to January 29th, 2012

Rs. 34,000/- x 2

Rs. 68,000/-

6

EOD Balance for January 30th, 2012

Rs. 43,000/- x 1

Rs. 43,000/-

7

EOD Balance for January 31st , 2012

Rs. 18,000/- x 1

Rs. 18,000/-

 

Total EOD balances for the month January 2012

 

Rs. 5,79,000/-

 

Divide by the no. of days in the month

 

31

 

Average Monthly Balance (AMB)

 

Rs. 18677.42/-

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What is the ActivMoney facility?

Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.

The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.

The advantages of this facility are:

  •         Higher rate of interest earned.
  •         You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
  •         Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level.

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Who can open a Savings Bank Account

To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories

  • Resident Indian (Sole or Joint Savings Account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India1

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How can I change my Home Branch?

Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.

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How can I upgrade my Savings Account?

You can upgrade your savings account to a higher variant, by following the below steps

Go to Get Help section in Website > Service Request. Select Upgrade Savings Account Variant Request. User to enter Login credentials and the OTP received. User to select the savings account number to be upgraded and the new savings account type.

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How can I know more about fees and charges applicable on my savings account?

You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.

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How do I know what average balance I have maintained in my Savings Account?

You can know your average monthly balance in your savings account by logging in Net Banking section of the website.

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How can I get the details of transactions done in my savings account?

You can get the details of all the transactions done in your savings account by logging in Net banking and downloading the savings account statement for the specified period

You can also get details of last 10 transactions in your savings account by logging in mobile application.

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What is Kotak 811 Savings Account?

Kotak 811 is a new age bank savings account offered by Kotak Mahindra Bank. You can open a Kotak 811 savings account by downloading the Kotak Mobile Banking app and registering using your Aadhaar number, PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.

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What are the features of Kotak 811 Savings Account?

Kotak 811 pays interest of up to 6%* p.a. with zero minimum balance requirement. It allows you to make online money transfers for free (IMPS, NEFT and RTGS) and comes with a Virtual Visa Debit Card which you can use to shop online as well as pay via Scan and pay at merchant outlets.

*Earn 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 1 crores. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs 1crores. Applicable for Resident Accounts only.
If you have opened 811 Lite account as you didn’t receive Aadhaar OTP then you need to convert your account to Full KYC account in order to get Savings account interest, virtual debit card and cheque book.

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How do I open a Kotak 811 account?

Just visit the playstore from your Android phone and download the Kotak Mobile banking App. Once installed, click on 'Get started Now' to start the New Account opening journey.

You need to keep your Aadhaar & PAN handy while opening the account. Once complete, your Account number & CRN will be generated instantly and you can start using your Account.

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Am I eligible to apply for Kotak 811?

You need to be more than 18 years of age, and a resident of India with an Indian address to be eligible to apply for a Kotak 811 savings account.

To apply for Kotak 811, you will need to have your PAN and Aadhaar Number handy. Kotak 811 is available for individuals who do not have any existing relationship with Kotak Mahindra Bank.

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What can I do once my Kotak 811 account is opened?

Once your bank account is opened, you can just login to our Mobile Banking App and start using it. It is packed with features like shopping, paying bills, booking movie tickets, booking air or train or bus tickets, or doing funds transfers in a snap, Kotak 811 savings account brings you convenience at your fingertips.

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How can I deposit money into my Kotak 811 savings account?

You can deposit money into your 811 savings account via a payment gateway using your Debit Card or Net Banking or just do funds transfer from your another account through NEFT or IMPS. You can also do a cash deposit in this savings account by visiting the nearest Kotak Mahindra Bank branch.

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How much money can I deposit in this Account?

The maximum amount you can keep in this account at any given point of time is Rs. 1Lakh. You can credit a maximum of Rs. 2Lakhs in this account and post which you will need to convert to Full KYC account.

The validity of this account will be 1 year, within which you will need to convert this account to a Full KYC Account.  This is a quick and easy process and we will help you through it. Converting to a full KYC account will also remove the transaction limits from your account.

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How can I convert my account to Full KYC Account?

You can fix up an appointment with our bank representative and convert your account to Full KYC Account. Full KYC requires in-person verification and your account will be converted to Full KYC within minutes.

You can either book an appointment through Mobile Banking App or Call our customer care on 1860 266 0811* and schedule your appointment or you can visit nearest Kotak Mahindra Branch to convert your account. One of our executives will simply authenticate your Aadhaar details using a biometric device, and you'll be all set in under 5 minutes.

*Local charges apply

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What is a Virtual Debit Card? How do I use it?

Kotak 811 brings you a Virtual Debit Card inside your Mobile Banking App. You can use it to shop online, pay bills, do recharges or use 'Scan & pay' to pay across lakhs of merchants across the country. If you need to check your card details - card number, expiry date and cvv - it's easy, just log in to your Mobile Banking app after opening your Kotak 811 account.

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I'd like to have a physical Debit Card as well. Can I apply for one?

Yes, you can. You can request one once your Kotak 811 savings account is opened. You can select the option to receive physical Debit Card in the account opening journey. You can also request one at a later date, via our Mobile Banking app. (Physical Debit card will be charged at Rs. 299 p.a.)

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What is Kotak 811 Edge account and how do I apply for it?

Kotak 811 Edge is a savings account which brings you the benefits of an 811 Digital Savings Account combined with the benefits of an Edge savings account like -

  • Earn Up to 6%* interest p.a. on your saving account balance
  • Average Monthly Balance (AMB) of Rs. 10,000/-
  • Free Online transfers (NEFT, RTGS, IMPS) - To help you Go Cashless! and many more

This account comes with Platinum Chip Debit Card, high Free transaction limits, Free transactions on all Kotak ATMs and many more perks. You can either choose this account while going for Full KYC, if you have already opened Kotak811 account or you can directly apply for the same on our website www.kotak.com.

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What is Kotak 811 Lite?

Not registered your mobile number with your Aadhaar number? Or haven’t received an OTP?

Don’t worry, we’ll create a Kotak 811 Lite account for you. You can use your 811 Lite account to try out the features of 811. And upgrading is easy. Just schedule an appointment so one of our representatives can visit you to verify your KYC details. You’ll be up and running in no time!

The aggregate of all credit in this account should not exceed Rs. 10,000 in a calendar month and the maximum amount you can keep in this account at any given point of time is Rs. 10,000. The validity of this account will be 12 Months and the aggregate of all credits in the account in a financial year should not exceed Rs. 1,00,000/- , unless Biometric full KYC process is completed. Any credit exceeding the limits stated above will not be accepted into the account. In case full KYC is not completed within 12 months from the date of account opening no more credits will be permitted.

This is a quick and easy process and we will help you through it. Converting to a full KYC account will also remove the transaction limits from your account. The account is valid for 12 months, within which you will need to convert it to a Full KYC Account. This will remove the transaction limits from your account. It’s a quick and easy process and we will help you through it.

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Could you explain the verification process to me?

Our customer executive will ask you to verify your credentials by checking your fingerprints on a biometric device. We'll need just a couple more details from you, and your final consent to release your details through biometric authentication Once this has been done, your account will be upgraded to a full KYC account.

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Do I need to carry my Aadhaar card, PAN card or any other documents if I choose to visit branch to convert my account?

We aim to keep our process paper-free by using fingerprint-based authentication, and we don't really require you to show us any documents.

However, we'd recommend that you carry your Aadhaar and PAN cards in case your finger print verification fails or you don't remember your correct Aadhaar or PAN numbers.

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Can I hold my account jointly with another applicant?

Unfortunately, the Kotak 811 account is intended for a single user only, and cannot be held jointly.

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Is my information secure?

The security of your personal information and your online banking transactions are of utmost importance to Kotak Mahindra Bank. We maintain strict security standards, including Internal Systems Encryption and Firewalls, to prevent unauthorized access to your information.

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I do not have a PAN. Can I still apply for a Kotak 811 account?

Unfortunately, we need your PAN to open your 811 account. If you don't have one, please visit www.apply.kotak.com to open your kotak 811 Edge account and one of our customer executives will contact you. Since you don't have a PAN, you will need to fill Form 60 and submit it with your application.

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I do not have an Aadhaar number. Can I still apply for a Kotak 811 Savings account?

Unfortunately, we need your Aadhaar number to open your 811 account via our app.  If you don't have one, please visit www.apply.kotak.com to open your Kotak 811 Edge Savings account and one of our customer executives will contact you.

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