Things You Should Know Before Opening A Digital Bank Account

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Digital banks have justified their significance in current times, with their optimistic approach towards banking. As we have adopted a hybrid lifestyle by balancing our personal and professional life post COVID. We now need products and services to support our ways of living. Digitization of the banking system has catered to that need.

Standing in queue to withdraw cash or approaching a branch to initiate funds transfer are both obsolete activities. A digital bank account is somewhat like your social account, always keeping you posted about money matters. So, you have one less thing to stress about. If you are looking to get a digital bank account and manage your finances using a smartphone, here are a few facts for you to consider.

Fast and easy

Visiting a bank to deal with a banking requirement used to be a time consuming task. And, who wants to stand in a queue? Yes, the pandemic did a lot to send us home and keep us there.

So, banks came up with a complete digital journey for customers, where you can manage, save, and transfer money easily from the convenience of anywhere. Kotak811, a brain child of the globally trusted Kotak Mahindra Bank, has designed and formulated the first downloadable digital savings account for all its customers with a plethora of features.

Best in class security

Though banks have moved their services online, they have become more empathetic towards questions of security and convenience. So, before choosing a digital savings account online, be assured that your data is encrypted and masked with layers of security. Preparations like these, ensure that customer data is safe at all times.

Eg: Kotak811 Zero Balance Account offers a service called “Virtual Debit Card”. A secured way to carry out digital transactions without the added fear of losing a physical card.

Unmatched features

A digital savings account is not only convenient, but is laden with responsive features and benefits to make your financial activities rewarding.

With a Kotak811 savings account you get:

No maintenance charges, Complimentary virtual debit card, Free digital transactions, Lifetime free credit card without any documentation, Option to invest in FD and 3.5% p.a. interest on account balance. These are some of the benefits.

Digital payment options

It is essential to have different modes of payment available for customer convenience. All banks have included necessary and accredited payment services in their banking apps. Kotak Mobile Banking App helps you with utilities bill payment, recharging a mobile number and tackle FASTag payments. It also has features like Bill Pay and AutoPay to set up payments and never miss a due date.

Investment options

Not only savings, digital banks are offering their customers investment plans. This will help you to create a perfect balance between expenditure and investment. Once you open a bank account online, you are eligible to purchase / redeem and keep track of your FD, RD, MF or Equity. You can apply for a Kotak811 Zero Balance Savings Account and book a Fixed Deposit worth ₹10,000 or more.

More than just an account

A digital bank account is not just a place to keep your money safe; it can be used for most of the financial activities. Along with the essential features, a digital bank account offers added features of ease, availability and efficiency.

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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.