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Kotak811 Bank Edge: Redefining Your Banking Experience

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Kotak is making a notable effort to help many people in India have bank accounts. They’re using technology to let you open a savings account online. One of their special accounts is called Kotak811, which was the first of its kind.

They use videos, known as KYC, to check who you are. This remarkable account is on your mobile phone and helps you manage your money online. The Kotak811 account is easy to get – any Indian citizen can get it without needing money.

Kotak Mahindra Bank started this kind of account- it’s like opening a zero balance account online. In this guide, we will explore more about the Kotak811 Edge saving account.

Key Advantages of the 811 Edge Savings Account

Kotak811 Edge comes with some cool features:

  • Balance Requirement: You must keep an average of Rs. 10,000 in your account monthly. That’s like an average amount to have.
  • Chequebook Freedom: You get a chequebook with 25 sheets for free every three months. So, you can write checks without worrying about extra charges.
  • Platinum Debit Card: There’s a yearly fee of Rs. 150 for their fancy platinum debit card. It’s like a special card that comes with some perks.
  • ATM Access: You can use Kotak Bank ATMs anytime, and it’s free – no limits, which is pretty cool.
  • Scan and Pay: You can make in-store payments effortlessly using the Scan and Pay feature, which involves simply scanning an item with your phone to complete the payment.
  • ATM Withdrawals: Unlike other banks, where you might get only 5 free ATM withdrawals monthly, Kotak811 Edge lets you enjoy free and unlimited withdrawals from their ATMs.
  • Extra Goodies: They offer other things for free, too. But remember, it’s always a good idea to check with the bank to know all the cool stuff you’re getting and any extra bonuses.

So, with Kotak811 Edge, you get some cool stuff without paying for most of it. Just chat with the bank to know all the fantastic things they have for you.

How do you open a Kotak811 Edge Saving Account?

Opening a Kotak811 Digital Savings Account is simple. Follow these steps for easy digital account opening:

Step 1: Visit the Android Play Store on your mobile.

Step 2: Download and set up your device’s Kotak Mobile Banking App.

Step 3: Fill in your Aadhaar number, PAN number, and personal details on the registration form.

Step 4: Create a unique PIN to secure your mobile banking account.

Step 5: Congratulations, your account is now fully operational.

This streamlined process ensures convenient digital account opening.

Eligibility & Documentation

To get the Kotak811 Edge account, you need to meet these conditions:

  • You need to be 18 years or older.
  • Residency and citizenship in India are required.

Documents Required

  • Aadhaar Card
  • PAN Card

You can apply for the Kotak811 Edge account with these documents.

Fees & Charges

Here are the fees and charges for using the Kotak811 Account:

  1. Sending Money: You can use NEFT, IMPS, mobile banking, and RTGS for free.
  2. Minimum Balance Requirement: Please maintain the minimum balance to avoid a fee. This fee will be 6% of the shortfall amount.
  3. Deposit Money: Using a Cash Deposit Machine (CDM) or depositing cash at a branch is free for up to 4 monthly transactions or up to Rs. 2 Lakhs.

After using up these free transactions, there will be a charge of Rs. 4.5 for every Rs. 1000 deposited, with a minimum charge of Rs. 150.

  1. Branch Money Transfers: When conducting RTGS, NEFT, or IMPS transactions at a physical branch, a service charge of up to Rs. 40 may apply, depending on the transaction amount.

You need to know about these charges for your Kotak811 Account.

Fee/Charge Amount/Details
NEFT/IMPS/mobile banking/RTGS Free

Kotak811 Edge – Debit Cards Charges

Non-maintenance of minimum balance 6% of the monthly shortfall in the required balance
CDM/cash deposit through branch No Charges – Up to 4 transactions or 2 lac per month (whichever occurs first). Post-free limits, charged at

Rs. 4.5/- per Rs. 1000/- with a minimum charge of Rs. 150/-

RTGS/NEFT/IMPS

through branch

Up to Rs. 40 based on the transferred amount

 

Below is a comprehensive table detailing the various charges associated with using a Kotak811 Edge Debit Card:

Debit Card Type Charges
Physical Debit Card Rs. 199 + Taxes
Virtual Debit Card Not Applicable
At Other Bank ATM Rs. 21 per transaction

(Rs. 8.5 for non-financial)

At Kotak ATM Unlimited Free

Wrapping Up

In a nutshell, Kotak811 Edge has transformed banking into a hassle-free adventure. With its user-friendly features and convenient access, managing money has never been simpler. From quick transactions to innovative saving options, it’s a game-changer.

Say goodbye to traditional banking woes and embrace a new era of banking ease with Kotak811 Edge. Your money, your way!

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