Kotak 811: Features, Eligibility, and How to Open Kotak 811

Kotak 811: Features, Eligibility, and How to Open Kotak 811

The banking sector has grown drastically since the involvement of technology in that sector,
before technology the bankers you to maintain all the ledger in the physical format,
is the customer needs to make any transaction it would take almost a day to fulfill the transaction
but since digitalization, the banking sectors been booming all the transaction can be done in a minute,
even from open an account, money transfer, NEFT, RTGS, everything even closing an account,
there is no need to visit the branch at all.

Kotak Mahendra Bank is one of the pioneers in the Banking and Finance sector.
Kotak Mahendra was established in the year of 1985, before converting into a bank Kotak Mahendra was a group of finance, providing financial services to the retail sector it was knowns as Kotak Mahindra Finance Ltd. (KMFL).

In the year 2003 February, Kotak Mahendra received the Banking Licence from The Reserve Bank of India,
and the Kotak Mahindra Finance Ltd. (KMFL), was converted into the Bank.
It was the first Non-Banking Finance Company to convert into a Bank in India.

Mergers and Acquisitions:

In the year 2015, Kotak Mahendra Bank Mergered ( more of the Acquire) with a local bank named ING Vysya Bank,
For the value of 150 Billion, after completion of the merger the bank now has a staff of more than 4000+ employees,
and a total number of branches reached is more than 1600+ and around 2600+ ATM machines.
After the Merger, ING Vysya Bank, ING Group owns 7% of shares in Kotak Mahindra Bank.

Kotak Mahendra Bank launched its new way to connect with people with technology,
the bank launched a new savings account feature in January 2020, it’s called Kotak 811.

Features of Kotak 811:

• It is a Zero-Balance saving bank account.
• The Kotak 811 is a one-stop solution for the account performance of all the transactions.
• Kotak 811 account can be open in less than 5 minutes.
• No requirement to go to the branch everything can be done online,
  all it requires is ( PAn card, Aadhaar card, and mobile number)
• The Best features it provides is a 4% interest on your savings which is better,
  comparied to various other banks.

How to Open Kotak 811?

As mentioned above everything can be done online the bank has done all the processing online,
Kotak bank recognized the awareness towards environment it is one of the banks that has taken an initiative
to go green and save the environment they have made Kotak 811 a paperless transaction account.
and it hardly takes 5 minutes to open an account:

• Step 1: Open the Play Store on your mobile phone.
• Step 2: Download and install the Kotak Mobile Banking app.
• then Step 3: Register by using your Aadhaar number, PAN, and fill in all the other personal details.
• Step 4: Set up an MPIN.
• Finally, Step 5: You can start using your Kotak 811 account immediately.

Eligibility to Open Kotak 811:

As Technology has given access to development, but most of the time it is used for misdeeds,
and the past has been the evidence that when banks are in the loss due to this kind of misdeeds,
the most effective are the people who have an account in that bank.

So to avoid these kinds of frauds, the Kotak Mahendra bank has set some Eligibility Criteria
to open an account.

• Firstly, The Applicant who wants to open an account must be a minimum of 18 years old or above.
• The Most important Eligibility criteria is the Applicant must be a citizen of India.
• Finally, The applicant must not be an old-customer of Kotak Mahindra Bank.

What are the Documentations required for Opening Kotak 811?

These are the following documents required for opening a Kotak 811 account:

• PAN Card(Mandatory)
• Aadhaar Card

 

Conclusion:

In Summary, We have covered all the aspect regarding the “Kotak 811: Features, Eligibility, and How to Open Kotak 811 ” Which is one the best saving account comparied various others because it identifies
However, the needs and wants of all the customers and had implied it on a real-time basis to enhance
the customer-friendly usage of today’s bank.

 

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