Kotak Mahindra Bank launches purely digital saving account ‘811’

Indian financial services conglomerate, Kotak Mahindra Bank  announced the launch of 811, a full-service digital Banking ecosystem on mobile.

With an aim to boost its organic growth, homegrown private sector bank Kotak Mahindra Bank  launched full-service digital Banking mobile app   ‘811’ in Mumbai.

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“We are delighted to announce the launch of 811, India’s full service digital  & paperless account opening experience,” Kotak Mahindra Bank said on Twitter. 

According to Kotak Mahindra Bank, 811 app offers a zero balance savings account with zero charges for all digital transactions, where customers can earn up to 6% interest per annum on their savings account balances.

The 811 app offers a completely digital and paperless account opening experience across 700 locations in India.

The app can be opened anywhere, anytime, within five minutes, using Kotak Mahindra Bank’s mobile banking app.

For opening account for 811 on mobile, an user needs to submit his Aadhaar number which will route him to One Time Password (OTP) authentication process.

To open and operate Kotak Mahindra Bank’s 811 app, Aadhaar number and Permanent Account Number (PAN) of users is required.

At present, 811 app is available on Google Play Store and it will soon be available on Apple’s App Store.

Here are key features of Kotak Mahindra Bank’s 811 app: 

1. The app has 100+ features with “Shop/Pay/Bank” on 24X7 basis

2. 811 app has Aadhaar-OTP based account opening on the bank’s mobile app

3. The app has zero charges for all digital transactions

4. With the app, users can make easy money transfers with Unified Payment Interface (UPI)

5. Users can scan and shop 811 app with mVisa and Bharat QR

6. Through 811 app, users can send money instantly using our one-time transfer service

7. Users can also book movie tickets at PVR

8. The app can be used to shop online at Flipkart

9. The app can be used as Virtual Debit Card to pay at over 100,000 online merchants

10. Through the 811 app, users can access their Fixed Deposits, Demat account, Mutual Funds and Application Supported by Blocked Amount (ASBA)

11. Users can also access their credit cards and get an instant personal loan via 811 app

 

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