Kotak 811 account opening process is very easy as you don’t have to visit the branch of the bank. You can open your savings a/c from the comfort of your home. What documents are required to do so? You need three things – PAN and Aadhar card and your signature on a blank white paper. You must sign with a blue pen on the paper.
In the first step of opening a savings account with Kotak, you will be asked to enter the email ID, phone number, and your PIN code. As soon as you enter the email address, the bank will send an OTP to your email ID. You must provide the same on the form. The bank will also send an OTP to your phone number. You should verify the mobile number by entering the current OTP. After verifying the two, you must enter your PAN and Aadhar ID. When you type the Aadhar ID, Kotak 811 will send an OTP to your Aadhar registered number. You should enter this number. This step is very important. If you don’t have access to this number, you cannot proceed further.
Once the user types the OTP, Kotak 811 will fetch your name, father’s/mother’s name, address from the Aadhar database and will update the personal details form with the same. The only thing you have to enter in this form is the profession and income. Once you enter the two details, Kotak 811 will ask you whether you want a physical debit card or not. The charges for the new physical debit card are 299 Rs. This card will be sent to your postal address. Getting a debit card is optional. The bank will generate a virtual debit card when your a/c is ready. You can find the same in your dashboard.
Kotak 811 offers four types of account – Limited KYC, Lite, Edge, and Full KYC account. Out of the four, only Edge a/c has a minimum balance requirement of Rs 10000. The remaining three are zero balance accounts. New users are mapped to the Limited KYC a/c. This a/c can have up to 5000 Rs. Its validity is 12 months. Users who have a limited KYC a/c will be asked to upgrade to full KYC. To do so, you will have to complete Video-KYC. During the process, the executive will ask a few questions such as what’s your father’s name, mother’s name, PIN code, etc. The executive will also prompt the user to show the PAN and Aadhar card and sign on a white piece of paper and show the signature.
If everything goes well during the V-KYC process, your a/c will be upgraded to “Full KYC” account within 8 hours and you can start transferring/receiving money online. My a/c was activated within 3 hours.
To sign in to your dashboard, you will have to type the virtual debit card and phone number. You can find the card in the dashboard. To find the same, you must install the Kotak811 Banking app (Play Store URL). You can sign in to the application with the phone number only. Kotak 811 Banking app will prompt you to create a mPIN. Once you create one, you will get access to the dashboard.
Is initial funding required? Some banks will ask you to deposit the initial funding amount even before your account is set up (for example, AU Bank current a/c). Kotak 811 doesn’t ask you to do so. As 811 is a zero-balance account, you can keep as much amount you want in your a/c. How will you get notified of transactions? The bank sends an alert email and SMS every time someone sends money to your a/c, deposits funds or you make changes to the account.
