Kotak 811 is the digital saving account introduced by Kotak Mahindra bank a few years back. In the short term, the account got popular and it is being used by a large number of people in India. Initially, the service was offered completely free with a free virtual debit card which can be used for both domestic and international transaction.
Users have the option to get a physical debit card by paying an annual fee also. Now, the bank revised some of its services with some fee and some applicable charges.
What is Kotak 811 Virtual Saving Account
Kotak 811 is completely a digital saving account which can be opened by any Indian residing in the country with their Aadhar Card and Pan Card. The account can be opened with the help of the mobile application and the whole process can be done in 5 minutes. To open an account from your home itself, you can check this link to get more information.
Kotak 811 provides all the features of a normal saving account. Even Though it is being opened by the mobile application, there will be a physical account exist in the nearest branch in your location. You will get all the features such as Netbanking, Mobile banking, UPI transaction, Interest for your money, etc. The Kotak Mahindra Bank now also provided new age banking called WhatsApp banking for its customers.
Revised Kotak 811 Fees and Charges
Now, the bank revised the charges for their services and customers need to pay some amount based on the services. Let us see the Kotak 811 account charges in detail.
Kotak 811 UPI Transaction Charges
The new charge will be effective from May 1st, 2019 onwards and users need to pay the amount for their transaction. The first 30 transfer in each month will be considered as free and after the 30 free transfer, the following amount will be charged
- Rs. 2.5/- as a charge for every transfer of an amount less than or equal to Rs. 1000/-.
- Rs. 5/- per transfer for the amount above Rs. 1000/-.
It is also noted that, as per Banks reports, all the online payments, bill payments, merchant payments, etc will still be considered as free and will not come under the free 30 transfers.
The 30 free and subsequent chargeable transfer will be applicable to the fund transfer that is made to another bank account. Also, all the fund transfer that is made using the Account number and IFSC code also will be considered as the above mentioned 30 free and chargeable transfers.
Kotak 811 Debit Card Charges
Kotak debit card charges will be free and paid depending on the type of card you are using. The virtual debit card will be free as of now and you can use it for online payments for both domestic and international transactions. However, the physical debit card comes with an annual fee of Rs. 199/-.
Use of Debit card in Kotak Bank’s ATM – First 5 transactions in every month will be free and thereafter for a financial transaction, there will be a charge of Rs. 20/- and for a non-financial transaction there is a charge of Rs. 8.5/-
Other Bank’s ATM usage – First 5 transactions will be completely free, whereas in some cities such as Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, the monthly free limit is set as 3 only. After that, financial transactions will be charged at Rs. 20/- and non-financial at Rs. 8.5. If the transaction gets declined at the ATM, there will be a penalty of Rs. 25.
Transaction Declined due to Insufficient Balance – If the transaction gets declined by the ATM or by the merchant website due to the insufficient balance, the Bank will charge your Rs. 25 for every such action.
There will be no separate charge for using Kotak Net Banking facility and mobile Banking facility.
Note: Kotak 811 account is only for the resident Indians and is not available for Non-Residential Indians (NRI).