Kotak 811

ijsa

Regular
[OP]
Regulars
May 3, 2008
1,636
156
Kotak Mahindra Bank dials 811 to double customer base, announces new strategy
811 offers a completely digital and paperless account opening that can be done anytime, anywhere.

811 will continue to offer customers up to 6 percent interest on their savings account balances.

Kotak Bank will become the first bank to integrate Aadhaar offering OTP-based financial services.

The new initiative will be a part of Kotak’s existing app and customers can maintain a zero balance for zero charge for all digital transactions. Only Aadhaar and Pan card will be needed to open and operate the account.
Kotak Mahindra Bank’s disruptive 811 may spell trouble for payments banks
 

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram


6% interest is only on deposits above rs. 1 lakhs. and for that you would need to go to a bank to upgrade it from a limited account with 1 lakh top limit.
 

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
plus i imagine dbs and ibfc already have similar accounts? so it's not like kotak is offering anything new. you do not even get a regular debit card which makes it just as bad as payments banks.
 


dextermorgan

Regulars
May 12, 2014
6,861
1,219
Hyderabad
kotak mahindra bank doesn't have customer care active during sundays. wtf? I just noticed a fraudulent transaction and called customer care and nope, they don't work on sundays

btw they do offer physical card/cheque book. And they did come to home to activate account thru adhaar before SC put an end to that
 

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
811 is no longer taking new customers as well from what I read coz of kyc blockage through aadhaar.
 


Mr_mime

Regulars
Feb 18, 2017
183
40
RBI screwed them up, making a new account at the comfort of your home was so good but now going to their office for kyc totally kills the purpose.
They call me every month for kyc and won't close my account unless I visit them, looks like I'm their customer for life.
 

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
i wonder if they can also use the method being adopted by mobile operators where a live photo is taking with ids etc for ekyc.