Private sector lender Kotak Mahindra Bank (KMB) on Wednesday announced the launch of "811" savings account scheme, aimed at doubling its customer base over the next 18 months, primarily through digital account opening from the current 8 million. Executive vice-chairman Uday Kotak said it has been named "811" "inspired by November 8, 2016, "the day that changed India" referring to Prime Minister Narendra Modi's announcement on demonetisation of high value notes last year. The 811 scheme offers a "completely digital, paperless account opening experience" through Kotak Bank's app in five minutes, he said.
"It is inspired by Prime Minister Narendra Modi's November 8 (demonetisation) move. The inspiration is from PM Modi's vision of new India," he said.
Key things to know about Kotak's 811 savings account scheme:
1) "811" is part of Kotak's existing banking app.
2) Kotak's 811 account will offer users an interest rate of up to 6 per cent on savings account balances.
3) The 811 scheme offers "zero balance with zero charges" for all digital transactions, Mr Kotak said.
4) Only Aadhaar and PAN numbers are required to open and operate it, he added.
5) The 811 savings account scheme offers over 100 features including financial transactions management, online shopping, booking of movie tickets, flights and hotel rooms, and much more.
6) The app is also Unified Payment Interface or UPI-enabled which lets you send and receive money without adding any other bank information.
7) Kotak is the first bank to integrate the newly introduced Aadhaar-based OTP on mobile, he said.
8) It is a combination of a regular bank account, mobile account and a digital wallet which gives access to e-commerce, Mr Kotak said.
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