In today's fast-paced digital era, individuals constantly seek convenient and efficient ways to manage their finances. One of the basic offerings of any bank is the savings account. This account not only helps you to keep your wealth secure but also aids in growing it in due time. However, people often ask how to open a bank account online. While many think it is a tedious process, leading financial institutions like Kotak Mahindra Bank have made opening a savings account easy.
Do you know how to open a bank account online? Opening an online savings account is simple. You can open an online savings account immediately by completing the online form on a bank's website or mobile banking application.
The entire account opening process is completed online; no physical forms are required. You may open your account in a few minutes and start using it instantly. Many banks have created digital savings accounts to make the account opening procedure easier for their customers. One such account is the Kotak811 digital savings account by Kotak Mahindra Bank. Opening this online account is quick and instant.
Advantages of digital savings account
Here are the top 5 benefits of digital savings account:
1. Paperless workflow
You can open a Digital Savings Account online by visiting the bank's website or downloading the mobile banking app without leaving your house or visiting a branch. The online account opening process is 100% paperless. Online account opening does not require you to upload any scanned documents. You just need to enter your Aadhaar number, PAN, and other information.
2. Monthly average balance criteria
The monthly average balance requirement is the only component of a savings account unpopular among banking consumers. Yet, with an online savings account, you don't have to worry because the Monthly Average Balance (MAB) requirement varies. While the MAB of other digital savings accounts can range up to Rs.10,000, Kotak811 digital savings account do not require a monthly average balance requirement. One can open a Kotak811 zero-balance savings account online.
3. Debit card
Debit Cards allow you to access cash from ATMs, make online payments, and pay for items at shopping malls or supermarkets. Kotak811 digital savings account offers a free virtual debit card that can be used without hassle for digital transactions.
Must Read: Reactivate an Inactive/Dormant Savings Account
4. Online payments
This is the age of online payments, and digital savings accounts provide a variety of methods for consumers to transfer money online, such as UPI, Mobile Banking, Net Banking, WhatsApp Banking, Scan & Pay, and others, which allow users to transfer money without visiting a branch or an ATM.
5. Interest rates that are reasonably low
Similar to traditional savings accounts, banks pay digital savings account customers interest on funds held in the account. Although interest rates fluctuate, the interest rate on a savings account is still advantageous. Remarkably, those with Kotak811 digital savings accounts can get FD-like interest on their account balance by activating the ActivMoney feature.
Can i open a bank account online?
If you meet the following requirements, you can open a Kotak 811 account:
- You must be 18 years of age or older.
- You must possess a valid Aadhaar and PAN card.
- You should be a resident of India.
How to open a bank account online?
Opening a bank account with Kotak811 online is extremely easy and takes just a few minutes. You can opt for a video KYC process and open a full-fledged savings account within a few hours!
1. Enter your name, mobile number, and email ID.
2. You will receive an OTP on your mobile number. Enter the OTP.
3. As per RBI's regulation, banks can open zero-balance savings accounts online through Aadhaar OTP verification.
4. Enter your PAN and Aadhaar number. You need to authorise the bank to access your Aadhaar details and biometric information for verification.
5. Add the OTP that you have received on your Aadhaar registered mobile number.
6. You can now see your address as per your Aadhaar records. Use this address or add another address as your communication address.
7. Add details, such as the father/mother's name, occupation, gender and annual income. The bank will fetch your date of birth from the Aadhaar database. You can also add nominee details.
8. Review the details you have added before proceeding with the Video KYC verification process.
9. Accept the terms and conditions.
10. After the video-based KYC is completed, your account will be opened within a few hours upon successful verification. The account will be a full-fledged savings account without any limitations or restrictions.
Essential things to consider before applying for a bank account
1. Make a comparison of your options
Make sure you choose the right bank for your needs before you open an account. Here are some features to consider:
- Annual percentage yield (APY) that is competitive
- Minimum balance requirements are low or non-existent
- Low or no monthly fee, or one that is easy to avoid
- ATMs that are fee-free
2. Gather the necessary documents
To open a bank account, you must provide details about yourself and some documents. Ensure you have the following information ready when you open the account, whether in person or online. This includes your Aadhaar card and PAN card, which are proof of identity and address.
3. Select a joint or individual account
You should open an individual account if you want a savings account. However, if you want an account that you can share with someone else, like a spouse or child, consider opening a joint account.
Must Read: The Ins and Outs of Fixed Deposit Accounts
4. You need to fund your account
You may need to make an initial deposit when opening a savings account in person. If opening the account in person, you can usually deposit cash or a cheque. Online fund transfers can also be used to deposit money into the account.
If you're opening an account, make sure you deposit enough to meet the minimum opening deposit and maintain a sufficient balance to avoid maintenance fees.
For example - Kotak811 Edge Savings Account requires a minimum Average Monthly Balance of Rs. 10,000. If unsure about maintaining a minimum balance, open a Kotak811 zero balance savings account online.
Conclusion
Opening an online account with top banks like Kotak Mahindra Bank is simple and easy. By embracing technology, individuals can effortlessly access their accounts from anywhere at any time. Furthermore, this digital savings account offers various features, such as high-interest rates on deposits, secure online transactions, personalised financial management tools, and 24/7 customer support through different channels, including chatbots and helplines.
Popular Searches on Kotak811
Zero Balance Savings Account | Kotak811 | Kotak 811 Insights | 811 Edge Savings Account | Digital Savings Account | Lifetime Free Credit Card | ActivMoney
This Article is for information purposes only. The views expressed in this Article do not necessarilyhttps://www.kotak811.com/?source=PopularSearches&banner=Insights&pubild=Articles constitute the views of Kotak Mahindra Bank Ltd. ("Bank") or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Share
