Who is not eligible to open a savings account in a bank?

Customers without legitimate identity or address documents, or those with specific financial or legal constraints, might find challenges in opening an account.

Can I open a savings account without income?

Absolutely not. While some banks may inquire, Kotak811 emphasises ease of access. However, a PAN card is mandatory for tracking large transactions as part of banking regulations.

How many savings accounts can be opened by a person?

While you may open multiple accounts, it's advisable to manage them efficiently. Get in touch with a Kotak811 representative to know more or Call us on: 1860 266 0811

What is the minimum age for a savings account

You should be 18 years old or above to open a savings account with Kotak811.

KOTAK 811 ELIGIBILITY

Savings Account Eligibility

Secure your Savings Account effortlessly with just your PAN and Aadhaar - no paperwork required!

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Eligibility Criteria

Disclaimer: 
1 : Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.

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Rajesh Mahajan

Investment Banker

One of the best zero-balance instant account bank apps in the market!

Prashant Kothari

Finance Assistant

Kotak Bank instant savings account is safe and is easy to use.

Hiren B

Investment Banker

If someone is looking to open an instant account. Just go for this one. It is easy, practical and offers multiple features. All of this at zero balance.

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Strategic Alliance - Manager

Great app, great functionalities. I’m happy!

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Savings Account Eligibility Criteria

Maximise your benefits by saving money in the Kotak 811 savings account. The 811 savings account comes in two variants, designed to cater to diverse spending habits. With the added convenience of zero-contact and video-KYC features, you can open a Kotak savings account anytime and from anywhere. Enjoy the best online banking solutions with just a few clicks. Open your online savings account now and explore our extensive range of offerings.

What are the eligibility criteria for opening a...

What are the eligibility criteria for opening a savings account?

Considering opening a Savings Account with Kotak 811? Consider these criteria:

Age Factor: Predominantly, you should be 18 years or older. However, for the younger generation, Kotak 811 offers accounts tailored to specific needs, usually under the guidance or co-sign of a parent or guardian.
Residency Status: You should predominantly be residing in India. NRI accounts have different parameters.
Identity & Address Verification: Aadhaar and PAN cards have become indispensable for this. They serve to verify your identity and are a testament to your residential address.
Income Proofs: While this isn't a stringent requirement, officials at Kotak 811 might request it to understand your financial standing.

Steps to apply online for Kotak811 savings account

Kotak811 has simplified banking. To open an account:

Visit Kotak811's Portal: Navigate to the "Open an Account" option. This is your first step towards a seamless banking experience.
Input Essential Details: Primarily, this will encompass your basic credentials such as name, contact details, and Aadhaar number.
Engage in Video KYC: With advancements in technology, physical verification hassles are eliminated. A brief video call serves to authenticate your provided details.
Account Configuration: A crucial step where you'll set up essentials like your password and preferred settings.
Receive Confirmation: Upon successful verification and setup, your account becomes operational. With Kotak811, you're not just opening an account but initiating a relationship.

Documents required for Kotak811 Savings Account

For a smooth account opening experience, ensure you have:

Aadhaar Card: The dual-purpose card validating both your identity and address.
PAN Card: Beyond its importance for taxation, it’s pivotal for your banking records.
Recent Passport-sized Photo: This will be integrated into your account profile for identity purposes.

Embarking on a journey with Kotak811 is more than just opening a Savings Account. It’s about being a part of an institution that values your trust and prioritises your convenience. Ensure you have all the necessary documents, and your pathway to robust banking is just a few clicks away.

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Frequently Asked Questions

A fixed deposit (FD) acts as collateral for a secured credit card, as the bank puts a lien on the FD until the customer returns the credit card. If the customer defaults on the credit card payments, the bank can use the FD to cover the outstanding balance.

A credit card against FD is an excellent choice for those struggling to obtain a credit card due to low credit scores, irregular income sources, or unsatisfactory ID proof(s). It helps build credit scores and provides access to emergency funds.

Not every secured credit cardholder gets upgraded to an unsecured card. The reason may be a low/average income or any other factor. However, increasing the FD amount in the bank can lead to an increase in the credit limit.

No, taking a fixed deposit will not directly impact your CIBIL score. However, by taking a secured credit card against an existing FD and making timely bill payments, you can improve your CIBIL score through your repayment history.

Yes, ATMs usually allow you to withdraw 100% of your credit limit. However, the card's credit limit will only be 75-90% of your fixed deposit.

Banks usually offer a credit limit equal to about 75-90% of the amount you have in a fixed deposit. So, if you've got a ₹10,000 fixed deposit, you can expect a credit limit ranging from ₹7,500 to ₹9,000. Remember that the precise credit limit may differ depending on the bank's guidelines and your credit history.

Regrettably, credit cards backed by fixed deposits are not accessible to foreign nationals in India. This service is exclusively offered to Indian citizens and residents.

The minimum amount of fixed deposit for a credit card varies by bank. Typically, it ranges from Rs.2,000 to Rs.25,000.

Many Indian banks, such as Kotak Mahindra Bank, offer credit cards against fixed deposits for enhanced financial flexibility.

Disadvantages of secured credit cards include lower credit limits (typically 75-90% of the FD amount) and the requirement to maintain a fixed deposit with the issuing bank.

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