Kotak has launched two kinds of digital accounts. One is 811 Digital Bank Account balance savings account, which is a zero balance savings account and another one is 811 Digital Bank Account. These accounts are completely digital and Here are the features of both the accounts:

Interest rate given by the bank of savings bank accounts:

The 811 Digital Bank Account is the most basic digital account and comes in three variants; these variants differ in their KYC verifications and because of that the facilities are also different, and works on the concept of stronger the KYC better the services. All the three variants are zero balance accounts.

Here’s what the three variants feature:

This account can be considered a digital wallet rather than a savings account as it has features of a digital wallet with a prepaid card rather than a savings account. It is mandatory to update it to a full KYC account within one year of opening.

How To Open A Kotak 811 Limited KYC Account

The Kotak 811 Lite Account account is also more of a digital wallet without a card but where you get interest on your money. It is mandatory to update it to a full KYC account within one year of opening.

How To Open A Kotak 811 Lite Account

This account is a thorough account and fulfills all the functions of a proper account unlike the previous two.

How To Open A Kotak 811 Full KYC Account

To open this account full KYC is done and Aadhar details of the account holder are required and the account can be opened digitally on a video call from the bank.

The account has been rated on the basis of the following criteria:

Armaan is the India Lead Editor for Forbes Advisor. He has more than a decade’s experience working with media and publishing companies to help them build expert-led content and establish editorial teams. At Forbes Advisor, he is determined to help readers declutter complex financial jargons and do his bit for India's financial literacy.