Kotak Mahindra Bank has announced an offer for opening a zero-balance savings account on 30th March 2017, with zero charges for all digital transactions.
This move is against the industry tide wherein banks such as SBI and HDFC are either raising or reintroducing charges for transactions.
This new plan/account is called ‘811’ in relation to demonetization that was announced on 8th November 2016. It is aiming to double its customer base to 16million over the next 18 months.
The account could be opened from anywhere in 5 minutes flat. It would use Aadhar based One Time Password (OTP). Only Aadhaar and PAN card are required to open and operate this account.
All ‘811’ customers would get free virtual debit card and up to 6% annual interest on their savings account. Banks have been aggressive in rolling out products for a digital banking platform. HDFC Bank introduced products like ‘10-minute loan’, ‘design your own loan against securities.’
The ‘811’ application offers access to over 100 features on mobile, including completing financial transactions, fund transfer and managing of investments.
