Kotak Launches Zero-Charge Digital Bank Account

  • 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.
Source:  http://bit.ly/2obdP2U

 

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