Start them young and the habit will stick, and programs like Kotak 811 can help you help your kids learn how to save. Teaching your kids to save right from their tender age will them learn the value of money. Beyond the money, they will also learn general life skills like goal setting, budgeting, and spending the buck on the right things.
Kotak 811 is an app offered by Kotak Mahendra Savings that can help your children save their money. This service is for kids who want to save big and to help them there are no minimum balance requirements. And the nice interest rate of 6% on the savings are sure to give your kids the urge to save more for a bright future.
In addition, with a variety of digital banking options, the concept of banking is made even easier for you to teach to your children. If you give them the building blocks of financial health today, you are helping them out for a lifetime so it is an important thing to consider. Our editors have looked into Kotak 811 to find out how it can help you and your children discover a happy medium of living life and saving for the future.
What Are The Features Of Kotak 811?
The most important feature of all is the all-digital banking service your kid will receive when you turn to Kotak 811. Plus, with your smartphone, you can monitor your kid’s progress and guide them whenever they need your help. With 811, opening an account is easy because you don’t have to walk to the bank or fill arduous forms.
With just a few simple clicks on the easy-to-use Kotak Mobile Banking App, you can instantly open a savings account for your kid. When they have a chunk of their money saved in the account, you kids will receive 6% interest every year! Upon that, your kid does not have to maintain a minimum balance!
What Are The Benefits Of Kotak 811?
With Kotak 811 in your smartphone, you can reap a myriad of benefits! For instance, when your kid has saved a substantial amount of money in the account, they can instantly turn it into an FD and earn a higher rate of interest!
Apart from this, you can use your app to get a checkbook, transfer money, open RD and other banking services with just a few taps. You can even walk into the nearest branch to make cash transactions and teach your kid about banking on the go!
Also, with 811, you can rest easy knowing that your kid will not lose their debit card as it fits right into the Kotak app. With this virtual debit card, shopping, paying bills and recharging mobile phones are going to be so much easier for you.
Besides, Kotak 811 will let you find all the shopping options under one umbrella! If you have more questions about Kotak 811, check out these FAQs.
What Are The Fees and Charges?
Here are some fees and charges you may incur when you turn to Kotak’s 811 services.
|Debit card annual fees||INR 299|
|Debit card replacement charges||INR 299|
|Kotak Bank ATM transaction fees||Financial transactions after the first 5 free transactions – INR 20 on every transaction
Similarly, non-financial transactions will cost INR 8.50
|Cash transaction charges||1 free cash deposit per month up to INR 10,000. After that, a charge of INR 3.50 per INR1,000 cash deposit
(Please note subject to a minimum of INR 5)
|Statements and alerts fees||Daily SMS – INR 30 per quarter
Weekly SMS – INR 15 per quarter
|Other domestic ATM transaction fees||Financial transactions after the first 5 free transactions – INR 20
Similarly, non-financial transactions – INR.8.50 per transaction
INR 25 for every declined transaction
|Foreign Currency Conversion Charges||INR 37.50 or 0.15% of the gross value (whichever is higher) for up to INR 1 lakh conversions
INR 150+0.075% of the amount exceeding Rs.1 lakh for above INR 1 lakh to INR 10 lakh
INR 825+0.015% of the amount exceeding INR10 lakhs (subject to a maximum of INR 7,500) above INR 10 lakh.
How to Apply For Kotak 811?
It involves a very simple procedure even your kid will be able to follow. All you have to do is go to the Google Play Store to download the Kotak Mobile Banking App. Then, provide your PAN card, Adhaar number, and other details to register yourself. Now, set a mobile banking PIN and start using the 811 services immediately for the benefit of your kid and yourself.
You can also apply for the Kotak 811 account by visiting this page and filling out the details. When you have any burning questions in your mind, don’t ask around. Simply visit the Kotak Handbook here and type the question to find the answer. Good luck and happy savings.