Kotak 811 Edge Digital Savings Account Features - Kotak Mahindra Bank

Kotak 811 Edge Digital Savings Account Features - Kotak Mahindra Bank

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Zero Balance Account - 811 Edge - Digital Bank Account - Kotak Mahindra Bank

Frequently Asked Questions

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.

Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.	Date	Narration	Withdrawal	Deposit	Closing balance
1	January 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 2012	Rs. 18,000/- x 1	Rs. 18,000/-
	Total EOD balances for the month January 2012		Rs. 5,79,000/-
	Divide by the no. of days in the month		31
	Average Monthly Balance (AMB)		Rs. 18677.42/-

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How can I apply for a 811 passbook?

Your Kotak811 digital savings account does not require you to carry a passbook. You can check all your transactions online on the Kotak Mobile Banking App.

If you wish to have a statement of your transactions for documentation purposes, you can place a request on the Kotak Mobile Banking App and receive your statement on your registered email ID.

If you still prefer a Passbook, you can apply for it online and get it be delivered to your preferred communication address as per Bank records in 7-10 working days. Please note, only Full KYC account holders can request for a passbook. This process is applicable only for customers applying for a passbook for the first time. For second passbook onwards, please visit your nearest bank branch.

To apply for a passbook, Click Here

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What is the ActivMoney facility?

Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.

The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.

The advantages of this facility are:

Higher rate of interest earned.
You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level.

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Who can open a Savings Bank Account

To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories

Resident Indian (Sole or Joint Savings Account)
Hindu Undivided Families
Foreign Nationals Residing in India1

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How can I change my Home Branch?

Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.

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You are never too far away from quick, efficient banking services. Locate your nearest branch or an ATM.

In case you wish to speak to our phone banking officer for urgent resolution

Be it an enquiry, feedback or a simple suggestion, write to us & we'll get back to you

You are never too far away from quick, efficient banking services. Locate your nearest branch or an ATM.

In case you wish to speak to our phone banking officer for urgent resolution

Be it an enquiry, feedback or a simple suggestion, write to us & we'll get back to you