Terms & Conditions for 811 Account Opening

Any 18 year old and above, Resident Indian who is a citizen of India as per FEMA guidelines & Physically present in India, provides his/her details while applying for opening a Kotak811 account offered by Kotak Mahindra Bank Ltd (KMBL) is a customer
By providing his/her details, the customer agrees to the terms and conditions of the Bank as listed in https://www.kotak.bank.in/en/customer-service/terms-and-conditions.html#1 and https://www.kotak.bank.in/en/personal-banking/cards/debit-cards/debit-card-services/insurnace-on-debit-card/terms-and-conditions.html
By sharing all the information, customer consents to provide his/her name, contact details and other information on an at-will basis with Bank
Bank shall not be liable for any connectivity/ signal/ data issues leading to non-completion or wrong/false/incomplete information being provided by the customer leading to the incompletion of his/her application.
The customer understands and agrees to voluntarily share her/his valid Aadhaar details and valid PAN card number. She/he understands and agrees that the information provided during the account opening process is accurate and complete, failing which, the Bank reserves the right to reject the a/c opening application / offer service for FKYC / Close the account due to error or incomplete KYC as per KYC norms, third party funding, provide wrong pin code to skip serviceability check / criteria of the Bank , open an OTP/wallet or any other reason deemed appropriate by Bank.
Customer agrees that the name in the account will be the customer name as per his/her name mentioned on Aadhaar Card.
Application for opening the 811 account is absolutely free of charge and the Bank shall not be liable to pay for any costs (technical/ data plan related or otherwise) incurred by the customer in the course of sharing his/her details on the application.
The customer herewith agrees to provide the accurate documentation and information as listed in the application for the purpose of account opening. Customer understands and agrees that failure to provide requisite documentation and information shall result in rejection of application by the Bank. The customer agrees that the Bank has every right to reject the account opening application, if there is any erroneous, incomplete or misleading information provided by the customer or for any other reason whatsoever with/without assigning any reason or if KYC documents submitted do not comply with the KYC norms of the Bank
The customer understands and confirms, in terms of provisions of PML Rules and Master Direction on KYC issued by the Reserve Bank of India, Banks are required to upload KYC data pertaining to all individual accounts opened on or after January 1, 2017 onto Central KYC Records Registry (CKYCR).
If a customer has a tax obligation to any country other than India (FATCA reportable), then the account opening process for the customer should be done at the nearest branch. Customers opening an 811 account declare and understand that if there is a change in the tax residency (i.e. FATCA reportable) they will intimate the Bank within 30 days of such change.
Customer declares and confirms that all information/details given to the Bank through electronic /physical form shall be considered final and legally binding. Bank reserves the right to take necessary action, legal or otherwise, if it finds any wilful modification/ withholding of information or misrepresentation by the customer. Bank shall not bear any liability for any loss arising out of the customer's failure to do so.
Customer understands and agrees that interest on the amount funded online will be paid subject to activation of the account and only from the date when the funds have been credited to the account.
The customer shall not enjoy the services provided by the Bank unless the customer on-boarding process is complete. i.e. the customer has logged onto the app and created an MPIN or activated Netbanking.
The customer understands and confirms that the Bank has every right to close or debit freeze the account if
- The details provided by her/him are found to be inaccurate or incomplete by the Bank on regular monitoring or document verification or
- For any other reason whatsoever without assigning any reason thereof.
  The bank can cancel the CRN if the FKYC verification is not done in the allotted time. In such an event, the deposit amount will be refunded to the source account. The bank shall not be liable to pay any interest on the deposit amount. The bank will retain the documents / Photographs (if any) and any other signed document submitted.
The customer herewith agrees to be contacted by the bank to receive information with respect to account maintenance, alerts, payments due, and updates on existing and new products, servicing of account for sales, marketing or servicing their relationship with KMBL, its group companies/associates or agents through Telephone/Mobile/SMS/Email etc. Further she/he understands and confirms that the consent to receive calls/communications shall be valid and shall prevail over their current or any subsequent registration of their mobile number for NDNC.
The customer authorizes Bank to share his/her mobile number and address with the respective mobile operator to verify customer's address at any point of time
The 811 Digital Account is not available to a certain set of individuals (person operating with thumb impression or sick /incapacitated or any person where the bank feels that they may require additional controls / diligence to safeguard Bank / Customer interest). These set of individuals may visit our Branch to select other products available. If the bank finds out that the above mentioned set of individuals have opened an 811 Digital Account, the Bank reserves the right to offer another account and close this 811 Digital account.
The customer confirms that the account is being opened by him/her for his/her own use and that the mobile number, SIM & device used for opening the account belongs to him and the same have not been shared by him/her with any other individual. The customer further confirms that he has not shared the credentials pertaining to account opening with any other person. In case of any discrepancy, the Bank reserves the right to block or close the account without any notice.
The customer herewith agrees that if the application is rejected, Bank will retain the documents / Photographs and any other signed document submitted by the customer on the application or otherwise. The customer confirms that the account is being opened by him/her for his/her own use and that the mobile number, SIM & device used for opening the account belongs to him/her and the same have not been shared by him/her with any other individual. The customer further confirms that he/she has not shared the credentials pertaining to account opening with any other person. In case of any discrepancy, the bank reserves the right to block or close the account without any notice.
The customer availing a loan from Kotak Mahindra Bank on a later date, hereby agrees and confirms to convert the account (811 Limited /811 Lite Wallet) to a zero balance Full KYC account.
I hereby understand that, the email ID given by me will be updated in the Bank records only after email verification has been completed by me. Till such time, no communication or statements regarding account, will be sent to my email ID. I further understand that If I want to update a new email ID at a later date, then the new email ID will take effect only once it is verified and till such time all communication regarding account will continue on that old email ID.
The customer understands and agrees that the Bank attempts to complete the process of Full KYC for the account on a best effort basis
The customer herewith understands that the Bank may use the services of Direct Sales Agents/ Direct Marketing Agents/Business Correspondents/Vendors in sales/marketing/KYC etc. of the products.
I understand, agree to give my consent to share my details, wherever necessary, with relevant govt. / regulatory / enforcement authorities / registered partners /Vendors /Business correspondence and also share my consent for risk and security checks run by the Bank.
Any type of Insurance is not applicable for Virtual Debit Cards, click here for more details
I hereby understand, agree and consent that incase my 811 Full KYC account becomes Inactive (i.e no transaction for 12 months) , my account shall be converted into a Basic Savings Bank Deposit Account (BSBDA) under Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme.
Customer agrees to submit updated KYC documents within 30 days to the bank in case of any update in the documents which customer had submitted at the time of establishment of business relationship/account based relationship.
Any inaccurate, incomplete or false disclosure of statement of financial transaction or reportable account by me would lead to penal consequence on the Bank under applicable law. The Bank shall be entitled to recover from me such amount levied due to such inaccuracy, incompleteness or false disclosure. I will indemnify the Bank in respect of all or any liabilities incurred by Bank, by reason of any of the information or particulars given by me, being incorrect or false or being suppressed or omitted.
I understand and agree that bank will send SMS and email alerts to my registered mobile number and email for all account operations , for both financial and non-financial activity.
I hereby agree to enable AEPS functionality for my bank account opened. I am aware that I can disable it anytime by visiting Kotak branch or calling Customer Experience centre.

T&Cs for Kotak 811 – for Limited KYC accounts opened through OTP based Aadhaar authentication

The customer herewith confirms that he/she has not used the OTP based AADHAAR (e-KYC) verification to open any other bank account
This Account opening process is not available for existing Kotak Bank customers who have a customer relationship number (CRN) with the Bank.
The customer hereby gives consent and authorizes KMBL to use her/his Aadhaar details (Account opening), core biometric information to authenticate/verify and link her/his Aadhaar Number to all her/his existing bank accounts and customer profile for the purpose of availing banking services during full KYC conversion within 12 months. The customer agrees that failure to complete full KYC within 180 days of opening a Kotak811 Limited account will lead to total freeze in the account. In case the customer does not convert the account to Full KYC within 12 months the Bank will close the account following internal guidelines. In a Kotak811 Limited account, the aggregate balance of all the deposit accounts of the customer shall not exceed One Lakh rupees. The aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed Two Lakh rupees.
If the customer provides incorrect details regarding his/her account seeded with Aadhaar for receiving Direct Benefit Transfer, he/she understands and agrees that Bank reserves the right to freeze the account and subsequently close it if customer is unable to complete his/her Full KYC verification within the stipulated time communicated to the customer
If customer avails any asset product while account status is min KYC account, then such account to be upgraded to Full KYC account within 30 days of availing credit facility. In case of non-compliance bank will be constrained to close min KYC account of the customer.
The Kotak811 Limited A/c opening process is unavailable to customers whose address fetched from UIDAI is deemed incomplete by the bank
The customer agrees that if her/ his aggregate balance of all the deposit accounts shall not exceed rupees one lakh or the aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed rupees two lakh, bank reserves the right to put the account on a total freeze, till such time that customer completes the full KYC process
The customer agrees to the issuance of a Virtual Debit Card linked to Kotak811 Account which is by default disabled for Domestic / International online transactions. Customer can enable/disable any transaction type at any time and change their limits on the Kotak811 app, Internet banking, etc.
The customer will not be eligible to get a Cheque book for this account
The customer will not be able to use the following services:
- Cash withdrawal at branch
- FCY - DD
- Cheque withdrawal
- Investment account
- TD/RD
- TOD
- ActivMoney
- Investment in IPO
The customer agrees that such an account will be subject to regular scrutiny and monitoring from the Bank and Bank shall reserve the right to completely freeze/debit freeze/ close the account at its sole discretion
Cross border inward and outward transactions are not allowed in these wallets.

The General Bank rules for Savings Account are also applicable for Limited KYC accounts opened through OTP based Aadhaar authentication

Interest rates on Savings Account have been de-regularized by RBI. The rate may vary from time to time and will be calculated on Daily Product basis on clear balance. The interest on savings accounts will be credited at quarterly intervals or as prescribed by the Reserve Bank of India from time to time.
The Savings Bank Account should be used to route transactions of only non-business/ non-commercial nature. In the event of occurrence of such transactions or any such transactions that may be construed as commercial/ business/ dubious or undesirable, the Bank reserves the right to unilaterally freeze operations in such accounts and/ or close the account. The number of permissible deposit and withdrawal transactions without any charges are available in GSFC.
Computation of AMB / AQB is the summation of end of day balances for the period (month / quarter) / no. of days of the said period (month/quarter). Refer GSFC for details on Non - Maintenance charges.
Relationship Value (RV) is a combination of the Average balance across all accounts maintained with the Bank and Investments in MF & Insurance routed through the Bank.
Nomination Facility is available for all types of individual deposit accounts.
Cash Deposit facility is provided at both home & non-home branches. Charges applicable on non-home branches cash deposit is available in GSFC. Cash can also be deposited in Cash Deposit Machines (wherever available)
Bank Customers can avail the facility of Cash Withdrawal through Cash Withdrawal Slip as per limit prescribed by the Bank from time to time by visiting any Bank Branch in person. There is no requirement of submitting a passbook while withdrawal of cash through withdrawal slips.
SMS Banking and Alert Facility is available to all account holders for all products. Refer to GSFC for charges applicable.
Bank extends passbook facility on Savings Bank Accounts. Bank provides a monthly statement of the customer’s bank account free of cost on a customer’s visit to the Branch personally. Quarterly physical statements will be issued by default to all Passbook Customers. Charges for issuance of Duplicate passbook /statement are available in GSFC. Duplicate passbook, if requested for, can be printed for the period as requested while issuing the passbook. There are no charges for printing the past entries in the duplicate passbook
In case of the Entity accepting / receiving any Foreign Contributions, customers need to comply to Foreign Exchange Management Act of 1999 (FEMA).
Customer should carefully examine the entries made in their Statement of Account(s)/ Passbook and draw Bank’s attention to any errors/omissions/ discrepancies that may be discovered within 30 days from the date of entries failing which the same shall be deemed to be correct and accepted by the customer and the customer shall not be entitled to question the correctness/ accuracy thereof.
Accounts which have not been operated over a period of two years shall be termed as inoperative/dormant. Accounts which are not operated for Ten years will be marked as “Unclaimed”. A request for activation of account has to be made by the customer in writing by visiting our nearest branch with his original identity proof documents acceptable to the Bank. Alternatively customer can activate the account through Video-Customer Identification Process (V-CIP) as well. There are no charges on activation of such accounts.
The request for Transfer of Account from one Branch to other can be submitted at any of the Branch. Charges with regards to Closure of Account are specified in GSFC. There are no charges for Transfer of Account between Branches.
Charges for issuance of Cheque book & Cheque Return charges are available in GSFC.
Registration of Standing Instructions/Direct Debits can be done by giving a request at any Branch. Charges as specified in GSFC will be levied for non-execution of Standing Instructions/ Direct Debits.
Satisfactory Conduct of the account entails maintaining stipulated average balance (wherever applicable) and there are no Cheque / standing instruction bounces. If there are high incidence to the contrary, the Bank reserves the right to close the Account under intimation to the customer. Any non-maintenance of stipulated minimum balance will attract service charge as per Bank’s journal schedule of Features and Charges which are available with our Branches and on the Bank’s website www.kotak.bank.in.
The Bank reserves its right to close any account which is not operated satisfactorily/dormant with prior notice.
The customer needs to intimate the Bank in writing of any change in the contact details/address. Customer needs to submit documentary proof wherever applicable.
The age considered for minor is below 18 years and for senior citizen as 60 years and above.
The Bank may disclose information about customer’s account if required or permitted by any law/rule or regulations or at the request of any public or regulatory authority or if such disclosure is required for the purposes of preventing fraud without any specific consent of the customer.
Copies of Citizens Charter, BCSBI Code, Customer Education Brochure, General Terms and Conditions which govern the conduct of Savings Bank Account are available in the Branch and on the website www.kotak.bank.in. For any information or changes in Bank’s Policies, interest rates, service charges, etc., applicable to your account, refer to notices displayed in the customer area of the Branch.
The Bank will give a prior intimation of 30 days for any change in T&Cs / increase in fees & charges.
Mere deposit of an amount for opening an account does not mean that the Bank has opened the Account. The account opening cannot be deemed to come into existence until the Bank gives the intending customer a Welcome Kit containing Account Number, Cheque Book, Debit Card etc. the Bank reserves the right to make any changes, alterations, cancellations in the above rules at any time without notice. Any person opening the account shall be bound by the rules governing the account.
Bank Deposits up to ₹5,00,000 in respect of each depositor are fully protected by the Deposit Insurance and Credit Guarantee Corporation under the deposit Insurance Scheme.
The Bank reserves the right to make any changes, alterations, cancellations, in the above rules at any time without notice. Any person opening the account shall be bound by the rules governing the account.

Note: This is not an exhaustive list, and the Bank reserves the right to modify, update, or remove any items at its sole discretion.