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Kotak Mahindra Bank Video KYC Savings Account

Home Banking in India Kotak Mahindra Bank Video KYC Savings Account

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Updated: 07-09-2022 07:08:08 AM

The pandemic and the subsequent lockdown led to much-needed realization for banks that there’s a need for complete digitization in the banking system. As a result, Kotak Mahindra Bank offered India’s first zero contact, video KYC savings account i.e. Kotak 811. This digital initiative helps an individual to open an account from the comfort of his/her home instantly with minimal documentation.

Let us know everything about Kotak Mahindra Bank Video KYC Savings Account. 

What is Kotak 811 Video KYC Savings Account?

Kotak 811 video KYC is a hassle-free mode of opening a savings account that offers the customer to open an account fully online and by completing all KYC procedures instantly.  It is artificial intelligence (AI) and facial recognition technology account opening process in which the KYC documents are verified, and the signature and photograph are also captured.

What are the Benefits of Opening a Kotak 811 Savings Account?

Following are the benefits of opening a Kotak 811 Savings Account:

  • You can deposit up to Rs. 2 lakh in a year
  • The bank offers a physical and virtual debit card
  • You can make a deposit through cheque or cash
  • Deposits can be made via cheque or cash
  • No withdrawals permitted via check or cash

Features of Kotak 811 Video KYC Savings Account

Following are the features of Kotak 811 video KYC Savings Account:

  • Paperless & Presence-less Process: Kotak Mahindra Bank offers an online documentation process providing the customers with completely paperless and presence-less access to savings accounts
  • Instant Account Activation: With Video KYC, you can easily activate a Kotak 811 savings account in just 6 hours.
  • No Restrictions: The video KYC process is done without any restrictions on deposits, account balances or spends on the account

Steps to Open Kotak 811 Savings Account Via Video KYC 

Follow the steps mentioned below to open Kotak 811 Savings Account via Video KYC:

Step 1: Visit Kotak Mahindra Bank official website

Step 2: Fill your details online i.e. fill in your name, mobile number, and email address

Step 3: Tick mark the declaration and click on the ‘Open Now’ button

Step 4: An OTP will be sent to your registered mobile number 

Step 5: You need to confirm whether you agree to voluntarily use your Aadhaar details to open your Kotak 811 account

Step 6:  Enter your 12-digit Aadhaar Number and 10-digit PAN 

Step 7: Now, you have give Aadhaar consent to fetch your details from UIDAI

Step 8: Enter the OTP received on your Aadhaar-registered mobile number

Step 9: Once again, enter your personal details and click on the ‘continue’ button

Step 10: Allow access to your phone’s location

Step 11:  Your video call with the bank agent will be initiated 

Video KYC Norms by Reserve Bank of India

  • An authorised official of the regulated entity completes customer identification through an audio-visual interaction
  •  The process should be undertaken live using a secured network
  • The video-KYC is allowed to carry out only via a bank’s website or its mobile application
  • You cannot leave the bank’s website or mobile application until the video KYC process gets over

Note: For further information, you may visit the official website of the Reserve Bank of India.

Documents Required for Kotak 811 Video KYC Savings Account

You need to furnish the following documents for Kotak 811 Video KYC

  • Aadhaar Number/ Virtual ID
  • PAN Card
  • Mobile Number
  • White Sheet & Black Pen

Things to Keep in Mind for Kotak 811 Video KYC Savings Account

  • You need to record the video with a plain wall behind you and in well lit room
  • Ensure that you have an uninterrupted data connectivity
  • Be physically in India while applying for the savings account
  • You must provide your registered mobile number for OTP authentication of Aadhaar

Frequently Asked Questions

Q. What is Aadhaar based e-KYC?

The Unique Identification Authority of India (UIDAI) offers Aadhaar based e-KYC that can be used voluntarily by Aadhaar cardholders as a means to authenticate and verify their identity.

Q. What is the difference between Kotak Bank e-KYC and Kotak Bank video KYC?

Kotak Mahindra Bank e-KYC (Electronic Know Your Customer) refers to the remote, paperless process that minimizes the cost and time required in KYC processes. On the other hand, Kotak Mahindra Bank Video KYC is the process that is conducted over a video call wherein the bank agent takes a live photograph of the customer along with the documents. 

Q. Do I need to carry my physical Aadhaar Card during the video KYC process for opening a Kotak 811 Savings Account?

No, you do not have to carry your physical Aadhaar Card during the video KYC process.

Q.Who are eligible for Kotak 811 Video KYC Savings Account? 

Only new customers are eligible for Kotak 811 video KYC Savings Account.

Q.What are the charges for video KYC verification?

The bank does not charge any fee for video KYC verification for Kotak 811 Savings Account through video KYC.

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