Kotak Mahindra Bank introduces ‘811’ zero-balance app

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Private lender Kotak Mahindra Bank has launched the ‘811’ banking app, aiming to double its customer base in 18 months.

“811 is our way of responding to the disruption in banking,”  said Executive Vice Chairman and Managing Director, Kotak Mahindra Bank, Uday Kotak.

The 811 account would be pure-play digital account through which consumers can avail all services that a regular savings account offers.

“Customers will be able to open an account on the 811 banking app with zero balance,” he added.

Only Aadhaar and PAN card would be required to open 811 account which would provide access to over 100 features on mobile. The account offers up to 6 per cent interest rate on savings deposits, reported the Business Standard.

“The new plan ‘811’ is inspired by the date (November 8) on which demonetisation was announced by Prime Minister Narendra Modi,” Kotak said.