Kotak 811 Zero Balance Account Opening Online 2022 - All Hidden Fees and Charges | Full Review

Money Mode

7 May 202204:31

Summary

TLDRThe script discusses opening a Kotak 811 account, explaining the zero balance feature and associated costs. It covers various account types like Kotak 811 Lite and Full Kevaai, and how to avoid annual fees. The video also details interest rates, fund transfers, unlimited transaction usage, and international ATM withdrawal fees. Additionally, it mentions debit card facilities, virtual cards, and transaction charges, providing a comprehensive guide to managing finances with Kotak 811.

Takeaways

😀 The video discusses the process and costs associated with opening a zero balance account.
💼 If you have opened a zero balance account or are planning to, there are no charges involved in my case, meaning no need to keep money in the account or worry about balance-related tensions.
📈 The video mentions different types of Kotak 811 accounts: Kotak 811 Cutting, Minimum Kotak 811, and Kotak 811 Full. It advises caution as certain accounts may be closed after a year if not used.
🏦 It is possible to open a Kotak 811 account from home, and the video provides instructions on how to do so.
📊 The account offers an interest rate of up to 3.5 to 4%, which is not common for zero balance accounts.
💡 The video explains how to avoid charges and suggests using the 'Free' option for transactions to avoid fees.
🔄 There is no limit on fund transfers using NEFT, IMPS, and UPI, and they can be used unlimited times.
💳 A virtual debit card is provided upon account creation, and it can be used for both online and offline transactions. A physical debit card can also be ordered online.
💵 International transaction fees are discussed, including charges for using international ATMs and the fees for transactions in foreign currencies.
📄 The account allows for free checking of balance and transaction elements, but physical bank statements incur a charge.
📞 The video mentions a single customer support number that can be used for all banking needs, emphasizing its convenience.

Q & A

What is the main topic discussed in the video script?
-The main topic discussed in the video script is about opening a zero balance account and the associated charges, features, and benefits of the Kotak 811 account.
What is a zero balance account and why might someone choose to open one?
-A zero balance account is a type of bank account that does not require the account holder to maintain a minimum balance. People might choose to open one to avoid minimum balance charges and to enjoy the convenience of banking without the pressure of maintaining a certain balance.
What are the different types of Kotak 811 accounts mentioned in the script?
-The script mentions three types of Kotak 811 accounts: Kotak 811 Cutting, Kotak 811 Minimum, and Kotak 811 Full Kavya.
What is the consequence of not using the Kotak 811 Cutting and Kotak 811 Minimum accounts for a year?
-If the Kotak 811 Cutting and Kotak 811 Minimum accounts are not used for a year, they will be closed automatically.
How can one avoid charges on a zero balance account in the script's case?
-In the script's case, the presenter mentions that there are no charges for not maintaining a balance in the account, thus avoiding any maintenance fees.
What is the interest rate offered on the Kotak 811 Full Kavya account, and is it fixed?
-The interest rate offered on the Kotak 811 Full Kavya account is between 3.5 to 4%, and it is not fixed, implying that it may vary.
What are the transaction limits for fund transfers in the Kotak 811 account?
-The script mentions that there are no limits for fund transfers via NEFT, IMPS, and UPI transactions in the Kotak 811 account.
What is the transaction fee for using an international ATM with the Kotak 811 account?
-The transaction fee for using an international ATM with the Kotak 811 account is 3 USD or 25 INR for a peaceful transaction.
What is the virtual debit card feature provided with the Kotak 811 account, and how can it be used?
-The virtual debit card feature allows users to make online and offline transactions using the Kotak 811 account. It is provided instantly when the account is created and can be used for both online and offline purchases.
What are the charges for using the physical debit card at an ATM for withdrawals?
-The charges for using the physical debit card at an ATM for withdrawals are five free transactions, after which a charge of INR 20 per transaction applies.
How can one get a physical debit card for the Kotak 811 account, and what are the associated charges?
-To get a physical debit card for the Kotak 811 account, one can order a Visa Classic Debit Card online. The associated charges include a nominal fee of INR 119 for the card and a transaction fee of INR 20 for each transaction beyond the free limit.

Outlines

00:00

💼 Zero Balance Account Overview

This paragraph discusses the implications of having a zero balance account, explaining the costs associated with it and how these costs are deducted from the account. It mentions that even if there is no money in the account, certain costs may still apply. The speaker assures that in their case, there were no charges involved, eliminating the need to maintain a balance or deal with the stress of managing it. The paragraph also covers terms and conditions related to zero balance accounts.

Mindmap

Keywords

💡Zero Balance Account

A zero balance account is a type of account where the balance is automatically set to zero at the end of each day. This is often achieved by sweeping excess funds into a linked account or by transferring funds to meet the day's expenses. In the video's context, it seems to be a main feature of the account being discussed, emphasizing that the account holder doesn't need to worry about maintaining a balance or incurring charges.

💡Account Opening

Account opening refers to the process of creating a new bank account. The video mentions that if the viewer has opened an account or is planning to, the content will explain the costs associated with it. The term is central to the video's theme as it sets the stage for discussing the features and benefits of the account.

💡Cutting and Three Sections

This phrase seems to refer to different tiers or categories of an account, possibly related to the Kotak 811 account mentioned. The script differentiates between 'Cutting 811,' 'Minimum Kevaisi Cutting 811,' and 'Full Kevaisi.' These might represent various levels of service or benefits within the account structure.

💡Interest Rate

The interest rate is the percentage of an account's average daily balance earned as interest over a year. In the script, it mentions the possibility of earning interest at a rate of 3.5 to 4% without having to worry about the account's balance, which is a key selling point for the zero balance account discussed.

💡Fund Transfer

Fund transfer refers to the movement of money from one account to another, often domestically or internationally. The video mentions 'Fund Transfer' in the context of the Kotak 811 account, indicating that it offers facilities for easy money transfers, which is a common feature of banking services.

💡Transaction Limits

Transaction limits are the maximum amounts or numbers of transactions that can be conducted within a certain period. The script discusses limits on transactions such as '5 transactions free' and charges after exceeding these limits, which is important for understanding the account's usage conditions.

💡Debit Card

A debit card is a plastic card linked to a bank account that allows the cardholder to access and spend their funds directly. The video mentions the provision of a 'virtual debit card' and a 'classic debit card,' highlighting the account's features for cash withdrawal and transactions.

💡International ATM

International ATM refers to the use of an ATM outside of one's home country. The script discusses charges for international ATM transactions, which is a crucial aspect for users who travel or need to access funds abroad.

💡Checkbook

A checkbook contains checks that can be written to pay for goods or services. The video mentions the availability of a checkbook for the Kotak 811 account, indicating a feature that allows for traditional paper-based transactions.

💡Bank Statement

A bank statement is a summary of all financial activities of a bank account over a certain period. The script discusses the possibility of obtaining a bank statement for free or at a charge, depending on the format, which is important for account management and record-keeping.

💡Customer Support

Customer support refers to the assistance provided by a company to its customers. The video mentions a single number for customer support, emphasizing the ease of access to help for account-related queries or issues.

Highlights

Account opening process for zero balance account holders explained.

No charges applied in the case presented, ensuring no financial burden on the account holder.

Discussion on the terms and conditions of the account, including balance requirements.

Different types of Kotak 811 accounts and their features, such as Kotak 811, Kotak 811 Light, and Kotak 811 Full.

Account closure policy after a year if certain conditions are not met.

How to perform a free video call using the IB button for assistance.

Interest rates offered in the account, with up to 4% possible without any interest waiver.

Options for fund transfers, including Next9, IT Gets, and IMK transactions.

Unlimited transaction usage for certain services with no limits mentioned.

Explanation of IMPS and its transaction-free feature for a specific number of transactions.

Debit card facilities, including a virtual debit card and its usage both online and offline.

Charges for ATM withdrawals and transaction limits for free transactions.

Details on international transaction charges and conditions.

Special email method to potentially deactivate charges and keep services active.

How to order a physical debit card and the associated charges.

Procedure for obtaining a bank statement and the associated charges for different formats.

Details on balance and transaction alerts, including SMS charges and weekly basis deductions.

Customer support options, including a direct phone number for assistance.

Instructions on how to open a Kotak 811 account with a link provided in the description box.