On Wednesday, Kotak Mahindra Bank announced the new Zero-balance Strategy in order to double its customer base in 18 months in Indian banking signals as a point of inflection. The bank also launched the unique phenomenon called 811.
From 1st April onwards all the major banks in the country are ready to charge those who didn’t have a minimum balance. In this meantime, the Kotak Mahindra Bank has announced the latest Zero-balance services through 811. Along with zero-balance services, the bank is also going to provide digital transactions through the new 811 plan.
According to the reports, in order to open and operate the 811, users need Aadhaar number and PAN number. The bank announced that the new service is introduced to increase the digital transactions in the country.
Kotak bank’s Executive Vice Chairman and Managing Director, Uday said, “811 offers a completely digital and paperless account opening that can be done anytime, anywhere. It will continue to offer customers up to 6 percent interest on their savings account balances.”
Currently, the Kotak Mahindra Bank has a total of 8 million customers across the country. Kotak became the first bank to integrate the Aadhaar OTP-based financial services. The new initiative will be the part of Kotak mobile app and customers can maintain zero balance for all digital transactions for zero charges.
As per the reports, the acquisition cost to get new customers under 811 plan is 80-90 percent lower than the current cost. The 811 plan can also avail on Kotak Mahindra Bank mobile app which is available on Google Play Store now and will available on Apple store soon.
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