Kotak 811, Axis Bank ASAP, IDFC offer the easiest way to open bank accounts Having to physically go to a bank to open an account might well be a thing of the past. Now you can open a bank account from the comfort of your bedroom and avail nearly all the services that an ordinary bank account comes with. Kotak Mahindra Bank’s 811, Axis Bank ASAP and IDFC Online Savings account are some of the accounts that provide this feature.

Kotak Mahindra Bank’s 811 Account

This account (named after 8th November 2016, the date of demonetisation) comes with an app – the Kotak Mobile 811 app. You can open the account through the Kotak Mahindra website or through the Kotak Mobile 811 app.

Advantages

The account comes with a virtual debit card that you can use to shop online. You can also shop directly from the app. You can use the app to

  • Book fixed deposits.
  • Shop online with Flipkart and Shopclues through the app
  • Buy movie tickets at PVR via the app
  • Buy flight, bus and hotel tickets at Goibibo and train tickets at IRCTC using the app

The account has no minimum balance requirement (except in the premium version of it).

Interest

Your balance in this type of account earns an interest of 6%. This is the same for regular Kotak Mahindra accounts but is higher than most other banks. Note that this only applies to balances from Rs 1 lakh to Rs 1 crore. Balances below Rs 1 lakh will earn 5%.

Limitations

  • A chequebook is only issued on request.
  • There is a charge of Rs 199 for debit card issuance (except the minimum balance variant).
  • The limited KYC versions of the 811 account (811 lite and 811 limited KYC) can only continue for up to one year. Thereafter, you will have to do full biometric KYC.

How to open

There are four variants of this account with varying degrees of account opening formalities and KYC. You can open the first two variants from the comfort of your bedroom, without going to a branch or waiting for the bank to arrange biometric KYC. The details are as follows:

811 lite Mobile number based verification. No debit card issued. No outward transfers. No cash deposits or withdrawals. Maximum credits allowed in a financial year – Rs 1 lakh.
811 limited KYC Aadhar based OTP verification. Virtual debit card free, the plastic debit card with charges. Maximum credits allowed in a financial year – Rs 2 lakh. NEFT/RTGS allowed free of cost. Cash deposits allowed but no cash withdrawals.
811 full KYC Biometric based Aadhar verification. Virtual debit card free, the plastic debit card with charges. Maximum credits allowed in a financial year – no upper limit. NEFT/RTGS allowed free of cost. Cash deposits and withdrawals allowed.
811 edge Biometric based Aadhar verification. No virtual debit card, the plastic debit card with charges. Maximum credits allowed in a financial year – no upper limit. NEFT/RTGS allowed free of cost. Cash deposits and withdrawals allowed. The account can be opened at bank branches also. Minimum balance: Rs 10,000

Axis Bank ASAP Account

This account is quite similar to the Kotak 811 account. It can be opened through the Axis Bank website, using your Aadhar and PAN numbers, without having to submit any physical documents. It comes with a virtual debit card which enables you to shop online. No minimum balance is required for this account.

Interest

There is no special interest rate on this account. You will thus earn the standard Axis Bank interest rate of 3.5% on balances below Rs 50 lakh and 4% on balances above this value.

Advantages

The account has an auto-sweep fixed deposit facility for balances above Rs 10,000. Auto-sweep means that money in excess of this amount is moved automatically into an FD to earn higher interest.

You can also create a UPI ID from the account and transfer funds using UPI payments apps such as Whatsapp, Google Tez or BHIM.

The account participates in the Axis Edge Points Loyalty programme. It also comes with some introductory shopping discounts. You can get up to a 20% on your first Bigbasket purchase (up to Rs 250 maximum) once you open this account. You can get Rs 150 off on movie tickets through Bookmyshow. You can only avail this discount on one purchase and the purchase amount must be above Rs 500.

Limitations

The maximum balance in this account at any point in time is Rs 1 lakh. If you wish to add more money, you must go to a branch and complete your full KYC through biometric verification.

However, like the Kotak 811, the limited KYC version of this account is only valid for 1 year. You must convert it to a full KYC account thereafter by visiting an Axis Bank branch and completing the biometric KYC procedure.

You cannot open a Joint ASAP Account.  

IDFC Online Savings Bank Account

This account offered by IDFC bank can be opened using your Aadhar and PAN card on the bank’s website. Verification is done through Aadhar linked OTP (One-time password) on your mobile number.

You do not need to go to a branch to submit any documents for the first six months after opening the account. After this time period, you have to go to a branch to complete in-person verification.

There are two versions of this account. There is no minimum balance requirement on the ‘zero balance’ version of this account.

Advantages

Their account comes with an IDFC debit card which has various shopping discounts and offers. These offers are much higher for the ‘non-zero balance’ version of this account. This version requires you to maintain a balance of Rs 25,000.

Limitations

The account is only available to residents of Mumbai, Delhi, Bengaluru, Chennai and Ahmedabad.

The account can only receive credits up to Rs 1 lakh. Thereafter you need to visit an IDFC Bank branch to complete in-person verification.

Author
Neil Borate

Neil Borate is Deputy Editor, RupeeIQ. He can be contacted at neil@rupeeiq.com.