Kotak Mahindra Bank launches '811' zero-balance app

Executive vice chairman and managing director Uday Kotak in a press meet said the 811 is our way of responding to the disruption in banking. Customers will be able to open an account on the 811 banking app with zero balance, Kotak said.

Kotak Mahindra Bank on Wednesday launched the 811 banking app which is part of the lender's vision to double customer base in 18 months.

Executive vice chairman and managing director Uday Kotak in a press meet said the 811 is our way of responding to the disruption in banking.

Customers will be able to open an account on the 811 banking app with zero balance, Kotak said.

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.

The new plan '811' is inspired by the date (November 8) on which demonetisation was announced by Prime Minister Narendra Modi, Kotak added.