Kotak Mahindra Bank recently launched a new account upgrade program called Kotak 811 Super. You can either open a fresh Kotak 811 Super account or upgrade your existing 811 account to the Super variant. You may have already noticed the upgrade offer in your banking app or received a call about it. But should you consider joining or upgrading to a Kotak 811 Super account? Let’s explore its pros, cons, and potential hidden charges.
What is Kotak 811 Super Account?
Kotak Mahindra Bank offers a digital zero-balance savings account called Kotak 811. They’ve recently introduced a new variant of this account called Kotak 811 Super. This account provides enhanced benefits while retaining the zero-balance requirement. Some of the key benefits include:
- 5% cashback on debit card spends: Earn up to ₹500 cashback every month when you use your Kotak 811 debit card. This offer applies to all purchases made with both your virtual and physical debit cards, whether you’re shopping online or swiping your card at a store.
- VISA Platinum debit card: You get a free Platinum debit card which has a daily transaction limit of ₹3,00,000 and an ATM withdrawal limit of ₹1,00,000. It also brings along several insurance benefits, including purchase protection, personal accident and air accident cover, and lost card liability.
- Additional Benefits: Avail dedicated customer support through Kotak 811 app, a higher cash transaction limit, and one free chequebook with 25 leaves per year.
To unlock these benefits, you need to deposit a minimum of ₹5,000 into your Super Account every month in a single transaction. Deposit funds easily via UPI, NEFT, IMPS, or cash deposit at any Kotak Mahindra Bank branch.
A ₹300 annual subscription fee applies to maintain the Super 811 account. You can apply for a new Super 811 account or upgrade directly from your existing standard 811 account.
Understanding the 5% Cashback Benefit
With the Kotak 811 Super account, you get a free VISA Platinum debit card that rewards you with 5% cashback on all your purchases. Use both your virtual and physical debit cards for online shopping at Amazon, Flipkart, Swiggy, Zomato, Myntra, and more, or for offline spends at POS terminals in stores.
You can get a maximum of ₹500 cashback per month, which means spending up to ₹10,000 will earn you the full 5% back. You can earn a maximum of ₹6,000 in cashback per year.
Kotak 811 vs. Kotak 811 Super Account
Here’s a detailed comparison of the regular Kotak 811 and Kotak 811 Super savings accounts:
| Kotak 811 | Kotak 811 Super | |
|---|---|---|
| Minimum Balance | Zero | Zero |
| Monthly Deposit in a Single Transaction | ₹0 | ₹5000 |
| Cashback | Nil | 5% per month Up to ₹500 per month or ₹6000 annually |
| Cheque Book (25 leaves) | ₹75 | 1 free per year |
| Debit Card Variant | VISA | VISA Platinum |
| Virtual Debit Card | Nil | Nil |
| Physical Debit Card | ₹299 + GST per year | Nil |
| Annual Program Fees | Nil | ₹300 + GST |
| Digital Fund Transfer (NEFT/RTGS/IMPS) | Free | Free |
| Daily ATM Cash Withdrawal | ₹25,000 | ₹1,00,000 |
| Cash Transaction Limit (Cash deposits) | ₹10,000 or 1 transaction per month | ₹2 Lakhs or 4 transactions per month |
| Dedicated Customer Support | No | Yes |
| ActivMoney (Sweep-in FD) | Yes | Yes |
| Personal Accident Cover | Up to ₹2 Lakhs | Up to ₹25 Lakhs |
| Purchase Protection | Up to ₹50,000 | Up to ₹1 Lakh |
| Air Accident Cover | NA | Up to ₹50 Lakhs |
| Lost Card Liability | Up to ₹2.5 Lakhs | Up to ₹3.5 Lakhs |
Check detailed schedule of features/ charges on official website: Kotak 811 and Kotak 811 Super.
Pros and Cons of Kotak 811 Super
The Kotak 811 Super account has few limitations, primarily the annual program fee and the monthly cap on debit card cashback. Here’s a closer look:
Pros
- Zero minimum balance
- Free VISA Platinum debit card (physical & virtual)
- High withdrawal limits (₹ 1 lakh daily ATM)
- 5% cashback on card spends (up to ₹ 500/month)
- Extra benefits (insurance, dedicated support)
Cons
- ₹300 annual maintenance fee
- ₹5,000 monthly deposit requirement
- Debit card cashback capped at ₹ 500 per month
Should You Open a Kotak 811 Super Account?
You can definitely consider opening or upgrading to the Kotak 811 Super savings account if it aligns with your needs. Let’s check:
- You want more than a basic account: Unlike the regular Kotak 811, you get a free VISA Platinum debit card, higher withdrawal limits, cashback, and insurance benefits.
- You’re a frequent debit card user: The 5% cashback can be quite rewarding if you use your debit card for online and offline purchases.
- You can maintain a ₹5,000 monthly deposit: This account requires you to deposit ₹5,000 every month. Make sure this is feasible for you before signing up.
If you max out the 5% cashback (up to ₹500 per month, ₹6,000 per year), you can easily recover the ₹300 annual maintenance fee within a month. However, if you already have a credit card that rewards you for everyday spending (like Amazon Pay ICICI, Flipkart Axis, or SBI Cashback), the 811 Super’s cashback might be less appealing.
Ultimately, the Kotak 811 Super Account is a strong contender for those seeking a feature-rich zero-balance account. Carefully weigh the pros and cons to determine if it’s the right choice for you. Upgrade only if you need it.
Note: Not everyone might get the upgrade. As per a Reddit user who claimed to have a word with Kotak Bank customer service, customers who have been using their 811 accounts normally won’t get this update. It’s for those who have the account but do not make any transactions or keep a balance.
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Do You Need to Deposit ₹5,000 Every Month into Your 811 Super Account?
Yes, you absolutely need to add ₹5,000 every month in a single transaction to your Kotak 811 Super Account. You’ll only earn cashback if you deposit ₹5,000 or more into your account each month
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What Happens if You Miss the ₹5,000 Monthly Deposit?
You won’t be eligible for cashback and other benefits for that month. Also, missing the deposit for 3 consecutive months could lead to your account being downgraded to a regular Kotak 811 account.
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How Much Do You Need to Maintain in Your Kotak 811 Super Account?
Kotak 811 Super account is a zero-balance account. You do not have to maintain any minimum balance. However, a monthly deposit is essential for the Kotak 811 Super Account.
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Can You Deposit and Withdraw the Amount Later?
Yes, you can deposit ₹5,000 into your Kotak 811 Super Account and withdraw it later. Once the deposit is reflected in your account, you’re free to withdraw it partially or fully at your convenience. There are no restrictions on withdrawing the deposited amount.
I’m a bit of a credit card geek. Ever since I got my first card in 2018, I’ve been obsessed with finding the best deals, earning rewards, and boosting my credit score. I’m a tech guy at heart, but my love for all things personal finance has led me down this credit card rabbit hole. I also dabble in banking, investing, and other money matters.