So today 22 Nov, I got my KYC done. For your surprise I have registered it a month back. Somewhere in starting of Nov.
Overall experience with this app is not much good. I am not complaining the trust factor at all. But their app and KYC service both are slowest in the market.
App itself - Comparing it with other banking app like SBI anywhere, Paytm. this one is the most slowest among all. It take a h*l lot of time to open first. Then their are most of the features which we cant even view or use.
KYC - Better not set up an appointment. Move yourself to the nearest bank branch and then get your KYC verified. This is the worst decision I have ever made. I have registered with them in starting of November.
KYC agent visited me on past Saturday but due to sometechnical issues he was not able to proceed.
They KYC itself is slowest. First they fill the paper form and form in there mobile app.
Paytm on the other hand does not require such paper verification or manual entery on mobile app. Just the basic UID stuff.
Now, he visited again, and this time my account get verified. No complain about the agent he was friendly.
Now, I would like to repeat again, App and their server just sucks.
I am trying to open the app while review but still it didn’t open.
Charges, Charges, Charges - One deposit in a month is free. Rest will be charged. One time withdraw from ATM is free, rest will be charged. On every payment made it deduct Re.1.
Please add+ Tax after charges. They also deduct GST on it.
They have upgrade option what they call Kotak 811 Edge which require you to open account with atleast Rs.10K:/. Paytm on the other hand offering everything for free.
Paid Debit Card - If you for some reason need a physical debit card you need to pay Rs.199. I remember Pocket Wallet also ask for amount but I receive for free(idk how?)
Now come to the bright side because it has few.
> 811 care of your security. If you open this app, go back to home screen and then click on recent task button(middle one or left one in MIUI). This will blur out the complete app.
> Unlike Paytm, you can set up FD and RD account directly. You don’t need to cross 1Lac in order to do so. You can start RD account from as low as 100 pm.
> Good interest rates and FD rates. Comparing it with Paytm, they are offering upto 5.5% below lacs and upto 6.80% on FD(maturity period - 390 days).
> Provides UPI.
> Have not figured out any more.
Try it, their is no bad for a free account.
Anyway. thats my experience.
Have a nice day.