HYDERABAD : Kotak Mahindra Bank’s focused thrust on digital banking is proving to be fruitful, as it added 6.5 million new savings account customers in the last 15 months, thanks to its high-pitched campaign on ‘811 — a downloadable digital bank account’.The bank’s savings account customers grew to 14.5 million by June 2018 from 8 million customers in March 2017, when Kotak launched the campaign, registering an annualised growth of 61 per cent.
“811 digital account campaign has helped us in a big way. Average growth rate of our savings account book in the last six years has been around 40 per cent YoY. Post the campaign, this rose to 61 per cent. We are confident of touching 16 million accounts by the next couple of months,” said Puneet Kapoor, senior executive vice-president, Kotak Mahindra Bank. By the end of June 2018, Kotak’s savings account book stood at `66,621 crore.
“For most savings account customers, there is no need to go to a bank unless they need a cheque book. We have studied the customer behaviour and ensured that all their requirements are met with the 811 digital savings accounts. Our customers have even been investing in FDs, MFs and other financial products using this account, proving that the initiative is getting popular,” Kapoor added.
811 is a full-service, zero balance, digital bank account with zero charges for all digital transactions, where customers can earn an interest up to 6 per cent on savings account balances above 1 lakh and up to `1 crore.