Kotak launches zero-charge digital bank account

Its aim is to double the customer base to 16 million over the next 18 months

Kotak Mahindra Bank (KMB) announced an offer for opening a zero balance savings account on Wednesday, with zero charges for all digital transactions.
 
This comes when many of its competitors, such as State Bank of India and HDFC Bank, are either raising or reintroducing charges for transactions. From April 1, SBI is set to introduce a fee for failing to keep a minimum balance in some types of savings bank accounts.
 
KMB said its new ‘811’ plan, to promote a digital banking system via mobile phones, was aimed at doubling its customer base to 16 million over the