Kotak 811 business account with existing 811 savings account?

[techprince]

Does kotak allow 811 current account when we have an existing 811 savings account?
Nvm, found the answer.

 

[Anupama_Jha]

What's the answer? I am also interested

 

[techprince]

What's the answer? I am also interested

Here it says its allowed. But i have tried the online application, it says i am already a customer. So i will check with the branch.

 

[techprince]

I recently opened a Kotak 811 Current Account. After completing the online application, an agent contacted me the next day, visited my office, and completed the KYC process using both biometric verification and Aadhaar. They requested business proof, for which I provided my Udyam Certificate. The agent also took photographs of my office setup. This process was for an Individual Current Account.

 

[techprince]

Anddddd they totally froze my account for "Further KYC requirements". It seems my account was opened with limited KYC despite me giving them Udyam registration. Its been 12 days since i resubmitted my documents, yet they havent lifted the total freeze. Luckily, i had BOB Lite Current Account as well so my business transactions weren't affected. Just i have to use UPI for my internal transactions because they charge for NEFT and RTGS as well. I will be closing Kotak 811 Business Account as soon as they unfreeze it, whenever that might be. Will apply for a proprietorship based 0 balance account from either AU or Yes Blitz.

 

[Ram1]

Anddddd they totally froze my account for "Further KYC requirements". It seems my account was opened with limited KYC despite me giving them Udyam registration. Its been 12 days since i resubmitted my documents, yet they havent lifted the total freeze. Luckily, i had BOB Lite Current Account as well so my business transactions weren't affected. Just i have to use UPI for my internal transactions because they charge for NEFT and RTGS as well. I will be closing Kotak 811 Business Account as soon as they unfreeze it, whenever that might be. Will apply for a proprietorship based 0 balance account from either AU or Yes Blitz.

Seems like horrible experience. I wanted to open this but dropping the plan

 

[Ram1]

Seems like horrible experience. I wanted to open this but dropping the plan

Ideally they shouldn't ask even udyam for individual account right?

 

[techprince]

Ideally they shouldn't ask even udyam for individual account right?

Yes, that's right. The boys who came to open my account were very nice. They were calling their superior in front of me to explain my setup and everything but the superior kept asking for the "proof" of work. I told him many times that its an individual current account, it doesn't require any proof but he kept asking repeatedly. So i had to generate an udyam registration number then i presented them the certificate. Anyways, i am applying for GST so will be going with the proprietor account, mostly Yes Blitz as most of my transactions are UPI based and Yes bank has the lowest failure rate as a beneficiary and their branch is closer than that of AU.

 

[SSquad]

Yes, that's right. The boys who came to open my account were very nice. They were calling their superior in front of me to explain my setup and everything but the superior kept asking for the "proof" of work. I told him many times that its an individual current account, it doesn't require any proof but he kept asking repeatedly. So i had to generate an udyam registration number then i presented them the certificate. Anyways, i am applying for GST so will be going with the proprietor account, mostly Yes Blitz as most of my transactions are UPI based and Yes bank has the lowest failure rate as a beneficiary and their branch is closer than that of AU.

It depends on the bank, some don't provide individual current account and will ask for at least two proof of business documents for sole proprietorship.

Try Axis digital current account.