Regarding Kotak - No Frills

[josephcs]

Hi, I recently contacted Kotak regarding the No Frills account that it offers. A guy at the branch told me that students are eligible to open a No Frills account. 100 INR is the Average Balance that has to be maintained. As it is a private bank, few questions keep buggin me. Can anyone (an existing Kotak - No Frills customer) answer these?

1. If you are an existing No Frills customer, may I know your experience with the bank?
2. Is there any hidden fees/fine applicable for simple stuffs? (like withdrawal -> HDFC does : only 1 withdrawal possible at the branch, further withdrawals will be charged @ Rs.50/trasaction)
3. Is there any limit on no. of withdrawals at ATM? (like HDFC)
4. Rs.100 INR is really a very small value. Is this real ? (Sorry, I feel so.. Coz this is a Private Bank and not IOB/SBI)

The reasons for me opening the account are for verifying my PayPal and for online Shopping using NetC@rd.

[victor_rambo]

I do not hold that account, but to verify for paypal, you need to have a valid credit card--there is no substitute for it. Even virtual credit cards are not accepted now. Debit cards are also not accepted.

[mrbgupta]

Originally Posted by victor_rambo

I do not hold that account, but to verify for paypal, you need to have a valid credit card--there is no substitute for it. Even virtual credit cards are not accepted now. Debit cards are also not accepted.

you are out-dated.

[josephcs]

Originally Posted by mrbgupta

you are out-dated.

Yeah. Coz that's one of the reasons why am opening a Kotak account -- VCC..

rambo, I guess PayPal accepts VCC connected to a bank. I saw it in one of the posts by Pathik Shah.. Even HDFC offers VCC but "No Frills" in HDFC is not for students, sadly.

[mrbgupta]

you can receive funds to indian bank accounts through NEFT.

[josephcs]

Originally Posted by mrbgupta

you can receive funds to indian bank accounts through NEFT.

Yes.. NEFT is possible in many branches.. IFSC code is all that one needs..

[mrbgupta]

http://www.labnol.org/india/interest...in-india/1704/

[josephcs]

mrbgupta, if you are an existing Kotak - No Frills cust., can you please answer me those questions?

[mrbgupta]

Go through the link I have posted.

The e-transfer facility from PayPal India is available to anyone having an account in HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank (formerly UTI Bank), Standard Chartered Bank, State Bank Of India, Bank Of India, Canara Bank, Union Bank of India, HSBC and Citibank India.

I am not sure if Kotak is supported.

[josephcs]

Originally Posted by mrbgupta

Go through the link I have posted.

The e-transfer facility from PayPal India is available to anyone having an account in HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank (formerly UTI Bank), Standard Chartered Bank, State Bank Of India, Bank Of India, Canara Bank, Union Bank of India, HSBC and Citibank India.

I am not sure if Kotak is supported.

Yes dude.. I know all these info.. But, my topic is different!! Please read the first post!

[mrbgupta]

No frills account can be opened in any bank.why only kotak?Open a no frills account to the nearest bank to your home and get confirmation that they will provide internet banking service to you.

Rs 100 is because it's a no frills account.you won't need to submit any paper.this type of account is for lower income group people who don't have all proper documents in most of the cases.There is an upper limit of the amount you can keep in this account.Normally most of the services are paid service (not free e.g. cheque book , atm withdrawl etc.) except internet banking.

One suggestion from me Open No frills at Axis Bank.Very good service.

[josephcs]

Originally Posted by mrbgupta

No frills account can be opened in any bank.why only kotak?Open a no frills account to the nearest bank to your home and get confirmation that they will provide internet banking service to you.

Rs 100 is because it's a no frills account.you won't need to submit any paper.this type of account is for lower income group people who don't have all proper documents in most of the cases.There is an upper limit of the amount you can keep in this account.Normally most of the services are paid service (not free e.g. cheque book , atm withdrawl etc.) except internet banking.

One suggestion from me Open No frills at Axis Bank.Very good service.

Well.. I prefer Kotak for its Virtual Credit Card..! I basically have a Savings Account at IOB. Does Axis offer Virtual Cards? I don't think so.. Anyways, if you have suggested to try Axis, I'll check their services..

[shashank_re]

Are you sure we(Students) can open No frills account?
Coz,when i called the Kotak Mahindra CC,they told students Cannot open No Frills Account!
And they told i need to go for normal savings account where i have to maintain minimum balance of Rs.10,000.

[mrbgupta]

you can't transact with paypal by vcc and IOB is not supported by pal to transfer funds.

To purchase through paypal you need real credit card.you can only transfer funds from paypal to your bank accounts not the opposite.

[josephcs]

Originally Posted by shashank_re

Are you sure we(Students) can open No frills account?
Coz,when i called the Kotak Mahindra CC,they told students Cannot open No Frills Account!
And they told i need to go for normal savings account where i have to maintain minimum balance of Rs.10,000.

When I contacted Kotak CC, I was informed that I can open a No Frills account. I told them that am a student.. still they said that I can open an account.. This is what I got from Kotak Customer Care on email..

With reference to your query, we would like to inform you that student can open a No Frills account.

However, student with age below 18 years minor account will be opened.

But note that HDFC No Frills is not for students..!!

Originally Posted by mrbgupta

you can't transact with paypal by vcc and IOB is not supported by pal to transfer funds.

To purchase through paypal you need real credit card.you can only transfer funds from paypal to your bank accounts not the opposite.

yeah, I know that already..! FYI: IOB is supported by PayPal (PayPal->IOB using EFT)

[mrbgupta]

I can't digest the logic that students can't open No frills instead they are above 18.

Eligibility & Account Operation
The following are eligible to open a 'No Frills' Savings Account: Resident Individuals (sole or joint account). Hindu Undivided Families.


Account Operation

No Initial Payment is required to open a 'No Frills' account and No Average Quarterly Balance needs to be maintained.
Eligibility Criteria

Customer can open a No Frills Savings account if he:

Does not have a bank account & has an annual income of less than or equal to Rs. 50,000/- or

Does not have a bank account & is a beneficiary under a Government Welfare Scheme


Declare yourself as freelancer if you are above 18.

Originally Posted by mrbgupta

Declare yourself as freelancer if you are above 18.

You look like the most informative person here my friend

Could you please tell me what are the benefits of declaring myself as a freelancer? Does it offer any reductions in the minimum balance reqs? I am a freelancer and make a decent paycheck every month, just not sure how to use it to my advantage!

One more question, I see many Indians offering VCCs to customers in the US and elsewhere. Some use VCCs to verify Paypal accounts (yes people buy those VCCs and successfully verify their Paypal accounts for a few months, then they get unverified again) and some use VCCs to create accounts at other websites that offer AD Credit like Facebook, Adwords, etc. These same Indian VCC sellers also offer reloadable VCCs! Now I am not sure which Bank's CC account they use to create these VCCs? I tried HDFC bank but they don't have reloadable VCCs but I don't know about Axis and Kotak. You got any ideas what goin on here? How can only few Indians offer such a service?

Thanks for reading till here, I hope you'll answer my questions soon

[pc_game_lover2004]

bro i suggest not to trust a private bank

[josephcs]

Originally Posted by pc_game_lover2004

bro i suggest not to trust a private bank

Yup! Thats why am on IOB.