How to Open/Close Kotak Mahindra Bank (KMB) Account Online

Kotak Mahindra Bank, India’s leading Private sector Bank provides the option of digital account for the benefit of customers. One can open account through the online interface. Customers will not have to stand in long queues for completion of document verification or other formalities. They can hence spend their quality time for taking better financial or investment related decisions.

Any Indian citizen, residing in India and having PAN and Aadhar card can easily open an online account with Kotak Mahindra bank.

General procedure

In order to open an online savings account, the client must follow the underlying steps.
Step 1: Fill in the Savings Account opening eligibility form available on the official site https://www.kotak.com/en/personal-banking/accounts/savings-account. html with required personal information. The savings account tool will verify eligibility of applicant and personalized savings account options.
Step 2: The application gets to evaluate and compare between savings account options offered by the tool interface. After this step is over, the applicant is able to apply for a savings account.
Step 3: Obtaining e-approval.

The application is sent electronically. The Savings Account department will contact applicant. Users can check their application status through emails and SMS alerts sent to them.

Opening an online account with the help of Kotak’s Digital account opening app.

This new initiative enables verification of KYC documents and signature through video-calling. In order to use this facility, one must first download the app from Google store.

With the help of the app, upload all documents and enter personal details like Customer relationship No.(CRN). Account number gets created immediately. The procedure is completed after a video call between banking department and client. The app also provides the additional feature of selecting a branch which located nearest to the client’s residence.

Procedure for closing a bank account online

In case an existing customer decides to close an account, he or she needs to fill the Account closure form available on Kotak Mahindra’s website http://www.kotak.com/bank/common/pdf/closure_of_savings_current_investment_account.pdf. One needs to provide personal details like name and bank details like debit card information. One must also provide details of an alternate account, where the money is to be transferred.

The reason for account closure has to be stated as well. The customer digitally sign at the appropriate place and forward it to banking authorities. After the verification process is over, the account gets closed.