Kotak811 launches 3-in-1 Super Account: Savings, fixed deposits, and secured credit card in one

Kotak811 has launched the 3 in 1 super account with super.money

Kotak811, the digital banking platform of Kotak Mahindra Bank, on October 29 launched a 3-in-1 “super account”, offering a savings account, a fixed deposit and a secured credit card.

The card, launched with super.money, a UPI fintech platform, allows customers to earn interest on the fixed deposit (FD) and cashback on spends, a Kotak811 spokesperson said.

“The 3-in-1 super account is for core India — a wide and growing segment of everyday Indians who are digital-savvy, financially aware yet cautious about credit. This includes salaried individuals, students, first-jobbers and digital natives who seek simple, digital-first financial tools,” said Manish Agarwal, Head – Kotak811.

What’s on offer?

The card allows users to save, spend, borrow and earn seamlessly.

Customers can open an account with a minimum FD of Rs 1,000, which serves as collateral for a secured credit card with a limit of up to 90 percent of the FD value, without requiring income proof.

The customers can add additional FD at any point of time to increase their credit limit.

The credit card addresses a key gap for those who are new to or wary of traditional credit cards.

The interest rates on savings accounts and fixed deposits will be determined by the prevailing Kotak811 rates at the time of account opening. The card is compatible with RuPay on UPI.

Rewards programme

The card offers up to 5 percent cashback on everyday spends such as shopping, dining, travel, utilities, and fuel. Rewards can be earned across popular platforms like Flipkart, Myntra, and UPI, among others. With RuPay on UPI, cardholders can perform seamless credit payments while earning rewards, making it a convenient and rewarding payment experience.

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Fees and charges

A physical card with a limit below Rs 4,500 incurs a fee of Rs 249 plus GST, while there is no annual fee. Late payment fees will apply in accordance with terms and conditions.

The bank can use the FD funds to cover any outstanding amount on the credit card.

Benefits of FD-backed credit cards

The largest benefit of an FD-backed card is that it allows you to build or rebuild your credit history. By making timely payments and keeping credit utilization low, you can enhance your creditworthiness in the long run.

Such cards typically offer facilities similar to regular credit cards such as reward points, cashback and discounts. Since the card is secured by a fixed deposit, the process of borrowing is faster and best suited for first-time borrowers.