After about a month of the launch of 811 service, Kotak Mahindra Bank has set an ambitious target of doubling its total customers from existing 8 million to 16 million in the next 18-24 months.

The 811 service, which is all-digital zero balance account, is seen as the primary driver to achieve the target, top company officials said here.

The newly launched app-based savings account is seen gaining popularity among the young banking customers.

"We have got encouraging response within a month of the launch. Most of the customers are having age of below 40 years, this shows more young crowd is getting interested for the service," said Ambuj Chandana, senior executive vice president, Kotak Mahindra Bank.

The 811 service symbolises the post demonetisation (November 8) push for the less cash economy.

811 is designed to offer banking service through a mobile app. "It is a full-service, zero balance account, with zero charges on all digital transactions. On top of it, the customers can earn annual interest of up to 6 per cent on their savings account balance," Chandana said, adding that currently the service is available for new subscribers only.

"We are in the process to develop systems to make 811 available to our existing customers as well. This will happen over 15-20 days," he said.

As per the regulations, the app-based account opening is done through PAN and Aadhaar verification. But a bio-metric verification is compulsory within a year's time.

"It is because of this limitation, currently our service is available to those places where we have our branches - about 700 locations. Also some nearby areas can be catered through branch. But for a remote area, it becomes difficult to reach out to customer for the bio-metric verification as required under the law," said Chandana.

KMBL has 1369 branches across the country.

Kotak claims to be the first bank in India to integrate Aadhaar-based OTP authentication process for account opening on a mobile.