Kotak Mahindra Bank Savings Account

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Kotak Mahindra Bank Savings Account

A savings account is used to deposit money at a bank or other financial institutions that provides a nominal interest rate over time. The purpose of the account is for saving money that you want to have easy access to. The money kept in a savings account can be used for daily expenses. It is also used as a means to store the cash safely.

This type of account is often the easiest account to open, because of its simple documentation process. Traditionally, you can open a savings account with as little as Rs. 1000. The minimum balance required depends on the issuing bank and the kind of savings account held with the bank. There are various fees associated with a savings account unless you maintain a certain minimum balance each month. In general, there is a limit on the number of withdrawals you can make from the account each month.

There are some disadvantages to savings account as well. Savings accounts are not lucrative in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less compared to that of a Fixed Deposit account. While you can easily access the money in times of need, they offer low yields compared to other more lucrative forms of savings.

Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank savings account provides a host of banking benefits including reward points for various transactions, lifestyle and privilege offers, flexible and easy accounts management, special banking facilities for senior citizens, along with competitive interest rates. You can make quick utility bill payments via Netbanking, and make use of the latest features in personal banking with a Kotak Mahindra Savings Account.

Features and Benefit of Kotak Mahindra Savings Account

There are various benefits to having a savings account with Kotak Mahindra Bank. Following is an overview.

  • Get the benefit of safety when you store your cash in a savings account
  • Different savings account options for different needs.
  • Access your account with ease via Net Banking, Mobile Banking and SMS Banking facilities.
  • Have easy access to your money in times of need with a network of ATMs all over India.
  • Earn a higher return of up to 6% p.a. on your Kotak Mahindra Bank Savings Account, enabling your savings to grow faster.
  • Dining, health and lifestyle offers

Types of Kotak Mahindra Bank Savings Accounts

Jifi Saver

  • Earn up to 6% interest on your saving account balance
  • Free JIFI Platinum Chip Debit Card for the first year
  • Get rewarded for transactions made with your debit card
  • Earn accelerated reward points for all purchase transactions done via your Jifi Platinum Debit card on the Kotak rewards website.
  • Make cheque book requests, Mobile & DTH recharge, and many more via Hashtag Banking – just a tweet away!
  • Keep track of your expenses via Kotak MoneyWatch Platinum subscription.
  • Get your free credit score online.
  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest
  • No charges applicable on a variety of online transactions

Edge Savings Account

  • Earn up to 6% interest on your savings account balance
  • Get free access to all domestic VISA ATMs, up to five transactions per month
  • Daily ATM cash withdrawal limit of Rs. 50,000.
  • Free Phone Banking, Net Banking and Mobile Banking
  • Free NEFT (only through Kotak Net Banking platform) transactions
  • Free cash withdrawals at Kotak Bank ATMs
  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Pro Savings Account

  • Earn up to 6% interest on your savings account balance
  • One NMC waived Edge Savings Account for your family member
  • Get free access to all domestic VISA ATMs
  • Free Platinum International Chip debit card (for a year, chargeable from second year onward) with enhanced daily purchase limit of Rs. 200000
  • Daily ATM cash withdrawal limit of Rs. 50,000.
  • Free Net Banking, Mobile Banking and Phone Banking
  • Free cash / instrument pick-up / delivery (5 calls per month)
  • Free pick-up / delivery (5 calls per month)
  • Free NEFT (only through Kotak Net Banking platform) transactions
  • Free cash withdrawals from any Kotak branch across India

Ace Savings Account

  • Earn up to 6% interest on your savings account balance
  • Debit Card withdrawal limit of Rs. 2 lakh per day through ATM / POS
  • Three NMC waived Edge Savings Accounts for family members
  • Free Platinum International Chip debit card with enhanced daily purchase limit of Rs. 2 lakhs and
  • Daily ATM cash withdrawal limit of Rs. 2 lakhs.
  • Free add-on Platinum International Debit Card
  • Free Net Banking, Mobile Banking and Phone Banking
  • Free cash withdrawals at other domestic ATMs
  • Free Home Banking
  • Free Demand Drafts (unlimited at Kotak Bank locations)

Silk - Women's Savings Account

  • Cash Back on transactions made with Kotak Silk Debit Card
  • 35% discount on Locker Rentals for the first year,
  • 50% Discount on Best Compliments Card issuance fee,
  • Non Maintenance Charge waived in your child's Junior account through linked RD or SIP.
  • Hassle-free bill payments
  • The bank comes to you! Enjoy services like cash delivery, cash pick-up, cheque / draft delivery, etc. without stepping out of your home. Service available in select cities only.

Junior - The Savings Account for Kids

  • Up to 6% interest p.a. on Junior and Guardian’s Savings Account balance
  • Get rewarded for saving regularly with various offers
  • Personalized Junior Debit Card
  • Exclusive discounts and privileges across brands for kids

Grand - Savings Programme for the 55+

  • Up to 6% interest p.a.
  • Get cash back
  • Priority Service & First Aid Card
  • Customized Cash Delivery
  • SMS to receive a call back
  • Health card from IHO
  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Kotak My Family

    Up to 6% interest p.a. on Savings Account balance

  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest
  • Option of maintaining balance in one account or spread across accounts
  • Dedicated Relationship Manager

Classic Savings Account

  • Earn up to 6% interest on your savings account balance
  • One NMC waived Nova Savings Account for your family member
  • Free Classic debit card with enhanced daily purchase limit of Rs. 150000
  • Daily ATM cash withdrawal limit of Rs. 50,000.
  • Free access to all domestic VISA ATMs
  • Free Net Banking, Mobile Banking and Phone Banking
  • Free cash pick-up / delivery (5 calls per month)
  • Free instrument pick-up / delivery (5 calls per month)
  • Free NEFT through Netbanking
  • Free cash withdrawals from any Kotak branch across India

Nova Savings Account

  • Earn up to 6% interest on your savings account balance
  • Free access to all domestic VISA ATMs, up to five free transactions allowed per month
  • Classic debit card with enhanced daily purchase limit of Rs. 150000
  • Daily ATM cash withdrawal limit of Rs. 50,000.
  • Free Phone Banking, Net Banking and Mobile Banking
  • Free NEFT (only through Net Banking)
  • Free cash withdrawals at Kotak Bank ATMs
  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Alpha - The Savings & Investment Programme

  • Earn up to 6% interest p.a depending on your balance
  • Invest with a minimum monthly investment of Rs. 2000 in pre-selected investment options
  • Life cover worth Rs. 20 Lakhs available at a nominal monthly premium of Rs. 300.
  • Save on your debit card point of sales (POS) spends with cash back up to Rs. 4500 p.a.

Sanman Savings Account

  • Earn up to 6% interest on your savings account balance
  • Free cash withdrawals at Kotak Bank ATMs
  • Free access to all domestic VISA ATMs, up to five transactions per month
  • Classic debit card (Free for first year)
  • Daily ATM cash withdrawal limit of Rs. 50,000.
  • Free at-par cheque (up to 15 leaves per quarter)
  • Free Phone Banking, Net Banking and Mobile Banking
  • Free NEFT (only through Net Banking)
  • Enjoy the power of Kotak ActivMoney – A program that converts saving account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Platina Savings Account

  • Earn up to 6% interest p.a. on your savings account balance
  • Three NMC waived Savings Accounts for family members
  • Free Platinum International Chip Debit Card and add-on Platinum International Chip Debit Card
  • Free Net Banking, Mobile Banking and Phone Banking, cash withdrawals at other domestic ATMs, Home Banking up to 10 calls per month, and Demand Drafts (unlimited at Kotak Bank locations)

Kotak Mahindra Savings Account Minimum Balance

The minimum balance required in Kotak Mahindra savings account differs with each kind of account. It is advisable to contact the bank directly for the most up to date details. Following is an overview:

Type of Savings Account Balance Required
Jifi Saver Average Monthly Balance (AMB) Rs. 10,000
Edge Savings Account AMB Rs. 10,000
Pro Savings Account AMB Rs. 20,000
Ace Savings Account AMB Rs. 50,000
Classic Savings Account AMB Rs. 10,000
Nova Savings Account AMB Rs. 5,000
Sanman Savings Account Average Quarterly Balance (AQB) of Rs. 2,000
Platina Savings Account AMB Rs. 1,00,000

Kotak Mahindra Savings Account Interest Rate

Kotak Mahindra savings account comes with interest rates of up to 6%. It will be applicable on 6% interest p.a. on savings account balance over Rs. 1 Lakh. Balances up to Rs. 1 Lakh will earn 5.0% interest p.a. on resident accounts only. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

Kotak Mahindra Bank Savings Account Charges

Different Kotak Mahindra bank savings accounts have a different schedule of charges. It is better to contact Kotak Mahindra bank directly for the most up to date charges.

How to open a Kotak Mahindra Bank Savings Account

Kotak Mahindra bank savings account opening is easy and hassle-free with options to open an account online or in person at the nearest branch.

You can walk into your nearest Kotak Mahindra Bank branch with your KYC documents or choose to apply for a savings account online. If you apply online, you have the added advantage of a quick and hassle-free doorstep documentation process.

Kotak Mahindra Bank Savings Account FAQS

What is the best interest rate on a Kotak Mahindra Bank saving account?

The interest rates can go up to as high as 6%. If your savings account balances are below Rs. 1 lakh, the interest rate would be 5% p.a. For the most up to date interest rates, it is advisable to contact your nearest Kotak Mahindra bank branch.

What is the eligibility for the Kotak Mahindra Senior Citizen savings account?

The applicant has to be a resident Indian above the age of 55 years at the time of application in order to be eligible for a Grand senior citizen savings account.

Who is eligible to open a Savings Account?

To be eligible for Kotak Mahindra Bank savings account you need to be a Resident Indian, Hindu Undivided Family, or a Foreign national residing in India. Foreign nationals should obtain an undertaking in form QA 22 duly signed. For more information, you can contact the nearest Kotak Mahindra Bank.

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