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Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank provides many financial products and services to their customers. One such service is the facility to open a savings account where an individual can deposit his savings and earn a nominal interest. Many other allied benefits are also provided with this account.

What is a Savings Account?

Kotak Mahindra Bank Savings Account

A savings bank account is an account where a depositor may deposit sums of money as and when he desires subject to certain conditions. The amount lying in deposit earns a nominal interest.

Savings bank accounts are the most common type of bank accounts and they are also the safest form of investment.

Kotak Mahindra Bank savings account also offers a number of other services such as credit / debit card, and so on.

Features and Benefits of Kotak Mahindra Bank Savings Account

There are numerous benefits to opening a Kotak Mahindra Bank Savings Account.

  • There is no volatility involved in savings bank accounts, hence they are a safe form of investment.
  • Your money will earn interest as it lies there waiting to be invested.
  • The Kotak Mahindra Bank savings account comes with many added benefits.
  • You can access your account via net banking or mobile banking too.
  • Kotak Mahindra Bank ATMs give you easy access to your money all over the country.
  • You can set up the account for automatic utility bill payments.
  • You can get a free debit or credit card with Kotak Mahindra Bank savings account.

Types of Kotak Mahindra Bank Savings Accounts

811 Edge

The 811 Edge is a paperless banking system that operates only via mobile. Even the account opening process is paperless. The features of this account are - 

  • Account opening using Aadhar number only
  • Minimum Average Monthly Balance (AMB) of Rs. 10,000/-
  • All online transactions free.
  • Platinum Chip Debit Card at Rs. 150/- per annum.
  • Scan & Pay facility for in-store purchases
  • Mobile banking at no extra cost
  • Following in-app features are also available -
    • Shop online using Flipkart
    • Book travel tickets using goibibo
    • Book movie tickets with PVR

Edge Savings Account

The following features are available with the Edge Savings Account -

  • Minimum average monthly balance Rs. 10,000/-
  • Free cash withdrawals from any bank ATM up to 5 transactions per month
  • Classic debit card with a purchase limit of 1,50,000 and withdrawal limit of 50,000/-

Junior - The Savings Account for Kids

This account helps teach your children how to save with the Kotak Mahindra Bank Junior Savings Account. Here are the features -

  • The account is for young children below age 18
  • Parallel guardian savings account
  • Parallel recurring deposit or SIP account with minimum monthly deposit of 2000.
  • Waiver of non-maintenance charges
  • Stand-alone variant without guardian available subject to conditions
  • Discounts on various food outlets, gaming stores, edutainment, and more for kids

Silk - Women’s Saving Account

Designed especially for the woman of today this account has the following features -

  • Kotak Silk debit card with special offers
  • 35% offer on locker rent
  • Easy bill payment facility
  • Solo or joint account

Pro Savings Account

This is a high-end savings account offering multiple benefits with a low average maintenance of balance. These are the features -

  • Minimum balance to be maintained is 20,000/-
  • Platinum International chip card with purchase limit of 2,00,000 and withdrawal limit of 50,000.
  • Free access to all ATMs in India
  • No charge for demand drafts
  • Home banking available
  • 50% offer on Demat charges for the first year

Classic Savings Account

This is the traditional type of savings account with a host of benefits. The salient features are -

  • Minimum balance to be maintained is 10,000/-
  • Classic debit card with purchase limit of 1,50,000/- and withdrawals up to 50,000/-
  • Free demand drafts
  • 50% offer on first year of Demat.

Ace Saving Account

This is a power packed account with a number of benefits for the best banking experience.

  • Minimum balance to be maintained is 50,000/-
  • Auto conversion of account balance over a specified amount to term deposit
  • Free outstation collection
  • Platinum International chip debit card
  • Debit card purchase and withdrawal limit 2 lakh with extension of purchase limit to further 2 lakhs.
  • 15% discount on lockers
  • Home banking facility
  • No maintenance charge on Demat for first year
  • 25% offer on gift cards
  • Free demand draft facility at all Kotak Mahindra Bank branches

Kotak Mahindra Bank Savings Account Interest Rate

Interest rates on savings bank deposits vary from bank to bank and also vary with type of account. Interest rates range from 3 to 6% per annum. Interest rates are subject to change by the bank at any time.

How to open a Kotak Mahindra Bank Savings Account

You can open a Kotak Mahindra Bank Savings account either by visiting the bank’s website and downloading the application form or visiting a bank branch and filling out a physical form. Except for the 811 Edge accounts which is a purely digital account, you will have to visit the branch with the filled out application form and your KYC documents for verification.

Once the verification is done, the account will be opened immediately with a minimum amount of deposit.

Most Kotak Mahindra Bank Savings Accounts offer home banking facility in which case a banker will visit your home and help you open a savings account.

Kotak Mahindra Bank Savings Account FAQS

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

Kotak Mahindra Bank saving accounts’ interest rates range from 3 to 6%. Since interest rates are dependent on various factors, they are subject to change at any time by the bank authorities. To know the current rates please visit the bank website or branch office.

2. How can I upgrade my Savings Account from one kind to the other?

Where the depositor is a minor, the account reverts to the depositor on his attaining age 18. At this time the individual may opt for any of the various types of savings accounts. An existing account may also be changed from one variant to another.

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