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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.
About 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.
There are numerous benefits to opening a Kotak Mahindra Bank Savings Account.
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 -
Edge Savings Account
The following features are available with the Edge Savings Account -
This account helps teach your children how to save with the Kotak Mahindra Bank Junior Savings Account. Here are the features -
Designed especially for the woman of today this account has the following features -
This is a high-end savings account offering multiple benefits with a low average maintenance of balance. These are the features -
This is the traditional type of savings account with a host of benefits. The salient features are -
This is a power packed account with a number of benefits for the best banking experience.
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.
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.
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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