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Savings Account

Savings accounts are a favourite for every Indian as it fetches them an abundance of returns and allows them to build-up a corpus for the future. Savings accounts are one of the most popular products for private sector banks such as Kotak Mahindra Bank also known as Kotak Bank. These accounts are also an integral part of deposit mobilization programme going on in rural parts of our country. Savings account with Kotak Mahindra helps individuals to inculcate a habit of savings by enabling them to save money at their own pace.

Opening a Kotak Mahindra savings account is a smart way to accumulate money. The bank is one of the leading private sector banks in India and excels in providing an array of products and services to its customers enabling them to meet their banking needs. A high interest Kotak Mahindra Bank savings account can be an answer to generating a sizeable yield with marginal effort and minimal risk. This is one of the key reasons why savings with Kotak Mahindra Bank is always preferred by customers. 

Kotak Mahindra Bank offers a wide variety of Savings Accounts option to its customers to suit their individual needs. From premium saving account to basic or regular accounts, from accounts for children to accounts for senior citizens, the options are endless. Moreover, the rate of interest offered on Kotak Mahindra Bank savings account is also higher than those offered by its contemporaries. Let us have a look at the various types of account on offer and what they promise. For your reference, Kotak Mahindra Bank savings account eligibility is similar for most of the accounts and are provided with the account details below.
 

• Types of Kotak Mahindra Bank Savings Account

  • Alpha Savings Account – a key savings account option from Kotak Bank with multiple features including insurance and investment. The features are as follows:
  • These savings accounts can be opened with a minimum deposit of Rs. 2,000 which the customer can choose to invest in a Recurring Deposit or Mutual Fund SIP or National Pension Scheme
  • The minimum tenure for depositing in any of the above mentioned schemes is 36 months or 3 years
  • Kotak Mahindra Bank offers an insurance coverage of Rs. 20 lakh at a monthly premium of Rs. 300 only
  • Debit card transactions promise a cash back of up to Rs. 4500 in case of POS transactions
  • Waiver on the annual charges of Investment Account
  • 25% discount on locker rentals is applicable with this Kotak Mahindra Bank savings account
  • 85% overdraft limit on the term deposits linked to these Kotak Mahindra Bank savings accounts
  • Up to 100% waiver on the AMC of a Demat Account
  • Ease of banking through the facilities of Net Banking and Mobile Banking is also available with this Kotak Mahindra Bank saving account
  • The bank also offers the facility of opening joint savings accounts to individuals. They can open these savings accounts with anyone related to them.
  • Kotak My Family – an account to cover the entire family’s banking needs with the following features and benefits:
  • The savings bank account has an Active Money feature wherein if the balance in the account crosses the threshold of a specified limit, the excess is transferred to a fixed deposit account to earn higher rate of interest
  • This savings bank account offers a dedicated Relationship Manager to cater to the banking needs of the entire family
  • Facility of home banking for cheque pick-up, cash delivery, cheque or Demand Draft delivery, etc. are available for accountholders of this savings bank account
  •  25% discount in the issuance charges of Travel Card
  • 15% discount in locker rentals
  • Classic or Platinum Debit Card with free ATM usage facility
  • Ease of banking through Net Banking, Mobile Banking, Hash-tag Banking, Insta Balance Services, IMPS, etc.
  • Cash back on Debit Card spends
  • 50% discount on health check-ups
  • Platina Savings Account – an account with attractive benefits and features which are as follows:
  • This savings account requires an Average Monthly Balance of Rs. 1 lakh
  • Free Platinum International Debit Card with an extended limit of Rs. 2 lakhs per day
  • Free Home Banking with up to 10 home calls free every month
  • Waiver of AMC for the first year on Demat Account
  • Free Demand Drafts, RTGS, NEFT, IMPS, cheque book, add-on Debit card and outstation cheque collection
  • 25% discount on Locker rentals and Best Compliments Gift Cards
  • Ease of banking through Net Banking, Mobile Banking, Hash-tag Banking, Insta Balance Services, etc.
  • The account has an Activ Money feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to a fixed deposit account to earn higher rate of interest

Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India

  • Jifi Saver – an account with instant access and varied features and benefits which are as follows:
  • Free JIFI Platinum Debit Card for the first year
  • Loyalty Club membership with rewards on every transactions
  • Free Credit Bureau Score
  • A minimum balance requirement of Rs. 10,000
  • Ease of banking through Net Banking, Mobile Banking, Hash-tag Banking, Insta Balance Services, etc.
  • The account has an Activ Money feature wherein if account balance crosses a pre-defined threshold, the surplus is transferred to a fixed deposit account to earn higher rate of interest.

Eligibility

The account can be opened by Resident Individuals above the age of 18 years

  • Sanman Savings Account – an account to cater to the rural population with the following features:
  • An Average Quarterly Balance requirement of Rs. 2,000
  • Kotak Mahindra Bank offers free cash withdrawals through ATMs
  • Free Classic Debit Card with a daily spending limit of Rs. 1.5 lakh and withdrawal limit of Rs. 50,000
  • Free 15 leaves at-par cheque book, NEFT, IMPS, Net Banking, Mobile Banking and Phone Banking facility
  • Active Money feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to a fixed deposit account to earn higher rate of interest

Eligibility

Resident Individuals and HUFs are eligible to open the account

  • Grand – a Kotak Mahindra Bank savings account for individuals aged 55 years or more with privilege banking benefits. The features and benefits are as follows:
  • Active Money feature wherein the balance in the savings accounts is transferred to a fixed deposit account to earn higher rate of interest if it crosses a specific limit.
  • Cash back of up to Rs. 4500 on debit card transactions
  • Priority Service and a First Aid card
  • Free Health Card from IHO
  • Customised cash delivery
  • Purchase protection of up to Rs. 1 lakh on consumer durables available on the debit card
  • The customer can pay utility bills online
  • Ease of banking through Net Banking, Mobile Banking, etc.
  • Get an Aqua Credit Card with a Credit limit of up to 80% f the term deposits or avail an overdraft facility equivalent to up to 85% of the term deposits
  • 35% discount on locker rentals
  • 25% discount in the issuance charges of Travel Card
  • Waiver of AMC for the first year for the Demat Account
  • Ace Savings Account – a savings account with Kotak Mahindra Bank offers following features and benefits:
  • An average monthly balance of Rs. 50,000 is required for this account
  • Free Platinum International Chip Debit Card with an extended withdrawal limit and purchase limit of Rs. 2 lakhs daily
  • Free Home Banking, Demand Draft, NEFT, IMPS, RTGS, Multi-city cheque book.
  • Ease of banking through Net Banking, Mobile Banking, etc.
  • 15% discount on locker rentals
  • 25% discount on the issuance of Best Compliments Gift Cards
  • Activ Money feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to a fixed deposit account to earn higher rate of interest
  • Waiver of AMC for the first year for the Demat Account

Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India. The simple eligibility criteria of this Kotak Bank savings account makes it easy for foreign nationals to open a savings account in India.

  • Edge Savings Account - a savings account with the following features and benefits:
  • An average monthly balance requirement of Rs. 10,000
  • Access to all VISA ATMs with 5 free transactions every month
  • Classic Debit Card with an extended purchase limit of Rs. 1.5 lakhs and a withdrawal limit of Rs. 50,000
  • Free NEFT, Phone Banking, Net Banking facility is also provided
  • Activ Money feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to a fixed deposit account to earn higher rate of interest.

Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India

  • Pro Savings Account – an account with enhanced benefits that includes the following features:
  • An average monthly balance requirement of Rs. 20,000
  • Free Platinum International Chip Debit Card with an extended purchase limit of Rs. 2 lakhs and withdrawal limit of Rs. 50,000
  • Free NEFT, Phone Banking, Net Banking facility, cash and instrument pick-up or delivery, demand drafts, cash withdrawals from the bank’s ATMs and also from other banks’ ATMs
  • 50% discount in the AMC charges of the Demat Account
  • Activ Money feature wherein the excess balance over a pre-defined limit is automatically converted to a fixed deposit and it earns a higher rate of interest.   

Eligibility

This Kotak Mahindra Bank savings accounts is available to Resident Indians, HUFs and Foreign Nationals residing in India

  • Classic Savings Account – an account with the following features and benefits:
  • An average monthly balance requirement of Rs. 20,000
  • Free NEFT, Phone Banking, Net Banking facility, cash and instrument pick-up or delivery, demand drafts, cash withdrawals from the bank’s ATMs and also from other bank’s ATMs
  • 50% discount in the AMC charges of the Demat Account
  • Activ Money feature to earn higher rate of interest.
  • Free Classic Debit Card with an extended purchase limit of Rs. 1.5 lakh and withdrawal limit of Rs. 50,000

Eligibility

The savings account may be opened by Resident Indians, HUFs and Foreign Nationals residing in India

  • Nova Savings Account – savings accounts with the following features and benefits:
  •  An average monthly balance requirement (Kotak Mahindra Bank minimum balance requirements) of Rs. 5,000
  • Classic Debit Card with an extended purchase limit of Rs. 1.5 lakh and withdrawal limit of Rs. 50,000
  • Free access to all VISA ATMs with 5 free transactions every month
  • Free NEFT, Phone Banking, Net Banking facility, 25 leaves at-par cheque book, cash withdrawals from the bank’s ATMs and also from other bank’s ATMs
  • Active Money feature for greater interest earning

Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India

  • Silk Savings Account – a unique Kotak Mahindra Bank savings account designed only for women with the following features and benefits:
  • Rewards on debit card transactions which include free movie tickets or cash back as chosen by the customer
  • Facility of paying utility bills online through BillPay feature
  • Generation of a virtual card for online transactions through the netc@rd facility
  • Updates of accounts in a single statement
  • Home banking service facility for free cash pick-up or delivery, instrument pick-up of delivery, etc.
  • 35% discount on lockers
  • 50% discount on issuance of Best Compliments Gift Card
  • Classic Debit Card with a purchase limit if Rs. 1.5 lakh and withdrawal limit of Rs. 75,000
  • The card also comes with Lost Card Liability of Rs. 1.5 lakh and Purchase Protection Cover of Rs. 50,000.
  • Year round rewards from leading merchant outlets on shopping expenses using the debit card.
  • Junior Savings Account – a Kotak Mahindra Bank savings account for children with the following features and benefits:
  • The account can be taken as a bundled account or as a standalone account
  • In a bundles account, there is a combination of a Junior Account which is a NMC waived Nova Account, Guardian’s Savings Account and an investment account with investment in Recurring Deposits or SIPs with a minimum tenure of 3 years
  • Kotak Mahindra Bank offers free movie ticket vouchers with the option of account opening
  • Personalized Junior Debit Card is provided with the account
  • Offers and benefits from merchant partners for children

Interest Rates

Kotak Mahindra Bank savings accounts interest rate is 6% per annum if the balance in the account is Rs. 1 lakh or above. For balances lower than Rs. 1 lakh, the rate of interest provided is 5% per annum. Kotak Mahindra Savings account charges are subject to renewal on the basis of bank’s policy. Kotak Mahindra has announced that its customers will continue to enjoy 6% interest rate on savings bank account with balance above Rs. 1 lakh. Taking a hint from the deregulation of savings accounts interest rate by RBI in October 2011, the bank was amongst the first banking institutions in India to revise its interest rates upward to 6%.

The bank offers a unique product suite with customised settings and offerings for each target segment of people bundled with the benefits of 6% interest rate. The bank offers an array of customised products for diverse segments of customers including women, children, families, individuals above 55 year of age and others. Each of these segments has exclusive life stage, financial and lifestyle needs and these products are designed to fulfil their goals.

Documents Required for Opening a Savings Account with Kotak Mahindra Bank: The documentation for Kotak Mahindra Bank savings account is listed below. The originals of all the photocopy documents listed below are required to be presented at the time of submitting the account opening form. The copies must be certified and attested as true copies to be admissible for account opening.

Individuals:

Proof of identity: Any one or two of the following as mandated by the bank

  • PAN card or Form No. 60 / 61 (as applicable)
  • Voter’s identity card
  • Passport
  • Driving license
  • Job card issued by NREGA duly signed by authorised officer of the state government
  • Aadhaar card / letter issued by unique identification authority of India (UIDAI) containing details of address, name and father’s name
  • Letter from a recognised public servant or public authority verifying the identity and residence of the customer to the satisfaction of the bank

Proof of address: Any one or two of the following as mandated by the bank

  • Electricity bill / telephone bill
  • Bank account statement
  • Letter from any recognised public authority
  • Rent agreement indicating the address of the customer accordingly registered with state government or similar registration authority
  • Ration card
  • Letter issued from employer (satisfaction of the bank)
  • In case any document alone are adequate enough for both verification of address and identity, no separate documents for the same shall be required.

Documents required for account of minor:

  • If his / her guardian is appointed by the court then order of the same is required
  • In case the keeper is illiterate, birth date certificate of the minor from a competent authority

Foundations and trusts:

  • Power of attorney granted to transact business on itself
  • Any officially valid documents to identify the trustees, beneficiaries, settlers and to those holding power of attorney, founders, mangers, directors and their addressee
  • Telephone bill
  • Resolution of the managing body of the association or foundation
  • In addition to the above, customer information form, account opening form, etc. filled in appropriately and authenticated are to be submitted. Documents of identity proof and address proof involved as partners, proprietors, trustees, directors and authorised signatories are required to be submitted as required under KYC norms for opening any savings accounts with Kotak Mahindra Bank.

Applying for a Savings Account from Kotak Bank Online

It is easy to apply for a new savings account online with Kotak Bank by logging onto Paisabazaar.com. All you need to do is input some data about yourself and the Paisabazaar eligibility calculator will provide you with all applicable options. From the available options, you can choose the Kotak Bank and apply for a savings account online with ease.

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