Kotak Alpha Savings Account
Designed for those who are looking for an uncomplicated method for Savings account, Investment avenues (like Recurring Deposits, NPS or Mutual Fund), Alpha is the perfect solution. This is also a great method to get into the habit of saving money, and thus is particularly useful for those between the age group of 18 to 54 years.
Bank | Kotak Bank |
Category | Kotak Alpha Savings Account |
Minimum Investment | Rs. 2000 |
Interest Rate | 6% interest p.a. |
Features and Benefits of Kotak Alpha Savings Account:
Interest rate | 6% interest p.a |
Minimum amount to invest | Rs. 2000 monthly in pre-selected investment options (RD/MF-SIP/NPS) |
Life cover | Worry no more about your family's future with the Life cover that you can avail with this scheme and is worth Rs. 20 Lakhs. The nominal monthly premium Rs. 300 is all that is required for this. |
Cash Back | When you spend with your debit card, the point of sales (POS) spends will earn you cash back up to Rs. 4500. |
Fees and Charges On Kotak Alpha Savings Account:
Purpose | Detail |
Investment Account Annual charges | Free |
locker rental | 25% discount for Platina & 15% discount for Ace |
Kotak term deposits | Up to 85% overdraft (ROI plus 2%) |
Demat AMC for the 1st year | 50% for Pro/Classic 100% for Ace/ Platina |
- You can get Platinum Subscription of Kotak Moneywatch at the low price of Rs. 499/- per year
- Mobile Banking and Net Banking services is available so that you can do almost all banking transactions from home including DTH recharges and mobile.
Cash Rewards On Kotak Alpha Savings Bank Account:
Cash Back Parameters | Edge / Nova | Pro / Classic | Ace / Platina |
Maximum Cash back / Month (Rs.) | 125 | 250 | 375 |
Maximum Cash back / Year (Rs.) | 1,500 | 3,000 | 4,500 |
Minimum POS Spends required / Month (Rs.) | 5,000 | 10,000 | 15,000 |
Min AMB required / Month (Rs.) | 10,000 : Edge; 5,000 : Nova | 20,000 : Pro; 10,000 : Classic | 50,000 : Ace; 1,00,000 : Platina |
You are eligible to get back up to Rs. 4500 cash back p.a. on all your POS debit card spends.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Kotak Alpha Savings Account
- What is the minimum tenure in Kotak Alpha savings account that you need to invest in?
The Minimum tenure for investment is 36 months.
- What are the investment options that i can pick with Kotak Alpha savings account?
You can invest in Recurring Deposits (RD) for short-term savings, Mutual Fund SIPs for long-term growth, or NPS for retirement planning with auto-managed fund allocation.
- What life cover is offered with this account?
You can get a life cover of ₹20 lakhs with a monthly premium of just ₹300.
- How much cashback can I earn?
You can earn up to ₹4,500 cashback annually on eligible debit card POS spends.
- Are there any annual charges?
No, the investment account has zero annual charges, and you also get discounts on locker rentals and demat AMC.
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