Kotak Classic Savings account is specially crafted to offer you a premium banking experience at an easy minimum balance requirement. With benefits like convenient AMB and free debit card, Kotak Classic account will be more than just a normal savings account!
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Highlights of Kotak Classic Savings Account
| Bank | Kotak Bank |
| Category | Kotak Classic Savings Account |
| Minimum Balance Requirement | Average Monthly Balance (AMB) of Rs.10,000 |
| Interest Rate | Up to 6% on savings account balance |
| Debit Card | Classic debit card |
Kotak Classic Account Eligibility & Documentation
| Eligibility | Any Individual residing in India, foreign nationals who are residing in India and Hindu Undivided Family (HUF) can open Kotak Mahindra Classic Savings Account. |
| Documentation |
KYC Documents - ID proof, address proof documents and signature proof. For ID and address proof, you can submit any of the following - passport, driving license, Voter ID, PAN card or ration card For signature proof, customers can submit any valid documents bearing their signature like driving license and PAN card. |
Services Offered With Kotak Classic Savings Account
| Debit Card | Classic Debit Card |
| Limit for debit card | Daily ATM withdrawal limit of Rs.50,000 and enhanced purchase limit of Rs.1.5 lakh per day |
| ATM Access | Free access to all domestic ATMs |
| Cash and instrument pick up | Free up to 5 calls a month |
| Mobile Banking | Free |
| Net Banking | Free |
| Cash withdrawals | Free access to all ATMs in the country. Free cash withdrawals at all Kotak Bank branches |
| Phone Banking | Free |
| NMC Waiver | Cardholder gets one NMC waived Kotak Nova Savings Account for a family member. |
Fees and Charges for Kotak Classic Savings Account
| Average Monthly Balance | Rs.10,000 |
| NEFT charges | Free if done online. Standard charges if done through the bank branch. |
| DD at other branch location | Free up to Rs.50,000 a day |
| Cash deposit at home and non-home locations | Free up to 5 transactions per month or free up to a limit of Rs.10 lakh per month |
| At-par cheque book charges | Free |
| Cash withdrawal at home and non-home locations | Free |
| Debit card (/classic/gold/platinum) issuance charge | Free |
| Cash withdrawal at international ATMs | NA |
| Cash withdrawal at own and other ATMs | Free |
| Cash pickup and delivery - Home Banking | 5 free calls per month |
| Monthly non-maintenance charges | If AMB > 50% but less than required AMB, Rs.350 will be charged. For AMB < 50%, Rs.450 will be charged. |
| Activation of inoperative account | Free |
| Issuance of Pass Book | Free |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
