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!.
Highlights of Kotak Classic Savings Account
|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.|
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|
|Cash withdrawals||Free access to all ATMs in the country. Free cash withdrawals at all Kotak Bank branches|
|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.