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Kotak Classic Savings Account

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

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.

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.

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