Kotak Edge Savings Account
Kotak Edge savings account is specially designed to offer you the maximum banking benefits while keeping the account straightforward. Account holders enjoy access to all domestic ATMs and other premium banking services.
If you are looking to carry out the necessary banking transactions without any hassles and for an uncomplicated savings account, Kotak Edge Savings account is the right choice!
Kotak Mahindra Bank Savings Account Interest Rate 2024:
Kotak Mahindra Bank Savings Account Balance | Rate of Interest* |
Balance up to Rs. 50 lakh | 3.50% p.a. |
Balance above Rs. 50 lakh and up to Rs. 100 crore | 4.00% p.a. |
Highlights of Kotak Edge Savings Account:
Bank | Kotak Bank |
Category | Kotak Edge Savings Account |
Minimum Balance Requirement | Average Monthly Balance of Rs.10,000 |
Interest Rate | Up to 6% on savings account balance |
Debit Card | Classic Debit Card |
Kotak Edge Account Eligibility & Documentation:
Eligibility | Any resident Individual, foreign national residing in India or Hindu Undivided Family (HUF) can open Kotak Mahindra Edge Savings Account. |
Documentation | KYC Documents - ID proof and address proof documents and signature proof. For ID and address proof, you can submit any of passport, Voter ID, PAN card, ration card and other valid photo identity issued by a government organization. For signature proof, customers can submit any valid documents bearing the signature like Passport and PAN Card. |
Services Offered With Kotak Edge Savings Account:
Debit Card | Classic Debit Card |
Enhanced Limit for debit card | ATM withdrawal limit of Rs.50,000 and purchase limit of Rs.1.5 lakh per day |
Add-On Card | Free Classic Debit Card |
Net Banking | Free |
Mobile Banking | Free |
Cash Withdrawals | Free at Kotak Bank ATMs |
Kotak ActivMoney | This facility will convert savings account balance over a certain threshold into term deposits at higher interest rates. |
Phone Banking | Free |
Fees and Charges for Kotak Edge Savings Account:
Average Monthly Balance | Rs.10,000 |
NEFT charges | Free if done online. Standard charges if done through the bank branch. |
Local clearing cheque | Free |
Cash deposit at home and non-home locations | Free up to 5 transactions per month or free up to a limit of Rs.7.5 lakh per month |
At-par cheque book charges | Free up to 25 leaf per quarter |
Cheque deposited and returned | - |
Debit card issuance charge | Free |
Cash withdrawal at own ATMs | Free |
Cash withdrawal at other bank domestic ATMs | 5 Free transactions per month |
Standing instruction set-up | - |
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. |
Regeneration of ATM/Net Banking Pin | - |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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