Individuals of the age 55 and above are eligible to apply for the Kotak Mahindra Grand Savings Programme.
| Bank | Kotak Mahindra |
| Category | Mahindra Grand Savings Programme |
| Interest Rate | Up to 6% per annum |
| Card Offered | Grand Priority Card and First Aid Card + Health Card from IHO for Ace, Pro and Platina customers |
Services Offered with Kotak Mahindra Grand Savings Account
| SMS Service | Yes + SMS to Receive Call Back Service |
| Net Banking | Yes |
| Mobile Banking | Yes |
| Customized Cash Delivery | Cash will be delivered to your doorstep on predefined dates – 1 , 5, 10, 15, 20, 25th of the month |
| Priority Service and First Aid Card | Receive 1st preference at all branches. The cards will also contain your health status and emergency contacts |
Features of Kotak Mahindra Grand Savings Programme
| Cash Back | Up to Rs. 4500 |
| Discounts |
Travel Card – 25% off on issuance charge Preferential MF Charge Rate – 1.25% through Investment Account 1st year waiver on Demat AMC Locker Rental – Up to 35% off for the 1st year |
| Rewards Program |
Lifestyle Benefits – Exclusive Offers/Deals on Shopping and Travel Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher interest rates (conversion only up to a certain amount) |
| Extras |
Easy Bill Payment from your account Kotak Aqua Credit Card Facility – get quick cash of 80% of your credit limit of your Term Deposit with Kotak Mahindra Kotak Overdraft Facility – get overdraft of your Term Deposit of up to 85% |
| Debit Card Feature | Purchase Protection – Up to 1 lakh for consumer durable products |
Cash Rewards of Kotak Mahindra Grand Savings Account
| Features | Edge | Pro | Ace | Platina |
| Minimum Spend per month | Rs. 5000 | Rs. 10000 | Rs. 15000 | Rs. 15000 |
| Maximum Limit of Cash Back per month | Rs. 125 | Rs. 250 | Rs. 375 | Rs. 375 |
| Maximum Limit of Cash Back per year | Rs. 1500 | Rs. 3000 | Rs. 4500 | Rs. 4500 |
Note: The aforementioned amounts are all subject to meeting the AMB (Average Monthly Balance) Criteria and Debit Card Spend.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
