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Kotak Jifi Saver Savings Account

Savings Account
  • Instant money transfer
  • 24x7 ATM withdrawals
  • Attractive rate of interest

To apply for Kotak Jifi Saver Account you must be –

  • 18 years and above.
  • Be an Indian Resident and have a sole or a joint account.
Bank Kotak Mahindra
Category Kotak Jifi Saver Account
Average Monthly Balance or AMB Rs. 10,000
Interest Rate Up to 6% per annum on your savings account balance
Card Offered JIFI Platinum Chip Debit Card – Free for the first year

Services Offered with Kotak Jifi Saver Account

Online Transactions Free
Hashtag Banking Cheque Book Request, Account Updates, Mobile/DTH recharge and more by tweeting
NEFT/IMPS Free
RTGS Free through Net Banking
Cheque Book Default Cheque Book – Only Payable At – par / Also, 10 cheque leaves are free. Rs. 5 will be charged for each additional cheque leaf
Cash Withdrawal from Home Branch Free
Cash Withdrawal from Non Home Branch
  • Up to Rs. 50,000 per day – Free.
  • More than Rs. 50,000 per day - Standard Charges will apply

Features of Kotak Jifi Saver Account

Simple Account Monitoring Through monthly/quarterly statements - Physical/ E-mail statements
Kotak MoneyWatch Platinum Subscription Helps track your expenses. This feature is free for 1 year.
Free Bureau Score Know your credit bureau score with a simple click
Rewards Program
  • Earn rewards by referring friends
  • Loyalty Club – Guaranteed rewards whether you transact or share
  • Transact using your JIFI Platinum Chip Debit Card on kotakrewards.com and earn extra transaction points
Extras
  • Free Bureau Score - avail offers on transaction and lending products.
  • Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher rate of interest (conversion is allowed up to a certain amount)

Fees and Charges for Kotak Jifi Saver

JIFI Platinum Chip Debit Card/ Add On Card Issuance Charge Free
JIFI Platinum Chip Debit Card/ Add On Card Annual Charge Free for the first year. Post that Rs. 199 per annum
Fund Transfer Free
RTGS through Bank Branch
  1. 2 - 5 lakhs - Rs. 25 per transaction
  2. Above 5 lakhs - Rs. 50 per transaction
Cash Deposit at Home / Non Home Branch
  • Up to Rs. 7.5 lakhs per month – Free
  • More than Rs. 7.5 lakhs per month – Standard Charges will apply
Kotak ATM Cash Withdrawal Free
Cash Withdrawal – Other VISA domestic ATMS First 5 transactions are Free. Post that Rs. 20 per cash withdrawal
Balance Enquiry - Other VISA domestic ATMS First 5 transactions are Free. Post that Rs. 8.50 per balance enquiry
Balance Enquiry – International + Other VISA ATMS Rs. 25 per transaction
Cash Withdrawal - International + Other VISA ATMS Rs. 150 per transaction
Replacement of Lost card Rs. 200
Replacement of a Damaged Card Free
Annual Combined Statement – Physical
  • Via Net Banking – Free
  • Via Branch – Rs. 85
  • Via Phone Banking – Rs. 110
Account Statement – Quarterly (Physical) Free
Account Statement – Monthly (E-mail) Free
Balance Statement for Current Year Free
Balance Statement for Previous Year Rs. 100
Verification of Signature Rs. 25
Attestation of Photo/ Confirmation of Address Rs. 50 for each
Foreign Currency DD Issuance/ Revalidation/ Cancellation Rs. 500 for each
BC/DD Revalidation/ Cancellation Rs. 100 for each
Charge for Inoperative Account Free
Charge for Activation of Inoperative Account Free
Stop Payment
  • Through Net banking – Free
  • Other methods – Rs. 100
Charge for Account Closure Free

Documentation Required for Kotak Jifi Saver

Document ID Proof Residence Proof Signature Proof
Valid Driver’s License Yes Yes Yes
PAN Card Yes No Yes
Passport Yes Yes Yes
Election Card or Voter ID Card Yes Yes No
Ration Card No Yes No
College ID Card – Valid and issued by colleges that are affiliated to universities. Applicable only as a Joint Holder with a parent/ guardian Yes – Photo must be included Yes – Address must be included Yes – Signature must be included
Marriage Certificate – Only for married women (single/joint/primary holders are all eligible)/ Not accepted for husbands Yes – Photo must be included Yes – Address must be included Yes – Signature must be included
Utility Bill – Should not be more than 3 months old No Yes No
Bank Statement – Account must be active/ must contain the logo printed by the bank OR must be signed and stamped. Statements from the Internet are NOT accepted No Yes No
Sale Deed No Yes No
Income/Sales /Service/ Wealth Tax Assessment Order – Must not be older than 6 months No Yes No
Postal Certificate Yes – Photo must be included Yes – Address must be included Yes – Signature must be included
Existing Kotak Bank Customer – Introductory Reference (No Frills Account)
  • Must be an existing customer for over 6 months
  • Account conduct must be satisfactory
  • Introducer must know the customer for at least 1 year
Yes No No
Important Points to Note –
  • Original documents must be submitted along with the photocopies
  • Photocopies must be self-attested by the applicant
  • You must fill the form only in Black Ink and in CAPITAL Letters
  • Any alteration or overwriting must be countersigned
  • Site Verification Report is a must for opening an account
  • All relevant boxes must be ticked
  • Your complete address must include – City/State/Pin Code
  • Nomination facility can be availed
  • Cash will not be accepted as initial payment when opening an account

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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