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Kotak Mahindra My Family Savings Account

Bank Kotak Mahindra
Category My Family Savings Account
Minimum Balance Requirement Varies for different accounts
Interest Rate Up To 6% with minimum balance over Rs 1 lakh; 5% with minimum account balance up to Rs 1 lakh
Card Offered Classic / Platinum Debit Card

Services Offered by Kotak Mahindra My Family Savings Account

SMS Alerts Yes
Internet Banking Yes
Mobile Banking Yes

Features of Kotak Mahindra My Family Savings Account

Home Banking Avail services like cash delivery, cash pick-up, cheque/demand draft delivery without having to step outside your house. Currently this service is available only in select cities.
ATM Usage Free ATM usage for Pro and Ace account holders
Discount on Travel Card Enjoy a 25% discount on the issuance of Travel Cards and forego the hassles of carrying travelers cheques.
Discount on Locker Rent Ace account holders can avail 15% discount on Locker rent; discounts also applicable for Silk and Grand account holders.
High Withdrawal Limits Classic and Platinum Debit Cards come with high withdrawal limits and exclusive offers
Convenient Banking Services Online Book tickets and pay bills conveniently with the help of net banking and mobile banking.
Insta Balance Service Simply call on the helpline number to instantly get information about your account balance via SMS
Hashtag Banking Now bank with Kotak Mahindra via Twitter
Immediate Payment Service (IMPS) Now, transfer funds instantly from your account to another bank account.
ActivMoney With this account, you have the option of converting your balance above a certain amount to a Term Deposit and earn higher interest.
Dedicated Relationship Manager The bank will assign a special relationship manager who will help you with wealth management. (subject to maintenance of minimum account balance)
Programme Related Benefits Grand account – Cash back up to Rs 4500 on debit card sends, customized cash delivery, etc. Silk account – Up to 60 movie tickets in a year, 35% discount on locker rental in the first year. Junior account – personalized Junior ID card, movie tickets / book vouchers on maintaining required balance.

Fees & Charges On Kotak Mahindra My Family Savings Account

Debit Card Issuance Charge Classic Debit Card – Rs 100; Gold Debit Card – Rs 500 & Platinum Debit Card – Rs 750
Debit Card Annual Charge Classic Debit Card – Rs 150; Gold Debit Card – Rs 250; Platinum Debit Card – Rs 750.
ATM Transaction Charges (at bank ATM) Cash Withdrawal / balance enquiry - free of charge
Cash Withdrawal (at other bank ATM) Cash withdrawal – Rs 20; Balance enquiry – Rs 8.50.
International Cash Withdrawal Rs 150
Home Banking Charges Cash pickup / delivery – Rs 175 per transaction; Instrument pickup / delivery – Rs 75 per transaction.
NEFT Transfer Up to Rs 10,000 – Rs 2.50; Rs 10,001 to Rs 1,00,000 – Rs 5; Rs 1,00,001 to Rs 2,00,000 – Rs 15 and above Rs 2 lakh – Rs 25.

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

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