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Kotak Nova Savings Account

Kotak Nova savings account is a distinctive account that offers all premium banking facilities at a comfortable Average balance requirement. An account specially designed to meet all regular banking & financial needs, Kotak Nova account will offer utmost convenience to the customer.

Highlights of Kotak Nova Savings Account

Bank Kotak Bank
Category Kotak Nova Savings Account
Minimum Balance Requirement Average Monthly Balance of Rs.5,000
Interest Rate Up to 6% on savings account balance
Debit Card Classic Debit Card

Kotak Nova Account Eligibility & Documentation

Eligibility Any resident Individual, foreign national residing in India and Hindu Undivided Families (HUF) can open Kotak Mahindra Nova Savings Account.

KYC Documents - ID proof, proof of address and documents for signature proof.

For ID and address proof, you can submit any of the following documents - passport, Voter ID, PAN card, ration card and other valid photo identity issued by any government organization. For signature proof, customers can submit any valid documents bearing the signature like Passport and PAN Card.

Services Offered with Kotak Nova 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
At par cheques Free
Net Banking Free
Mobile Banking Free
Phone 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.

Fees and Charges for Kotak Nova Savings Account

Average Monthly Balance Rs.5,000
NEFT charges Free if done online. Standard charges if done through the bank branch.
Local clearing cheque Free
Cash withdrawal at home locations Free
At-par cheque book charges Free up to 25 leaf per quarter
Cheque issued and returned for technical reason Free
Debit card issuance charge Free
Add-On debit card charges NA
Cash withdrawal at own ATMs Free
Cash withdrawal at other bank domestic ATMs 5 Free transactions per month
VISA global assist charges NA
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.
Replacement of debit card Free

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

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