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. |
| Documentation |
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.
