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  • Kotak Nova Savings Account

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

    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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