The following individuals are eligible to apply for a Kotak Sanman Savings Account –
- Indian Residents – both sole or joint accounts are applicable
- HUF or Hindu Undivided Families
| Bank | Kotak Mahindra |
| Category | Kotak Sanman Savings Account |
| Average Quarterly Balance (AQB) | Rs. 2000 |
| Interest Rate | Up to 6% on your savings account balance |
| Card Offered | Classic Debit Card – Free for the first year |
Services Offered with Kotak Sanman Savings Account
| Phone Banking | Yes |
| Net Banking | Yes |
| Mobile Banking | Yes |
| Home Banking | Yes. Free up to 10 calls every month |
| Cash Withdrawals | Unlimited cash withdrawals at any domestic ATMs |
| Demand Drafts | Unlimited and free at all Kotak Bank locations |
| Multi City Cheque Books | Free – on par cheque books |
| IMPS | Free |
| NEFT | Free for Net Banking |
Features of Kotak Sanman Savings Account
| Simple Account Monitoring | Via daily/weekly/monthly/quarterly statements - Physical/ E-mail statements |
| Daily Purchase Limit | Rs. 1,50,000 |
| Cash Deposit – Home Location | Upto 5 transactions each month or Rs 7.5 lakh for FREE |
| Cash Withdrawal - Home Location | Free |
| Cash Withdrawal/ Deposit – Non Home Location | Upto 5 transactions each month or Rs 3 lakh for FREE |
| Cheque Book | Free – at-par cheque up to 15 leaves per quarter |
| Rewards | Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher interest rates (conversion only up to a certain amount) |
| Extras | For up to 5 transactions each month, receive free access to all domestic VISA ATMs |
Fees and Charges for Kotak Sanman Savings Account
| Classic Debit Card Issuance Charge | Free |
| Classic Debit Card Annual Charge | First year – Free. After that Rs. 150 |
| Cash Withdrawal Limit | Rs. 50,000 |
| NEFT per transaction |
|
| Cash Withdrawal/ Balance Enquiry – Own ATM | Free |
| Cash Withdrawal – Other Domestic ATMs | Free for first 5 transactions. After that - Rs. 17.80 per transaction |
| Balance Enquiry – Other Domestic ATMs | Free for first 5 transactions. After that - Rs. 8.50 per transaction |
| Cash Withdrawal – International ATMs | Rs. 150 |
| Balance Enquiry – International ATMs | Rs. 25 |
| Balance/Interest Statement for the Current Year | Free |
| Balance/Interest Statement for the Previous Year | Rs. 100 |
| Photo Attestation / Address Verification | Rs. 50 each |
| Signature Verification | Rs. 25 |
| Quarterly Physical Account Statement | Free |
| Daily Account Statement – Physical | Rs. 500 per month |
| Weekly Account Statement – Physical | Rs. 100 per month |
| Pass Book | Free |
| Duplicate Pass Book | Rs. 250 |
| DD/BC/PO Revalidation and Cancellation | Rs. 100 |
| Replacement of Damaged Debit Card | Free |
| Replacement of Lost Debit Card | Rs. 200 |
| Account Closure – when closed after 1 month and before 6 months of account opening | Rs. 600 |
| If account is Inactive for more than a year | Rs. 25 per quarter |
| Activation on Inactive Account | Free |
Note: For Terms and Conditions on the aforementioned fees and charges, please contact the bank.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
