Kotak Mahindra Bank Salary Account
Kotak Mahindra Bank Salary Accounts are designed to offer the right balance of benefits for both the organization and the employee. Kotak Mahindra Bank corporate salary accounts come loaded with benefits like easy fund transfer options, locker rent discounts, ActivMoney scheme, and minimum balance requirements. Also, Kotak Mahindra Salary Account customers enjoy seamless access to Internet Banking and Mobile Banking facilities.
Overview of Kotak Mahindra Bank Salary Account
Bank | Kotak Mahindra Bank |
Category | Corporate Salary Accounts |
Minimum Balance Requirements (MAB) | Kotak Mahindra Platina Salary Account - Average Monthly Balance of Rs. 1 lakh Kotak Mahindra Ace Salary Account - Average Monthly Balance of Rs. 50, 000 Kotak Mahindra Edge Salary Account - Average Monthly Balance of Rs. 10, 000 |
Interest Rate - SBI Savings Plus Account | Up to 6% per annum |
Debit Card Offered | Kotak Mahindra Platina Salary Account - Kotak Mahindra Platinum Debit Card, Kotak Mahindra Ace Salary Account - Kotak Mahindra Platinum Debit Card, Kotak Mahindra Edge Salary Account - Kotak Mahindra Classic Debit Card |
Types of Kotak Mahindra Bank Salary Account
Kotak Mahindra Bank offers three different types of corporate salary account, each carefully designed to meet the requirements of salaried class. Kotak Mahindra salary accounts comes with an array of benefits like free ATM card, PAP cheque books, free demand drafts and internet banking. The corporate salary account types offered by Kotak Mahindra Bank are as follows.
Kotak Mahindra Platina Salary Account | Kotak Mahindra Platina Salary Account is specially offered to corporates empaneled with Kotak Mahindra Bank for Salary2Wealth program. Apart from the normal features that comes with salary accounts, this account also offers insurance benefits, interbank mobile payment services and fixed deposits at competitive interest rates. |
Kotak Mahindra Ace Salary Account | Kotak Mahindra Ace Salary Account is tailored to meet the practical requirements from a salary account and also to offer the utmost banking convenience. This salary account also will offer advantages like preferential rate for loans, unlimited value demand drafts and free investment account. |
Kotak Mahindra Edge Salary Account | This salary account is crafted to provide all that is required from a savings account and more. Fixed deposits at attractive rates, Classic debit card and ActivMoney scheme are only some of the advantage that Kotak Mahindra Edge Salary Account brings with it. |
Eligibility for Kotak Mahindra Bank Salary Account
Kotak Mahindra Platina Salary Account | This salary account is offered to employees with a net take home salary of Rs. 1 lakh and for corporates empaneled with Kotak Mahindra Bank for Salary2Wealth program. |
Kotak Mahindra Ace Salary Account | This salary account is for employees with a net take home salary of Rs. 50, 000 and for corporates empaneled with Kotak Mahindra Bank for Salary2Wealth program. |
Kotak Mahindra Edge Salary Account | This salary account is for employees with a net take home salary of Rs. 20, 000 and for corporates empaneled with Kotak Mahindra Bank for Salary2Wealth program. |
Services Offered with Kotak Mahindra Bank Salary Account
Cheque Book | Kotak Mahindra Ace Salary Account - Free up to 25 leaf per quarter Kotak Mahindra Edge Salary Account - Free |
e-Statements | Monthly Account Statements will be issued free of cost. |
Passbook | Kotak Mahindra Ace Salary Account - Free Kotak Mahindra Edge Salary Account - Free |
Internet Banking | Yes |
SMS Alerts | Yes |
Cash Withdrawal | Cash withdrawals at your own bank ATMs are free of cost. Cash withdrawals and noncash transactions at other ATMs - 5 transactions per month free and thereafter standard charges will apply for Classic Credit Card. However, for Gold and Platinum debit card, cash withdrawals and balance inquiry at other domestic bank ATMs are free of cost. |
Demand Drafts | Unlimited Value Demand drafts delivered to home location. |
Customer Service | 24/7 dedicated customer car |
Features of Kotak Mahindra Bank Salary Account
Kotak Mahindra salary accounts come with an array of advantages that makes banking more convenient for the savings account holders and simplifies the salary credit process for organizations. Here are some of the features of Kotak Mahindra Bank Corporate Salary Account.
Free Zero Balance Account | Account holders are offered a free zero balance account subject to monthly salary credits. |
No Maintenance Charges (NMC) waiver for family savings account | Up to 3 NMC waived family savings account |
Demand Drafts | Unlimited value Demand drafts, directly delivered at home location |
ActivMoney Facility | Get high interest on savings account funds with auto sweep in and sweep out facility |
Locke Rental Discount | Get up to 25% off on locker rent |
Easy Account Management | With features like Net Banking and Mobile Banking, customers can manage their accounts with ease. |
Fuel Surcharge Waiver | Kotak Mahindra Bank Salary Account Customers get to enjoy fuel surcharge waiver when their debit cards are used at fuel pumps across India. |
Insurance options | Salary account holders also get lost baggage insurance worth Rs. 1 lakh and lost card liability insurance of Rs. 2 lakhs. |
Preferential Rates for loan products | Kotak Mahindra Bank salary account customers get preferential interest rates for loan products. |
Reduced Processing Fee | Account holders get to enjoy low processing fee for Kotak Mahindra Bank home loans and personal loans. |
Investment Benefit | Get the benefit of investing in over 2200 mutual funds through Kotak Mahindra Bank Net Banking offered for salary account holders. |
Kotak Mahindra Bank online trinity account | Kotak Mahindra salary account holders can avail this 3 in 1 investment product with first year maintenance fee waived off. |
100% car finance | Kotak Mahindra Bank salary account customers get up to 100% car financing from Kotak Mahindra Prime. |
Fixed Deposits | Attractive interest rates for fixed deposits |
Free cash withdrawal | Free cash withdrawal at locations other than home location branches. |
Utility Bill Payment Facility | Using Auto Pay facility, customers can pay utility bills easily. |
Easy Fund transfer | Customers can transfer funds easily using NEFT, IMPS and RTGS. |
Customer Care Facility | Customers can make use of the 24/7 dedicated customer service facilities offered by Kotak Mahindra Bank to clear their queries. |
Kotak Multi Currency World Travel Card | Kotak Mahindra Salary Account holders can avail multi currency prepaid travel card. |
Travel Cashless | Use your debit card at all ATM centres across India. |
Insurance Benefits | Air accident insurance and purchase protection. |
Fees and Charges for Kotak Mahindra Bank Salary Account
Particulars | Kotak Mahindra Bank Edge Salary Account | Kotak Mahindra Bank Ace Salary Account | Kotak Mahindra Bank Platina Salary Account |
Average Monthly Balance | Rs. 10, 000 | Rs. 50, 000 | Rs. 1 lakh |
DD at branch location | Rs. 2.5 per 1000 | Free | Free |
NEFT charges | Rs. 2.50 to Rs. 25 depending on the amount | Free | Free |
IMPS Charges | Rs. 5 to Rs. 20 depending on the amount | Free | Free |
Local Cheque Clearing | Free | Free | Free |
Outstation Cheque Collection Charges at branch location | Rs. 35 to Rs. 85 or Free depending on the amount. | Free | Free |
TC encashment | 0.3% of the TC amount, minimum of Rs. 50 | Free | Free |
Cash deposit at home and non home locations | Free up to 5 transactions a month or Rs. 7.5 lakhs per month | Free up to 10 transactions a month or Rs. 15 lakhs per month | Free up to 10 transactions a month or Rs. 15 lakhs per month |
At par cheque book charges | Free up to 25 leaf per quarter | Free | Free` |
ECS Return | 350 per cheque for first return in a month thereafter 750 per cheque for returns in same month | 350 per cheque for first return in a month thereafter 750 per cheque for returns in same month | 350 per cheque for first return in a month thereafter 750 per cheque for returns in same month |
Issuance charge for classic debit card | Rs. 200 | Rs. 200 | Free |
Issuance charge for Gold debit card | Rs. 500 | Rs. 500 | Free |
Issuance charge for Platinum debit card | Rs. 750 | Rs. 750 | Free |
Cash Withdrawal or balance enquiry at other domestic ATMs | 5 transactions including non financial and financial txn free per month and thereafter standard charges will apply at Rs. 20 for cash transaction and Rs. 8. 50 for non cash transactions | 5 transactions including non financial and financial txn free per month and thereafter standard charges will apply at Rs. 20 for cash transaction and Rs. 8. 50 for non cash transactions | Free |
Non maintenance charges | In case salary upload not sighted for 2 consecutive months and if AMB > 50% but less than required AMB - Rs. 450, Rs 600 otherwise | In case salary upload not sighted for 2 consecutive months and if AMB > 50% but less than required AMB - Rs. 600, Rs 850 otherwise | In case salary upload not sighted for 2 consecutive months and if AMB > 50% but less than required AMB - Rs. 600, Rs 850 otherwise |
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