For decades, Savings Account has been the tune on every Indian banker's lips as it fetched oodles of returns for private sector banks as well as the account holders. Hence it is almost a lexicon at banks like Kotak Mahindra, and is an inseparable part of 'Deposit Mobilization Programme’ in rural India.
If you are able to put aside a little of your monthly income consistently, you will be better off starting a savings account. Choosing a suitable Kotak Mahindra Bank Savings Account can be a frugal option to accumulate your money. A high interest savings account can be an answer to generating sizable yields with marginal effort and little risk.
Revision of Interest Rates on Kotak Mahindra Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Saving Deposits Balance upto Rs. 1 lakh.||5% p.a|
|Saving Deposits Between Rs. 1 lakh and Rs. 1 crore.||6% p.a|
|Saving Deposits Between Rs. 1 crore and Rs. 5 crore.||5.5% p.a|
How to open Kotak Mahindra Bank Savings Account online
Applying for a Savings Account at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the Savings Account eligibility form available online with required personal data. Once submitted the Savings Account tool automatically checks for eligibility of the applicant and personalized Savings Account options.
Step 2: In the second step, the applicant can compare various Savings Account options offered by the tool interface and apply for the best suitable Savings Account.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of Savings Account application online.
The application is sent electronically to the selected bank. The Savings Account department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS alerts as well as emails.
Types of Savings Account with Kotak Mahindra Bank
This account requires and Average Monthly Balance (AMB) of minimum INR 100,000. You can earn up to six percent interest per annum on the money remaining in your account. You also get a larger debit card withdrawal limit of INR 2 lakhs per day via ATM.
You can make up to six percent interest on your balance and get a complimentary JIFI Platinum Chip Debit Card for the initial year. You will belong to the Jifi Loyalty club and are assured handsome rewards when you share or transfer funds.
You must retain an Average Quarterly Balance (AQB) of INR 2000 in a Jifi Saver Savings Account, which will fetch you six percent interest on your balance.
With this Savings Account, you can avail up to six percent interest on the outstanding amount in your account as well as money back up to INR 4500. You are also eligible for premium service and a first aid card.
Ace Savings Account
With an Average Monthly Balance (AMB) of INR 50,000, you can make up to six percent interest on the remaining sum in your account. This without counting the whopping debit card withdrawal limit of INR 2 lakhs via ATM.
You should maintain an Average Quarterly Balance (AQB) of INR 10,000 in your Edge Savings Account, which will bring you six percent interest on your balance.
Keeping an Average Monthly Balance (AMB) of INR 20,000 will accrue six percent of interest on your account balance every year.
Keep an Average Monthly Balance (AMB) of INR 10,000 and you will get returns at the rate of six percent interest.
Accumulate cash at the rate of six percent interest by maintaining an Average Monthly Balance (AMB) of INR 5000 in your account.
You can get awesome rewards such as free film tickets when you spend using your Kotak Silk Debit Card, not to mention privileges such as rebates on locker rentals, 50 percent waiver in Best Compliments Card issuance charges and more.
Not counting attractive rebates across major kids’ brands, you get a personalized Junior Debit Card and ID Card. Junior debit card will be provided to kids above age 10 only.
JIFI Neo Savings Account
The Kotak Mahindra JIFI Neo is your essential savings account which comes loaded with a ton of features. With the Kotak JIFI Neo you get up to 6% interest on your account balance (conditions apply). On opening a JIFI Neo account, you get a Classic Debit Card which is available at a nominal fee of only Rs. 199 per year. This debit card offers you a high daily purchase limit of Rs. 1,50,000, along with a daily ATM cash withdrawal limit of Rs. 25,000. Enjoy the convenience of cashless banking by making quick and secure online fund transfers via NEFT, RTGS or IMPS. You can also carry out one cash deposit and one cash withdrawal transaction per month from your home branch, free of charge.
JIFI Pro Savings Account
Enjoy the best of digital and branch banking with the advanced JIFI Pro savings account. There are many benefits which this account offers, which include a chance to earn up to 6% interest on account deposits and the facility to carry out secure online fund transfers via NEFT RTGS and IMPS, free of charge. Account holders will receive a Platinum International Chip Debit Card which offers a high daily transaction limit of Rs. 2 lakh and a daily ATM withdrawal limit of Rs. 50,000. Other benefits offered under this account include a Loyalty Rewards on card transactions, free 5 cash pick-up and delivery per month, charge-free cash withdrawals from any Kotak Mahindra branch in India, facility to make service requests via a tweet with Hashtag Banking and the option to earn higher interest by converting Saving Account balance to Term Deposit with Kotak ActivMoney.
Ace Savings Account
The Kotak Mahindra Ace Savings Account comes packed with a number of banking related benefits and offers you access to several premium services which are offered exclusively with this account. Earn interest up to the rate of 6% on your Ace SA balance and enjoy the convenience of cashless shopping with the Platinum International Chip debit card which carries an enhanced daily transaction and ATM cash withdrawal limit of Rs 2 lakh. There are several facilities and services which you get to avail free of charge such as net banking, mobile banking, phone banking, home banking, cash withdrawals at non-Kotak domestic ATMs, demand draft facility, electronic fund transfer via NEFT/RTGS/IMPS, outstation cheque collection and multicity cheque books. Account holders get a 15% discount on Locker Rent and a 25% discount on issuance of gift cards.
My Family Savings Account
A unique savings account which offers many of the benefits offered by other Kotak Mahindra Savings accounts along with several other benefits which are specially designed to provide added convenience. This account too offers interest up to the rate of 6% on account balances along with the convenience of online and mobile banking services and electronic fund transfer via NEFT, RTGS and IMPS. Account holders also enjoy a 25% discount on issuance charges of the Travel Card and a 15% discount on locker rent. Kotak Mahindra will provide My Family Savings Account holders with a dedicated relationship manager.
Alpha Savings Account
Kotak Mahindra introduces the Alpha savings account which is a unique account combining the benefits of insurance and investment with channels such as mutual funds, Recurring Deposits or NPS. This savings account has been designed specially for those aged between 18 years to 54 years allow them to not only get into the habit of saving but also make hassle-free investments simultaneously. Under this special program, account holders get a chance to earn up to 6% interest on their account balance along with a bunch of other benefits such as saving on debit card transactions with up to Rs 4,500 cash back per year, chance to invest in a selection of pre-chosen investment options such as SIP, RD and NPS. The insurance aspect of this program includes a life cover worth Rs 20 lakhs that you can take for your family at a very nominal monthly premium of Rs. 300.
Kotak Mahindra Bank Savings Account – FAQs
- What are the interest rates offered for Kotak My Family Savings Account?
- How do you get started with a Kotak My Family Savings Account?
- What are the banking privileges that come with Savings Account?
You can get six percent interest annually on your account balance amount over INR 1 Lakh. If the balance is below INR 1 lakh, then you will earn an interest of five percent every year.
Firstly, open an Ace Savings Account in your name and then pick either Edge (if the family strength is 4 or less with an AMB of INR 50,000) or Pro (if the family strength is 6 or less with an AMB of INR 100,000).
Banking facilities and services like cash pick-up, money delivery, cheque or DD delivery in the comfort of your home in some cities.
- Free ATM use for Pro and Ace Account users.
- 25% cashback on issuance fee of Travel Card.
- 15% rebate on locker fee for Ace or same as valid for Grand Savings Account and Silk Savings Account.
INR 20,000 as it is especially designed for people with low income.
- Kotak Mahindra Platina Savings Account
- Kotak Mahindra Jifi Saver
- Kotak Mahindra Sanman Savings Account
- Kotak Grand Savings Account
- Kotak Mahindra Edge Savings Account
- Kotak Mahindra Pro Savings Account
- Kotak Mahindra Classic Savings Account
- Kotak Mahindra Nova Savings Account
- Kotak Mahindra Silk - The Savings Programme for Women
- Kotak Mahindra Junior - The Savings Account for Kids
- Kotak Net Banking
- Kotak Mahindra Mobile Banking
- Kotak Mahindra Bank Debit Card
- Saving Account
- Zero Balance Savings Account
- Internet Banking
- Post Office Savings Account
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- Savings Account For Women
- Savings Account Gold Monetization Scheme
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News About Kotak Mahindra Bank Savings Account
Kotak Mahindra launches ‘811’, Fully Digital Savings Account
India’s leading private sector bank, Kotak Mahindra recently announced their move to expand and grow their customer base to 16 million in the coming 18 months. For this, the bank plans to launch a unique feature called 811, fully digitally-enabled savings accounts. This feature has been devised following the demonetization drive launched by the government on Nov 8.
Mr. Uday Kotak, Executive VC and MD of Kotak Mahindra, said that this new product, will drastically bring down, by almost as much as 80% to 90%, the cost of customer acquisition, as compared to the regular savings accounts. Customers will be able to open savings accounts without having to visit the bank branch or requiring to provide documentation towards account opening. All that people need to open an account will be a PAN Card and an Aadhaar Card number.
The digital savings account feature will also offer an interest rate of 6%, like other savings accounts, but will not have any minimum balance requirement attached to it. To enable customers to carry out transactions, the bank plans to activate Aadhaar-based one-time password (OTP) on the product. As a result, account holders will be able carry out transactions wither using an OTP or their fingerprint. Transactions carried out via the 811 feature will be free of charge. There will be no charges on transactions carried out on the 811 feature, which will be available in the form of a mobile app.
30th March 2017
Kotak Mahindra Bank launches first digital account opening app for mobiles
Kotak Mahindra Bank has launched India's first digital account opening application on mobiles ?otak Now This app is a paperless process which does not require any physical interaction or biometric verification. KYC documents and signature for the opening of an account is carried out on a video call with the bank. Kotak Now is an end-to-end process, therefore it takes a few minutes to open a new account.
Kotak Mahindra Bank has used the patented technology of Germany WebID Solutions to develop Kotak Now. Customers can download the app from Google Store. After uploading your documents, you must enter your personal details including the CRN (Customer Relationship Number) and your Account Number gets created. The app also selects the branch nearest to you, for correspondence. Account activation is complete after a video call with a bank executive.
23rd September 2016
Kotak Mahindra Bank Savings Account Rate of Interest to Remain the Same
The recent rate cuts across all products offered by Kotak Mahindra Bank had been a growing concern among its wide customer base. However, the Bank’s savings account holders have no need for concern – Kotak Mahindra Bank officials have announced that the interest rate on savings account deposits will remain the same. The interest rate, which is 6% per annum, will be applicable on all deposits worth more than Rs. 1, 00,000. For deposits worth less than Rs. 1,00,000, an interest rate of 5% per annum is applicable. There will be no changes in these rates in the near future.
6th June 2016
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.