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.
How to open Kotak Mahindra Bank Savings Account onlineApplying 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 alters as well as emails.
Kotak Mahindra Bank Savings Account interest rate
You can earn six percent interest on the balance amount in your savings account.
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.
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.
News About Kotak Mahindra Bank Savings Account
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