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  • Kotak Mahindra Bank Savings Account

     4.0 / 5.0   by 25 users
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    Fees & Charges

    Promised Interest Rate

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    Responsiveness

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

    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

    Platina Savings Account

    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.

    Jifi Saver

    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.

    Sanman Savings Account

    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.

    Grand - Savings Programme for the 55+:

    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.

    Edge Savings Account

    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.

    Pro Savings Account

    Keeping an Average Monthly Balance (AMB) of INR 20,000 will accrue six percent of interest on your account balance every year.

    Classic Savings Account

    Keep an Average Monthly Balance (AMB) of INR 10,000 and you will get returns at the rate of six percent interest.

    Nova Savings Account

    Accumulate cash at the rate of six percent interest by maintaining an Average Monthly Balance (AMB) of INR 5000 in your account.

    Silk - The Savings Programme for Women

    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.

    Junior - The Savings Account for Kids

    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

    1. What are the interest rates offered for Kotak My Family Savings Account?
    2. 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.

    3. How do you get started with a Kotak My Family Savings Account?
    4. 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).

    5. What are the banking privileges that come with Savings Account?
    6. 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.
    7. What is the Average Monthly Balance required to start a Kotak Pro Savings Account?
    8. INR 20,000 as it is especially designed for people with low income.

    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.

      30 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.

      23 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.

      6 June 2016

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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    Kotak Mahindra Bank Savings Account Reviews

  • Page 1 of 2 1 2
    • Kotak Debit Card
      "Good Bank"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have a Kotak Bank i opened through Online portal. It is Very Easy to Open .Zero Rupees Charges.I ordered for a Debit card of kotak bank i got it delivered.Kotak App is Very User Friendly to Everyone.Zero balance maintain No Extra Charges..Quite Good App
      Was this review helpful? 29
      , bangalore
      Reviewed on Feb 16, 2018
    • Kotak Debit Card
      "Decent Credit Card"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have a Salary account with them and the bank has offered a complimentary Credit card on the basis of this account. They have given me a Credit Limit of Rs.2.5 Lakhs, which I felt is quite a good one to have. One thing which let me down over here is their high interest rate. Also an added advantage is, they have good reward points system available with them.
      Was this review helpful? 14
      , chennai
      Reviewed on Jan 23, 2018
    • Kotak Debit Card
      "Good"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am using domestic debit card of Kotak Mahindra Bank. The daily withdrawal limit was 25,000 rupees which was satisfactory. I am using this debit card for the last six months. There is no charge for other ATM swipe. ATM facilities are good and enough.
      Was this review helpful? 14
      , navi mumbai
      Reviewed on Jan 04, 2018
    • Kotak Debit Card
      "Good service"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      Within 4days of time I got the car loan from Kotak Mahindra bank. The customer support is good with Kotak mahindra bank. The rate of interest which they have offered was low, when compared with other banks. The required loan amount has been disbursed and I am happy with it.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Oct 16, 2017
    • Kotak Debit Card
      "Kotak Mahindra Bank Fraud Services"
      KOTAK MAHINDRA BANK
      0.5 0.5/5 "Unacceptable"
      Kotak Mahindra Bank has **fraud banking services**. Rs. 800+ charge for other ATM Withdraws. 10000+ Charge for not maintaining minimum balance. 1000+ for delayed credit card payments. One Purchase = Service Tax+Conversion Charge+Interest Charge+Actual MRPâ?¦. **Close all your accounts** of Kotak Mahindra Bankâ?¦
      Was this review helpful? 34
      , bangalore
      Reviewed on Apr 06, 2017
    • Kotak Debit Card
      "GOOD BANK BEST SERVICES GOOD JOB NICEBANK GOODRELATIONSHIP "
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      SUPPORTING WITH A MINIMUM WORKING TIME BANK QUICK DESISION WONDERFUL JOB GOOD PROVIDED BY OTHER BANKS LIKE ICICI, HDFC , IDBI , AXIS AND MORE NATIONALIZED BANKS FUTURE GOOD BANK MANAGMENT GOOD ALSO SUPPORT AND THANKS TO ALL THEY ARE HELPING PEOPLE THANK YOU AGAIN..
      Was this review helpful? 15
      , vadodara
      Reviewed on Mar 26, 2017
    • Kotak Debit Card
      "Share a experience with Kotak Mahindra Bank on line service"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I like Kotak Mahindra Bank because this bank replied fast comparing with another bank.The process was comleted process on line with in a five minute.its pleasant experience when compared with other bank services I like Kotak than another private sector banks.
      Was this review helpful? 18
      , ahmedabad
      Reviewed on Mar 25, 2017
    • Kotak Debit Card
      "zero use for kotak rupay debit card"
      KOTAK MAHINDRA BANK
      0.5 0.5/5 "Unacceptable"
      i applied for a kotak mahindra rupay debit card after surrendering my existing visa debit card. firstly for some strange reason kotak doesnt allow rupay debit card as a addon card to my existing visa card. hence they automatically blocked my visa debit card on applying for rupay card. next i tried using the kotak rupay debit card on various POS terminals and online transactions. but it was declined everytime. later i got to know that they mention that it cant be used online. but there is no mention of non usage at POS too. after i tried it at around 20-30 machines i wrote them an email. to which they replied that there rupay card is not enabled for POS yet. and its not happening anytime soon. WHILE OTHER BANKS' RUPAY CARD WORKS EASILY ONLINE AS WELL AS AT POS, KOTAK CHOSES NOT TO ENABLE THESE. this card is only usefull for taking out cash from atm and that too only 10000. i was left bitterly dissapointed and have finally blocked it for reissue of visa debit card.
      Was this review helpful? 25
      , new delhi
      Reviewed on Mar 09, 2017
    • Kotak Debit Card
      "Very Poor service - Dont go for it - i am frustrated ."
      KOTAK MAHINDRA BANK
      0.5 0.5/5 "Unacceptable"
      Deducted money, I tried to communicate with them, but I didnt get any response. having many features of KOTAK bank is not good when it comes to customer service. Do not open your account in Kotak bank they will not give you service. I am frustrated with Kotak bank. Very bad feelings.
      Was this review helpful? 32
      , pune
      Reviewed on Dec 15, 2016
    • Kotak Debit Card
      "Make False Offer"
      KOTAK MAHINDRA BANK
      0.5 0.5/5 "Unacceptable"
      I'm a Kotak Platina Salary account holder which comes with a Kotak Platinum Debit Card. The Platinum Card holders has no withdrawal limit from Kotak and Non-Kotak ATM in india. Everything was going fine for last 1.5 year. I have been happily withdrawing cash around 10-15 times a month from Non-Kotak ATM. Suddenly they charged me with some CW Fee. Querying on that, I get to know that they downgraded my account upto five ATM transaction/Month. The reason of downgrading my account is many number of withdrawal of 300-400 INR. But still they are showing in the charges page the same unlimited Kotak and non-Kotak transaction. The link of the charges page is : http://www.kotak.com/service-charges.html
      Was this review helpful? 25
      , bangalore
      Reviewed on Dec 10, 2016
    • Kotak Debit Card
      "Good overall"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I am happy with the services and response I received from Kotak Mahindra Bank for the debit card application. They contacted me and informed me all the details and the procedure as well. Since I went ahead with another bank, I cancelled my application with them. I do not wish to comment on the charges.
      Was this review helpful? 12
      , mumbai
      Reviewed on Dec 05, 2016
    • Kotak Debit Card
      "KOTAK MAHINDRA CLASSIC DEBIT CARD"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I never new applying for KOTAK MAHINDRA CLASSIC DEBIT CARD will be so easy. Awaiting to open an account with KOTAK MAHINDRA & get the best previlages offered better than other banks. KOTAK BANK is doing well compared to other banks with Customer service. I have heard of the bank quite some time & eagerly waiting to have an account with KOTAK MAHINDRA.
      Was this review helpful? 9
      , bangalore
      Reviewed on Nov 30, 2016
    • Kotak Debit Card
      "Very use ful site, Its very easy-to-use site Bank Bazaar i l"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      Very easy applying Very use ful site, Its very easy-to-use site Bank Bazaar i like it. Bank bazar is giving me too awesome offers and I would like to use all offers. I will tell about this to my relatives and my families and also my friends and I hope bank bazaar is giving us more offers in future. So, thanking you for this great offers..
      Was this review helpful? 15
      , indore
      Reviewed on Oct 26, 2016
    • Kotak Debit Card
      "Application for debit card"
      KOTAK MAHINDRA BANK
      0.5 4.5/5 "Excellent!"
      Excellent experience on line debit card application filling application. I am not experiencing any google service it is excellent so we can purchase all in one place with our debit card so I am very much assured to open account in any bank in our computer & use any places in india so my request to all dont miss this opportunity.
      Was this review helpful? 12
      , chennai
      Reviewed on Oct 12, 2016
    • Kotak Debit Card
      "Good service "
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      They are require a minimum balance of 10000Rs in the account.The service provided was good with Kotak Mahindra based on the saving account maintenance.They have responded on time for the application.They have taken around 5days to respond for the application
      Was this review helpful? 65
      , nagpur
      Reviewed on Jan 28, 2016
    • Kotak Debit Card
      "Wonderful service "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have opened and commercial account with Axis Bank so I was not requiring this saving account with Kotak Mahindra.The service provided by Kotak Mahindra was very good in account maintenance.They have provided wonderful service to the customer and the rates applied was around 9%.
      Was this review helpful? 22
      , pune
      Reviewed on Jan 14, 2016
    • Kotak Debit Card
      "Good bank"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I had my address proof which was not belonging to my personal address .The customer service provided was all good with Kotak Mahindra.They have to improve on the terms and conditions applied by Kotak.They have to works on the proofs required because all customer will not have the required proofs.
      Was this review helpful? 21
      , new delhi
      Reviewed on Jan 13, 2016
    • Kotak Debit Card
      "Need immediate response!"
      KOTAK MAHINDRA BANK
      0.5 2.0/5 "Expected more"
      Once I applied for a debit card with Kotak Mahindra bank, there was a delay in the response from the executives. But after 6 days they made a call to me and I am not able to respond to them properly. And as the online executive told me there are good offers on the debit card, I opted to take the debit card with them.
      Was this review helpful? 17
      , mumbai
      Reviewed on Jan 13, 2016
    • Kotak Debit Card
      "Good debit card feature"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      The response was good from kotak mahindra when i applied for the debit card and they gave all the details about the product. The debit card feature are good compare to other banks. I was not available in the station so the application was closed.
      Was this review helpful? 10
      , chandigarh
      Reviewed on Jan 13, 2016
    • Kotak Debit Card
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have postponed the process of getting the debit card with the Kotak Mahindra Bank. Services and the follow up were good with them and I requested the executives to call back me after pongal. Response is immediate with them.
      Was this review helpful? 18
      , vijayawada
      Reviewed on Jan 13, 2016
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