Whoever said wishes don’t come true hasn’t explored our offers!

Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank provides a wide range of financial products and services to its customers. The savings account that is offered by Kotak Mahindra Bank is very popular and comes with a variety of options. Some of the options that are provided by Kotak Mahindra Bank are:
  • Both basic and regular savings accounts are available.
  • The savings account can be opened both offline and online.
  • There are savings accounts for children as well as for senior citizens
  • More
     4.0 / 5.0   by 27 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service

    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

    Benefits and features of Kotak Mahindra Bank Savings Account

    The main benefits and features of Kotak Mahindra Bank Savings Account are mentioned below:

    • You will earn a high interest of up to 6% on the money that is present in the account.
    • Netbanking and mobile banking facility are provided to access various banking facilities.
    • Utility bill payments can be set and paid automatically.
    • It is a safe form of investment as volatility is not involved.
    • The presence of many Kotak Bank ATMs all over the country allows easy access to your money.
    • Debit Cards and Credit Cards are provided free of cost.

    Types of Savings Account with Kotak Mahindra Bank

    Sanman Savings Account

    • The Average Quarterly Balance that must be maintained is Rs.2,000.
    • Cash withdrawals are free at Kotak Bank ATMs. The daily cash withdrawal limit is Rs.50,000.
    • The daily purchase limit is Rs.1.5 lakh.

    Grand - Savings Programme for the 55+:

    • In case senior citizens hold an account, they can get a cashback of Rs.4,500.
    • Branches provide Priority Service & First Aid Card at a preference.
    • Customised cash delivery.

    Ace Savings Account

    • A Best Compliments Card is issued where a discount of 25% can be availed.
    • A Platinum international chip card is provided free of cost. The card comes with a daily withdrawal limit of Rs.2 lakh and daily purchase limit of Rs.2 lakh.
    • The Demant Account does not come with any annual maintenance charges for the first year.
    • The AMB that must be maintained is Rs.50,000.

    Edge Savings Account

    • With the help of Kotak ActivMoney, the balance that is available above a certain amount can be converted into term deposits.
    • Mobile banking, net banking (including NEFT), and phone banking is free.
    • A Classic Debit Card is provided free of cost. The card comes with a daily purchase limit and withdrawal limit of Rs.1.5 lakh and Rs.50,000, respectively.
    • You can earn up to 6% on the balance that is available in the account.
    • The AMB that must be maintained is Rs.10,000

    Pro Savings Account

    • Premium banking services are free and many benefits that come with a high-end savings account are provided.
    • Free home banking facilities and digital banking service.
    • A Platinum international chip card is provided free of cost. The card comes with a daily withdrawal limit of Rs.50,000 and daily purchase limit of Rs.2 lakh.
    • The Average Monthly Balance (AMB) that must be maintained is Rs.20,000.

    Classic Savings Account

    • The account is available in rural and semi-urban locations.
    • You can earn an interest of up to 6% on the balance that is available.
    • A Classic Debit Card is provided free of cost. The card comes with a daily purchase limit and withdrawal limit of Rs.1.5 lakh and Rs.50,000, respectively.
    • The AMB that must be maintained is Rs.10,000.

    Nova Savings Account

    • The account is available in rural and semi-urban locations.
    • Every account holder will receive a Classic Debit Card. The card comes with a daily purchase limit and withdrawal limit of Rs.1.5 lakh and Rs.50,000, respectively.
    • Access is free at any domestic Visa ATM and cash withdrawal is free at Kotak Mahindra ATMs all over India.
    • The AMB that must be maintained is Rs.5,000.

    Silk - The Savings Programme for Women

    • A discount of 35% is provided for the first year in case a locker is rented.
    • Hassle free, fast, and simple bill payments can be done online.
    • Lifestyle benefits, privileges, special offers, and cashbacks are provided.

    Junior - The Savings Account for Kids

    • It’s a Non-Maintenance Charge (NMC) waived savings account.
    • Exclusive discounts and privileges are provided at kids’ brands.
    • Every Junior Savings Account will get a Personalised Junior Debit Card.

    My Family Savings Account

    • Balance above a certain amount can be converted to a Term Deposit by using ActivMoney.
    • The entire family will get a dedicated relationship manager.
    • The balance can be maintained in one account or can be spread across multiple accounts.

    Alpha Savings Account

    • A discount of 25% in case a locker is rented.
    • As long as the Systematic Investment Plan (SIP) is running, the Investment Account Annual Charges are waived.
    • A cashback of up to Rs.4,500 is provided on a yearly basis depending on the type of account and the Debit Card spends.
    • You can get a Non-Maintenance Charge Waived Savings Account.

    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.

    Savings Account
    Net Banking
    Mobile Banking
    Savings Account By Top Banks
    Savings Account By Banks

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Kotak Mahindra Bank Savings Account Reviews

    Page 1 of 2 1 2
    • Kotak Debit Card
      "Better"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
      Was this review helpful? 74
      , mumbai
      Reviewed on Jan 28, 2019
    • Kotak
      Kotak Debit Card
      "Worst Kotak 811 services"
      KOTAK MAHINDRA BANK
      0.5 0.5/5 "Unacceptable"
      Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
      Was this review helpful? 82
      , new delhi
      Reviewed on Jan 16, 2019
    • 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? 60
      , 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? 26
      , 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? 31
      , 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? 22
      , 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? 60
      , 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? 27
      , 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? 29
      , 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? 49
      , 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? 50
      , 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? 35
      , 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? 15
      , 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? 15
      , 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? 21
      , 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? 17
      , 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? 68
      , 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? 27
      , 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? 24
      , 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? 22
      , mumbai
      Reviewed on Jan 13, 2016
    Common Loader Icon
    Page 1 of 2 1 2
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.