Steps to Open Kotak Mahindra Savings Account

Kotak Mahindra Bank Savings Account – Online Process

Opening a Kotak Mahindra Bank savings account online is simple and hassle-free. Here’s how:

Step 1: Go to the official Kotak Mahindra Bank website.

Step 2: Select the option to open a savings account and click “Open Now.”

Step 3: Enter basic details like your full name, Aadhaar-linked mobile number, email ID, and PIN code.

Step 4: Upload the required documents such as identity proof, address proof, and a recent passport-size photo.

Step 5: Complete the online verification process (via video KYC or OTP) to activate your account.

Kotak Mahindra Bank Savings Account – Offline Process

If you’d rather open your account at a branch, here’s how:

Step 1: Visit the nearest Kotak Mahindra Bank branch.

Step 2: Ask for the savings account opening form and fill it with accurate personal details.

Step 3: Submit the form along with KYC documents (ID and address proof, PAN, photos).

Step 4: The bank staff will verify your information and check for completeness.

Step 5: Make the initial deposit as per the account type you choose.

Step 6: Once everything is processed, you’ll receive a debit card and welcome kit with your account details.

Kotak Mahindra Bank Safe Deposit Lockers

For customers that want enhanced security for their valuables, jewelry and important documents, they can opt for the safe deposit locker at select Kotak Mahindra Bank branches.

Types of Kotak Mahindra Bank Savings Accounts

The different types of Kotak Mahindra Bank savings account are mentioned below - 

1. 811 Digital Savings Account – The 811 digital savings account is a paperless digital account that comes in 2 variants – Kotak 811 digital savings account and Kotak 811 edge savings account. Customers are not required to maintain a minimum balance in this savings account. They will also get a virtual debit card.  

1. Ace Savings Account - The Ace Savings Account is specifically created to provide customers with added perks and banking advantages without charging you any additional fees. Customers need to maintain a monthly balance of Rs.50,000 in their Ace savings account. It also offers its customers the option of unlimited and free cash withdrawals around the world.  
2. Silk Savings Account – The Silk Savings Account is specifically created by Kotak Mahindra Bank for its women. The account offers the best of dining, finance, health and lifestyle to its customers. It also has a higher withdrawal limit with debit cards.  

Features and Benefits of Kotak Mahindra Bank Safe Deposit Lockers

1. Customers can choose the size of the locker - either small, medium or large.
2. This facility comes with a dual security key - one key will be kept safely with the bank and the other with the locker owner.
3. The safe deposit lockers at all Kotak Mahindra Bank branches comes with high security features.
4. More than 350 Kotak Mahindra Bank branches across the country have the safe deposit locker facility.
5. Customers can also nominate an individual to operate the locker on their behalf.
6. All perishable items, chemical weapons, illegal substances, dangerous items and so on, cannot be stored in the safe deposit locker.
7. For security reasons, customers are required to operate their lockers at least once a year.
8. Customers can either use plastic or metal boxes or airtight plastic bags or pouches to store their valuables.
9. Customers should ensure that no one else is in the room when operating the locker - for security reasons.
10. If the locker owner loses the key, he/she should inform the bank immediately.

Eligibility Criteria for Kotak Mahindra Bank Safe Deposit Lockers

All individuals, Limited Companies, Association, Clubs or Trusts are eligible to facilitate the use of safe deposits lockers of Kotak Mahindra Bank.

Things to Keep in Mind Before Opening a Kotak Mahindra Bank Savings Account

Before opening a savings account with Kotak Mahindra Bank, individuals need to look into the certain aspects of the account to see if it actually suits them. They are:

1. Customers must first determine whether the savings account's minimum balance requirement fits their financial situation. To be on the safe side, one should also verify the penalties for failing to maintain the minimum balance. 
2. The interest rate on deposits for that specific savings account must be checked by customers. Knowing the interest rate before selecting a savings account is crucial because it will decide your return on deposits. 
3. Customers should check the transaction and withdrawal limit per day for that particular account. 

1. Should check if there are extra charges if one withdrawals cash using cheques and the withdrawal limit per month at ATMs other than Kotak Mahindra Bank. 

Safety Tips for Kotak Mahindra Bank Savings Account holders:

1. Once the account is opened, you should ensure that your account password and PIN is never shared through emails, SMS, or on social media.
2. If in case a transaction has been without your knowledge, you should contact the bank immediately.
3. Ensure that you check your bank statements regularly to keep a check if there are any cases of fraudulent activity and to keep a track of your finances - in and out of your account.
4. If your debit card is either lost or stolen, you should either block it through your net banking account immediately or call the customer care of Kotak Mahindra Bank to do it for you.
5. Do not save your bank account information on online retailer websites. Moreover, be sure to only shop on safe websites and to immediately leave the page after finishing an online transaction.

Kotak Mahindra Bank Customer Care Number:

For customers that wish to contact the Kotak Mahindra Bank customer care for a grievance, doubt or help regarding one's account, they can call them at the bank's toll-free number - 1860 266 2666.