Keeping in mind the priority of their customers to save for the future and earn high returns on deposits, Kotak Mahindra Bank has rolled out a number of savings accounts that cater to the individual needs of each and every of their customers. With the Kotak Mahindra Bank Savings Account, customers can earn upto 6% p.a interest on deposits in the account. Depending on their financial status, customers can choose a savings account that suits them best.
Eligibility Criteria to Open a Savings Account in Kotak Mahindra Bank
To be eligible to open a savings account in Kotak Mahindra Bank, customers need to meet certain criteria.
- The individual applying for this savings account should be a citizen of India.
- The applicant should be 18 years and above to be eligible, except in cases of a minor savings account.
- The applicant will be required to submit valid KYC documents provings his/her identity and address along with the account opening form.
- When opening the account, the applicant will have to make an initial deposit - depending on the minimum balance requirement of that particular savings account.
Steps to Open a Kotak Mahindra Bank Savings Account
- As soon as the individual applies to open a savings account in Kotak Mahindra Bank, he/she will be required to submit the following documents:
- Proof of identity - Passport, Driving license, Voter’s ID card, etc.
- Proof of address - Passport, Driving license, Voter’s ID card, etc.
- PAN card
- Form 16 (only if PAN card is not available)
- 2 latest passport size photographs
- The applicant will then have to fill in the application form. Note, all fields will be required to be filled in to avoid rejection of the application. If one faces issues filling in the form, he/she can contact any executive of Kotak Mahindra Bank for assistance.
- Once the above mentioned documents are ready and the form filled, the individual will be required to visit and submit the form and the KYC documents at the Kotak Mahindra Bank branch of choice.
- At the bank, the executive will verify the documents and ensure that the name, date of birth, address and so on in the KYC documents and what’s in the application form match.
- Once the verification process is over, the account holder will now have to make an initial deposit - depending on the minimum balance requirement of the savings account. The initial deposit can be made at the cash deposit counter.
- Once the deposit has been made, the executive will hand you a debit card and the relevant bank documents with regard to the savings account.
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.
Features and Benefits of Kotak Mahindra Bank Safe Deposit Lockers:
- Customers can choose the size of the locker - either small, medium or large.
- This facility comes with a dual security key - one key will be kept safely with the bank and the other with the locker owner.
- The safe deposit lockers at all Kotak Mahindra Bank branches comes with high security features.
- More than 350 Kotak Mahindra Bank branches across the country have the safe deposit locker facility.
- Customers can also nominate an individual to operate the locker on their behalf.
- All perishable items, chemical weapons, illegal substances, dangerous items and so on, cannot be stored in the safe deposit locker.
- For security reasons, customers are required to operate their lockers at least once a year.
- Customers can either use plastic or metal boxes or airtight plastic bags or pouches to store their valuables.
- Customers should ensure that no one else is in the room when operating the locker - for security reasons.
- 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.
What 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:
- Customers first need to check the minimum balance requirement of the savings account and see if its suits their finances. Simultaneously, one should check the penalty fees for not maintaining the minimum balance - just to be on the safe side.
- Customers need to check the interest rate over deposits for that particular savings account. The interest rate will determine your return over the deposits and knowing this before choosing a savings account is imperative.
- Customers should check the transaction and withdrawal limit per day for that particular account.
- 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
- Once the account is opened, you should ensure that your account password and PIN is never shared through emails, SMS, or on social media.
- If in case a transaction has been without your knowledge, you should contact the bank immediately.
- 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.
- 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.
- Avoid saving your bank account details on online merchant websites. Also, ensure that you close the page as soon as you have completed a transaction online and that you only shop on websites that are secure.
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.
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