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Kotak Mahindra Bank offers an entire range of savings account for different types of investors. All the Kotak Bank Savings Accounts have an interest in the range of 3.5%-4%. Also, Kotak Mahindra Bank offers net banking and mobile banking facilities and many debit and credit cards for the investors to choose from. The article covers Kotak Bank savings account, its features, benefits, interest rates and types in detail.

Kotak Bank Savings Account Interest Rate 2024

Following are the Interest Rates on Saving Accounts of Kotak Bank

Kotak Mahindra Bank Savings AccountKotak Saving Accounts Interest Rate
Kotak 811 Lite Savings Account3.50% – 4.00%
Kotak 811 OTP Savings Account3.50% – 4.00%
Kotak Nova Savings Account3.50% – 4.00%
Kotak Classic Savings Account3.50% – 4.00%
Kotak Edge Savings Account3.50% – 4.00%
Kotak Pro Savings Account3.50% – 4.00%
Kotak Ace Savings Account3.50% – 4.00%
Kotak Silk-Women’s Savings Account3.50% – 4.00%
Kotak Junior- The Savings Account for Kids3.50% – 4.00%
Kotak Grand- The Savings Programme for the 55+3.50% – 4.00%
Kotak My Family Savings Account3.50% – 4.00%
Kotak Alpha-The Savings & Investment Programme3.50% – 4.00%
Kotak Sanman Savings Account3.50% – 4.00%
Kotak Platina Savings Account3.50% – 4.00%


Interest on Kotak Mahindra Bank savings account is taxable under the head ‘Income from Other Sources’. Kotak Bank savings account holders have to show their interest income while filing their income tax returns. However, under Section 80TTA of the Income Tax Act, 1961, all individuals and HUFs can claim a deduction up to INR 10,000 per annum on the interest income from a savings bank account. The interest income from savings accounts in a cooperative society and post office is also eligible for deduction under Section 80TTA. Also, one can use an Income Tax Calculator to estimate their tax liability.

Compare: Savings Account Interest Rates for all Banks

Kotak Mahindra Bank Savings Account Minimum Balance 2024

Types of Savings AccountMinimum Average Monthly Balance Required
811 Lite Savings AccountNIL
811 OTP Savings AccountNIL
Nova Savings AccountINR 5,000
Classic Savings AccountINR 10,000
Edge Savings AccountINR  10,000
Pro Savings AccountINR 20,000
Ace Savings AccountINR 50,000
Silk-Women’s Savings AccountN.A
Junior- The Savings Account for KidsN.A
Grand- The Savings Programme for the 55+N.A
My Family Savings AccountN.A
Alpha-The Savings & Investment ProgrammeN.A
Sanman Savings AccountN.A
Platina Savings AccountN.A

Kotak Bank Savings Account

Features of Kotak Bank savings account

Following are the features of Kotak Bank Savings Account:

  • Minimum account balance: The minimum account balance for Kotak Bank savings account differs with the type of account. Following are the minimum balances that the depositor needs to open a Kotak Bank savings account.
  • Maximum account balance: Also, there is no limit on the maximum amount of deposit made in Kotak Bank savings account.
  • ATM Facility: The bank has an ATM facility spread across the country, hence making it accessible to its customers.

Learn How to Check Bank Balance with Account Number?

Benefits of Kotak Mahindra Bank Saving accounts

  • A safe form of investment: Saving in Kotak Bank savings account is considered safe as the money is not subject to volatility.
  • Internet banking facility: Kotak Bank has an internet banking facility that will help its customers to transfer money, pay or receive money, balance enquiry, and also shop online. Moreover, its auto-debit facility also allows its customers to schedule bill payments and investments like investing in a recurring deposit.
  • Mobile banking facility: Kotak’s mobile banking facility will help its customers to perform all the banking transactions right on their fingertips. They can transfer money, make balance enquiry, invest in a recurring deposit and also shop online using their mobile.
  • Bill payments: Kotak allows its customers to make credit card bill payments, recharge their phones, electricity and also water bill payments directly on their website. Kotak Mahindra Banks’ customers can also schedule their bill payments via auto-debit facility.
  • Ease of access to money: Kotak Mahindra Banks’ ATMs are spread across the entire country. All their savings account holders are entitled to debit cards used in Kotak and also non-Kotak ATMs to withdraw money from their account.
  • Debit cards and credit cards: Kotak Bank has close to 20 credit cards and 17 debit cards with different benefits for different customer needs. Also, most of these cards are provided for free of cost to their customers.

How to open a Kotak Savings Bank Account?

One can open a Kotak savings bank account by either visiting the nearest bank branch or online. Opening the Kotak savings account online is simple, following are the steps:

  • Visit the Kotak bank website.
  • Under the personal banking section, go to the ‘Explore Products’ menu, select ‘Account’ and then go to the ‘Savings Account’ section.
  • Read and understand all the features, benefits, terms and conditions before selecting the ‘Apply Now’ option.
  • Enter the details such as Full Name, Mobile Number and Email ID details to proceed.
  • Fill all the details in the application form.
  • Upload all the required Know Your Customer (KYC) documents.
  • And, within no time, the account gets opened.
However, before opening the Kotak Savings account, an individual should meet the following eligibility criteria:
  • Resident Indian of 18 years old or above can open the savings bank account.
  • Submit all the KYC documents including PAN Card
  • Deposit the minimum balance amount as per the requirement of the savings bank account.
Following are the documents required to open Kotak savings account:
  • Identity proof – Driving License, Aadhar Card, Voter ID, PAN Card, Senior Citizen Card, and any Government ID card.
  • Residence proof – Aadhar Card, Passport, Bank statement with cheque, Utility Bills, and the certificate is given by Post Office.

Check Out Best Bank to Open Account in India

Types of Savings Bank Accounts

Following are the different types of Savings Bank Accounts offered by Kotak Mahindra Bank:

  • 811 Digital Bank Account
  • 811 Edge Digital Bank Account
  • Junior – The Savings Account for Kids
  • Edge Savings Account
  • Pro Savings Account
  • Sanman Savings Account
  • Classic Savings Account
  • Silk Women’s Savings Account
  • Ace Savings Account
  • My Family Savings Account
  • Nova Savings Account
  • Grand – Savings Programme
  • Alpha – The Savings & Investment Programme

Types of Savings Bank Accounts: In Detail

811 Digital Bank Account

811 is a fully digital savings scheme that can be opened with the convenience of the app. Also, the account comes with zero charges for non-maintenance of the account balance.

  • Instant Account opening: One can easily open the account without visiting the bank branch.
  • Minimum Balance: No minimum balance commitment to maintain the account, and also no charges for low balance.
  • Activ Money: Auto sweep in and also sweep out facility available, where excess money is converted into an FD immediately.
  • Banking solutions with a single touch: One can easily request cheque book and also transfer funds with a single click.
  • Virtual Debit Card: One can use the virtual debit card for payments such as the following shopping, recharge, paying bills, etc.

811 Edge Digital Bank Account

This is an instant savings bank account that can be opened with just an Aadhaar card.

  • Average Monthly Balance: INR 10,000
  • Free online transfers
  • Net banking and Mobile Banking Facility: Available

Junior – The Savings Account for Kids

The account aims to teach children the benefits of saving. The scheme also provides a host of privileges across edutainment, dining and shopping. Furthermore, the account is a zero balance account.

Edge Savings Account

The scheme converts savings account balance more than a certain amount into term deposits with Kotak ActivMoney.

  • Average Monthly Balance: INR 10,000
  • Internet Banking and Mobile Banking: Available
  • Cheque Book: 25 free cheque leaves per quarter

Pro Savings Account

The account offers premium banking services and also multiple high-end savings.

  • Average Monthly Balance: INR 20,000
  • Free Cash withdrawals
  • Free home banking facility
  • Internet and Mobile banking facility: Available
  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.
  • Platinum International Chip Debit Card: Available

Sanman Savings Account

The account aims to offer faster and also secure access to all banking needs with low maintenance fees. Moreover, it offers free access to all domestic ATMs, NEFT, fund transfers and more.

  • Average Quarterly Balance: INR 2,000
  • Free Cash withdrawals
  • Standard Debit card with standard charges
  • Free at-par cheque book

Classic Savings Account

The scheme is available only in rural and also semi-urban locations.

  • Average Monthly Balance: INR 10,000
  • Platinum International Chip Debit Card: Available
  • Free demand drafts
  • Free ATM cash withdrawals
  • Cash pick up and delivery: 5 free calls per month
  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.
  • Free NEFT via Netbanking

Silk Women’s Savings Account

The scheme offers women with multiples benefits across finance, health, lifestyle and dining.

  • Silk Debit Card: Attractive cash backs and also high withdrawal limits
  • Lockers: Available, also at 35% discount on locker rentals
  • Home banking services: Doorstep delivery of cheque and draft delivery, and cash pickup and also delivery.
  • Junior Account linked to RD or SIP: Minimum RD or MF SIP instalment value of INR 1,000, with a minimum tenure of 36 months. Furthermore, there is a maximum cap on RD monthly instalment – INR 25,000 for a tenure of 120 months. And also for a tenure of 36 months, it is INR 1,00,000.

Ace Savings Account

The account offers exclusive benefits of additional advantages and also banking benefits without any extra charges. 

  • Average Monthly Balance: INR 50,000
  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.
  • Free cash withdrawals
  • Free at par cheque
  • Digital Banking: Internet and also Mobile Banking
  • Free fund transfers: NEFT or IMPS or RTGS
  • Platinum International Chip Debit Card: Available
  • Exclusive Discounts: 25% off on gift cards
  • Locker Facility: Available and also 15% discount on the locker rent
  • Free home banking and demand drafts

My Family Savings Account

The family savings account offers benefits to all family members under one account.

  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.
  • Also, they have a dedicated relationship manager.
  • Free home banking: Cash pickup and also delivery, cheque delivery, etc.
  • Internet and also mobile banking facility is available

Nova Savings Account

  • Available in rural and also semi-urban locations.
  • Average Monthly Balance: INR 5,000
  • Free cash withdrawals
  • Classic debit cards with standard charges are applicable.
  • Free at par cheque: 25 cheques leaves per quarter
  • Free money transfer: NEFT or RTGS
  • Digital Banking: Mobile and also internet banking
  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.

Grand – Savings Programme

The scheme is crafted with utmost care for the golden years of life. The account ensures individuals lead a comfortable life as soon as they turn 55 years.

  • Free home banking: Cash pickup and also delivery, cheque delivery, etc.
  • Kotak ActivMoney: Available, hence, one can convert excess amount over a certain limit into term deposits.
  • Debit Card: Available
  • Easy Bill Payment: Autopay setup available
  • Overdraft facility: Available. Also the limit is up to 85% of fixed deposit balance.
  • Internet and Mobile banking facility: Available
  • Cashback: Cashback up to INR 4,500 on debit card spends
  • The account offers many other benefits such as healthcare and exclusive benefits like priority service, SMS call back and alerts.

Alpha – The Savings & Investment Programme

The scheme is designed to make regular savings easy and also fun. Furthermore, through this account, one can invest in RDs, FDs, NPS, mutual funds and other products.

  • No minimum balance required.
  • Cashback: Cashback up to INR 4,500 on debit card spends
  • Locker: Available, also at 15% discount
  • Annual account charges No charges until the SIP is running.
  • Mandatory investment amount: Minimum of INR 2,000 or INR 3,000 or INR 4,000 per month in RD or SIP.
  • Savings account linked to Demat and Trading Account: Margin amount equal to a minimum of INR 10,000

Invest in the fixed deposits that suit your needs.

Frequently Asked Questions

What is the minimum balance in a Kotak Bank savings account?

The minimum balance requirement for Kotak Bank savings accounts range between zero to INR 50,000.

Does Kotak Bank offer the facility of internet banking on a savings account?

Yes, Kotak Bank offers internet banking facility on their savings account.

At what frequency will the interest be paid to me?

The Reserve Bank of India mandates banks to calculate interest on a daily basis and also pay the interest at the end of every quarter.

What are the balance non – maintenance Charges on Kotak Bank Savings Account?

The charges for non-maintenance of minimum average monthly balance in Kotak Bank is up to 5% of the shortfall amount.

What are the Kotak Bank ATM Transaction charges on Savings Account?

The ATM charges for withdrawing from Kotak Bank ATM is nil. Also, if the cash is withdrawn from a non-Kotak Bank ATM, the bank will not charge anything up to 3 transactions. And for all further transactions, the bank will take INR 20 plus taxes for cash withdrawal and INR 8.5 plus taxes for non-cash withdrawal.

Does Kotak Bank offer Debit Cards to the account holder?

Yes, Kotak Bank offers debit cards to all its savings bank account holders.

Can minors operate a savings account singly?

Yes, minors can operate their Kotak Bank account (Junior).

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