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 Account | Kotak Saving Accounts Interest Rate |
| Kotak 811 Lite Savings Account | 3.50% – 4.00% |
| Kotak 811 OTP Savings Account | 3.50% – 4.00% |
| Kotak Nova Savings Account | 3.50% – 4.00% |
| Kotak Classic Savings Account | 3.50% – 4.00% |
| Kotak Edge Savings Account | 3.50% – 4.00% |
| Kotak Pro Savings Account | 3.50% – 4.00% |
| Kotak Ace Savings Account | 3.50% – 4.00% |
| Kotak Silk-Women’s Savings Account | 3.50% – 4.00% |
| Kotak Junior- The Savings Account for Kids | 3.50% – 4.00% |
| Kotak Grand- The Savings Programme for the 55+ | 3.50% – 4.00% |
| Kotak My Family Savings Account | 3.50% – 4.00% |
| Kotak Alpha-The Savings & Investment Programme | 3.50% – 4.00% |
| Kotak Sanman Savings Account | 3.50% – 4.00% |
| Kotak Platina Savings Account | 3.50% – 4.00% |
NOTE
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.
Kotak Mahindra Bank Savings Account Minimum Balance 2024
| Types of Savings Account | Minimum Average Monthly Balance Required |
| 811 Lite Savings Account | NIL |
| 811 OTP Savings Account | NIL |
| Nova Savings Account | INR 5,000 |
| Classic Savings Account | INR 10,000 |
| Edge Savings Account | INR 10,000 |
| Pro Savings Account | INR 20,000 |
| Ace Savings Account | INR 50,000 |
| Silk-Women’s Savings Account | N.A |
| Junior- The Savings Account for Kids | N.A |
| Grand- The Savings Programme for the 55+ | N.A |
| My Family Savings Account | N.A |
| Alpha-The Savings & Investment Programme | N.A |
| Sanman Savings Account | N.A |
| Platina Savings Account | N.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
The minimum balance requirement for Kotak Bank savings accounts range between zero to INR 50,000.
Yes, Kotak Bank offers internet banking facility on their savings account.
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.
The charges for non-maintenance of minimum average monthly balance in Kotak Bank is up to 5% of the shortfall amount.
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.
Yes, Kotak Bank offers debit cards to all its savings bank account holders.
Yes, minors can operate their Kotak Bank account (Junior).
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