Providing convenience to a great number of customers through its multiple services and expansive presence through various branches, Kotak Mahindra Bank is known for its new age banking approaches and customer service. It is known for its disruptive banking strategies which provides an ease-of-banking in India.
In this article, we shall discuss more about the Kotak Mahindra Bank Savings Account, Kotak Bank Interest Rates on Savings Account, Types of Savings Accounts, Features and Benefits of the process.
Let’s first take a look at the Kotak Bank Interest rates on Savings Account
Kotak Bank Interest Rates on Savings Account
| Nature | Rate of Interest | |
| For balances up to Rs. 50 lakhs | For balances above Rs. 50 lakhs | |
| A. Domestic (effective from June 13, 2022) | 3.50% p.a. | 4% p.a. |
| B. Non Resident (NRE/NRO) | 3.50% p.a. | 3.50% p.a. |
(Disclaimer: Interest Rates are subject to changes. It is advisable to check for any recent updates on the official bank website)
Types of Kotak Mahindra Bank Savings Account
Kotak Sankalp Savings Account
- Designed to meet the financial needs of the growing India
- Low Maintenance Fees
- Complimentary Jio Talk time
- Average Quarterly Balance of Rs 2500 or Term Deposit of Rs 25000 (minimum 365 days)
- Fund Transfer through Net Banking/ Mobile Banking – Zero Charges
- Free 10 at-par Cheque Book Leaves per year
- Lower loan processing fees
- Eligibility – Resident of India, Hindu Undivided Family
Kotak 811 Digital Savings Account
- Can be opened through zero contact video KYC
- Best online banking solutions available
- Zero Minimum Balance Requirement
- Physical debit card at a minimal payment Rs 299 p.a.
- Net Banking/ Mobile Banking Available
- Virtual Debit Card
- Money can be transferred through IMPS/ NEFT/ UPI
- Comes in three variants
- 24*7 Account Management Facility through Website
- Eligibility – Individual 18 Years and above, Resident Indian
Kotak Everyday Savings Account
- Transact 30 times a month or maintain Average Monthly Balance of Rs 20,000 to get Non Maintenance Charges waived off
- Comes with Everyday Rupay debit Card
- Comes with exclusive offers, discounts, cashback on food, shopping, travel
- Average Monthly Balance: Rs 20,000
- Fund Transfer through Net Banking/ Mobile Banking – No charges
- IMPS Fund Transfer – No charges
- Free ATM withdrawals at Kotak Bank ATM
- 10 Free Transactions at Other banks
- 100 at par cheque leaves free per year
- Earn up to 4% interest on savings account balance
- Eligibility – Resident Indian, Hindu Undivided family, Foreign Nationals Residing in India
Kotak 811 Edge Digital Bank Account
- Can open account instantly with Aadhaar Card Details
- Average Monthly Balance must be maintained at Rs 10,000
- Earn 4% interest on the savings balance
- Free Fund Transfers through NEFT, RTGS or IMPS
- Comes with a Platinum Chip Debit Card at only Rs 199 per year
- Pay for in-store purchases using Scan and Pay
- Free IMPS/NEFT can be done through net banking/ mobile banking
- Provides App-in-app feature “Kaymall” to shop, book shows and flights.
- Eligibility – Individual, 18 years and above, Resident Indian
Kotak Ace Savings Account
- Average Monthly Balance must be maintained at Rs 50,000
- Earn up to 4% interest rates on savings balance
- Have the option to convert savings account balance above a certain amount into term deposits with Kotak ActivMoney
- Free at-par Cheques
- Free access to all domestic VISA ATMs and free cash withdrawals at Kotak Bank ATMs across India
- Free digital/internet/mobile banking services
- Free fund transfers through RTGS/NEFT/IMPS
- Free platinum International Chip Debit Card
- Eligibility – Resident Indian, Hindu Undivided Family, Foreign Nations Residing in India
Kotak Pro Savings Account
- Average Monthly Balance of Rs 20,000
- Lucrative interest rates of up to 4% on savings account balance
- Have the option to convert savings account balance above a certain amount into term deposits with Kotak ActivMoney
- Free access to all domestic VISA ATMs and free cash withdrawals at Kotak Bank ATMs across India
- Free digital/internet/mobile banking services
- Free platinum International Chip Debit Card (for 1st year)
- Comes with offers and discounts of multiple merchant outlets in lifestyle, food, travel, health and fitness
- Discounted locker facilities
- Eligibility – Resident Indian, Hindu Undivided Family, Foreign Nations Residing in India
Kotak Edge Savings Account
- Average Monthly Balance of Rs 10,000
- High interest rates of up to 4% on savings account balance
- Have the option to convert savings account balance above a certain amount into term deposits with Kotak ActivMoney
- Free access to all domestic VISA ATMs and free cash withdrawals at Kotak Bank ATMs across India
- Comes with a Classic Debit Card on payment Standard Charges
- 25 free at par cheque leaves per year
- Free Net Banking/ Mobile Banking/Phone Banking
- Free NEFT/RTGS through net banking
- Eligibility – Resident Indian, Hindu Undivided Family, Foreign Nationals Residing in India
Kotak Silk Savings Account/ Programme
- Designed to empower women with special discounts and benefits
- Higher withdrawal limits with debit card
- Offers on brands like Urban Company and Nykaa
- Access to community of women
- Dedicated Customer Care Service
- Doorstep Banking Services
- Lower loan processing fee
- Comes with a silk platinum debit card with a daily purchase limit of Rs 2,00,000
- Domestic Daily ATM withdrawal limit of Rs 40,000 and international limit of Rs 50,000
- Eligibility – Resident Indian Women above 18 years of age, in case of joint account- the primary account holder must be a woman
Kotak Grand Savings Account/ Programme
- Designed specifically for senior citizens
- High and attractive interest rates of 4% on savings account balance
- Comes with Kotak Rewards Benefits
- Savings Balance above a certain amount can be converted into Term deposits with Kotak ActivMoney
- Doorstep Banking Services available
- Net Banking and Mobile Banking Facilities are available
- Eligibility – Resident Indian Above 55 years of age
Kotak Junior Savings Account
- Designed specifically for Minors
- Discounts of edutainment, lifestyle, shopping and dining
- Attractive Interest rates up to 4%
- Comes with personalised debit card
- Avail NMC Waiver and Zero Balance Benefits
- Eligibility – Child below the age of 18 years, Minor must be a resident, Guardian can be resident or non-resident
Kotak My Family Savings Account
- Designed for families and their financial actions
- Attractive interest rates of up to 4%
- Comes with the Kotak ActivMoney feature
- Option to maintain savings account balance in one account or spread across accounts
- Dedicated relationship manager for the whole family
- Doorstep Banking Services Available
- Free ATM usage for Pro and Ace Savings Account HOLDERS
- Net Banking and Mobile Banking Facilities
- Instant Fund Transfer through IMPS
- Eligibility – Resident Indians
Kotak Classic Savings Account
- Available only in semi-urban and rural locations
- Earn 4% interest on savings account balance
- Average Monthly Balance of Rs 10,000
- Free Platinum International Chip Debit Card Free for 1st Year
- Free Demand Drafts up to Rs 1 Lakh per month
- Access to all domestic VISA ATMs, Unlimited Withdrawals at Kotak ATM
- Five free transactions per month at other bank ATMs
- Kotak ActivMoney facility
- Eligibility – Resident Indian, Hindu Undivided Family, Foreign Nationals Residing in India
Kotak Nova Savings Account
- Available only in semi-urban and rural locations
- Earn 4% interest on savings account balance
- Average Monthly Balance is Rs 5,000
- Free Cash Withdrawals at Kotak ATM, Free access to all VISA ATMs
- Comes with a classic debit card on payment of Standard Charges
- Kotak ActivMoney Feature ispresent
- Free 25 cheque leaves per year
- Free digital banking
- Free RTGS/NEFT Through net banking
- Eligibility – Resident Indians, Hindu Undivided Family, Foreign Nationals Residing in India
Features of Kotak Mahindra Bank Savings Account
- Kotak ActivMoney: this is an interesting feature present in many of the account types which offers the option to convert the savings account balance above a certain limit into term deposits to gain more returns and higher interests.
- Digital Account Opening: Kotak 811 accounts can be opened digitally online without any contact through video KYC which makes the process quite easy and hassle-free.
- Digital Banking Services: Mobile Banking and Internet Banking services are available through customer friendly means so that they are able to check the balance amount, transaction history and other details through their devices.
- Varied Options: Kotak Bank provides multiple categories and types of savings account options to cater to the needs of its diverse group of customers. It has accounts for women, children, senior citizens etc. to help them with their special needs.
- Debit Cards: to make transactions easier, variety of debit card options are available with different account types. These debit cards come with their own limits, benefits, discounts and offers.
- Customer Service: The customer service facilities like door-step banking, round the clock guidance, relationship managers etc. make the banking experience for consumers, a smooth and hassle free experience.
How to Open Kotak Mahindra Bank Savings Account Offline?
The Kotak Mahindra Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a Kotak Mahindra Bank Savings Account
STEP 1: Visit your nearest Kotak Mahindra Bank branch
STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details
STEP 3: Choose the kind of savings account that fits your need
STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)
STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.
STEP 8: After the documents are verified successfully you will receive your account information and details.
STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.
How to open Kotak Mahindra Savings Bank Account Online?
The Kotak Mahindra Bank offers certain Digital Accounts which can be opened online. Follow the steps to do so:
STEP 1: Open the official website of the bank and move to the “Explore Products” section
STEP 2: Click on the savings account option and then open the 811 Digital Savings Account Tab
STEP 3: Check all the variants available and select the one which fits your requirement the most
STEP 4: Click on “Apply Now” and fill the generated form with all the details asked in the same. Keep all your documents ready and upload those documents respectively.
STEP 5: Complete the video KYC process.
STEP 6: Deposit the initial amount required.
Once your account is activated, you will receive an SMS alert on your registered mobile number.
Documents Required to Open a Kotak Bank Savings Account:
| Document | Valid Type |
| Identity Proof | Driving License, Passport, Voter’s ID, Aadhaar Card |
| Address Proof | Passport, Driving License, Voter’s ID, Aadhaar Card, Utility Bill, Bank Statement, Passbook (Updated and no more than 3 months old) |
| Signature Proof | PAN Card, Driving License, Passport |
| Latest Colour Passport Size Photographs | |
When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether he is eligible for the savings account or not.
Eligibility for Opening a Kotak Bank Savings Account
1. Resident Indian Individuals, HUF, NRIs above the age of 18
2. Minors below the age of 18 can open accounts solely or with their parents
3. Estates, Corporations, Partnerships, Trusts, Associations, Companies, Sole Proprietorships
4. Senior Citizens Above the age of 55
5. Joint Accounts for Couples
6. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.
7. For several types of savings accounts, the user is required to maintain a minimum account amount, therefore, the user must be fit to maintain the same.
Benefits of Opening Kotak Bank Savings Account
Here is a summary and explanation of the advantages of opening a savings account with Kotak Bank:
• The bank asserts that by providing a wide range of account options, they are able to meet the specific requirements of any type of customer seeking to open a bank account.
• It provides specialised benefits and savings alternatives for women, senior citizens, kids, and those who make a living wage, as well as a range of assistance options and interest rates based on their requirements.
• The customer’s anxiety about applying for credit and loans from the bank, such as personal loans, mortgages, and business loans, is allayed by opening a Kotak Bank savings account.
• Customers receive customer care through a multitude of channels at every step and 24/7, assuring their happiness and lowering question timings.
• Users of specific types of savings accounts are provided with various cashback incentives, retail discounts, and medical discounts for their benefit.
• A fund transfer may be started in a variety of methods, which makes the process straightforward and hassle-free. They include NEFT, RTGS, and IMPS, among others.
• To improve their entire experience, customers get individualised services. Personalised account packaging, doorstep banking, etc. are a few of these.
• Accounts with flexible minimum balance requirements and no minimum balance requirements make it easier for young people and those from disadvantaged backgrounds to open bank accounts and utilise banking services, fostering equality in society.
Kotak Mahindra Bank Savings Account vs. Current Account
Depending on their needs, the bank offers both current and savings account options to its customers. To assist you in deciding which you prefer, the following distinctions between the two are listed:
• Need: Savings accounts and current accounts are two separate types of accounts with various functions. Savings accounts are often preferred by those who wish to preserve money and see their money increase over time, whereas current accounts are made for companies and individuals who frequently trade for larger sums.
• Minimum Balance Requirement: Savings accounts often serve paid workers and the general public, but they have lower minimum balance requirements than current accounts, which have higher minimum balance requirements since they handle more substantial transactions.
• Transaction Limit: Since current accounts are used for more frequent transactions and therefore do not have a set transaction limit, savings accounts have a limit on transactions as frequent withdrawals prevent savings from growing.
• Interest Rates: Typically, the rate of interest on savings is higher, helping people who want to grow their savings, while current accounts do not provide any interests on the funds that are held in the account.
• Overdraft: Current accounts frequently include overdraft rights, which permit both individuals and businesses to withdraw more money than is legally permitted. These advantages are normally absent with savings accounts.
Finally, it is important to remember that current accounts and savings accounts are utilised for quite different things. Beneficiaries utilise the account for a variety of things and take use of its special features. Customers are advised to determine which type of account best suits their needs and requirements before making their choice.
Tabular Comparison of Kotak Bank Mahindra Savings Account vs. Current Account
| FEATURES | SAVINGS | CURRENT |
| Purpose | PERSONAL | BUSINESS |
| Interest Rate | Usually Higher | Usually Lower |
| Minimum Balance | Required (in some) | Required (in some) |
| Overdraft | Limited | Can be availed with interest |
| Transaction Fees | Usually low | Usually high |
| Cheque Book Issuance | Complementary but limited number of leaves | Chargeable |
| Online Banking | Available | Available |
Modes of Transferring Funds from Kotak Mahindra Bank Savings Account
Kotak Mahindra Bank offers a number of options for transferring money from savings accounts. The most well-liked models include:
1. NEFT: NEFT One of the best means of electronic fund transfer to send money provided by banks. One simply has to provide the beneficiary’s bank account details and specify the transfer amount to complete a transaction.
2. RTGS: In a similar notion, RTGS is also one of the most used online funds transfer methods used to send a large sum of money to accounts of other ban
3. IMPS: IMPS, can be accessed 24×7, is used to send money promptly. One may use this method on holidays as well. Essential Parameters: Mobile money identifier (MMID), account number, and IFSC code for the beneficiary
4. UPI: With the rise of virtual transactions, UPI use has become tremendously popular. Using one’s UPI ID (Unified payment interface) is a simple, safe, and reliable method of transferring funds.
5. cheque: A cheque is a written document that allows a bank to transfer a certain amount of money from a person’s account to an individual or any organization addressed in the cheque
How to Transfer Funds from Kotak Mahindra Bank Savings Account?
The following steps can be followed for online transactions from your Kotak Mahindra Bank Savings Account
STEP 1: Log in to your Kotak Mahindra Bank Net banking account by entering your registered ID and password
STEP 2: Find the option of “Make Payments” and click it.
STEP 3: Choose the mode such as NEFT/RTGS or IMPS.
STEP 4: Enter beneficiary details.
STEP 5: Enter the amount you want to transfer.
STEP 6: Check the details and verify them.
STEP 7: Confirm the transaction by entering the transaction password and OTP.
Once the transaction is complete, you will receive an alert on your registered mobile number
Kotak Mahindra Bank Customer Care
Kotak Bank Offers multiple mediums of assistance and Query resolution, viz.:
- You can chat with their specialised ChatBot Keya at their website
- Call: 1860-266-2666 or 1860-266-0811
- Alternatively, you can always visit Kotak Branches as per the Kotak Mahindra Bank timings
Kotak Mahindra Bank Savings Account: FAQs
Yes, you can open Kotak 811 Savings online through their website through video KYC.
It offers a diverse range of accounts for various groups like women, children, senior citizens and professionals. It comes with different featured tailored to their needs.
It is a feature that allows an account holder to convert an amount in the savings balance above a certain limit to be converted into term deposits so that the customer gains more returns.
The interest is calculated daily based on the account balance at the EOD.
Yes. There are options for opening a joint account. You can also open family accounts.
Yes. You can avail banking services with Kotak Mahindra Bank hassle-free and also it completely safe and secure.
