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Savings Account

When it comes to savings majority of the people in our country still prefer to take the old and trusted route of savings account as it fetches them an abundance of returns. Not only that, a savings account allows them to build-up a corpus for the secured financial future. For private sector banks such as Kotak Mahindra Bank, savings account is among the premium product that helps them cater to the financial needs of the masses. Opening a savings account with Kotak Mahindra helps individuals to inculcate a habit of savings by enabling them to save money at their own pace.
 

Kotak Mahindra Bank is one of the leading private sector banks in India and excels in providing an array of products and services to its customers enabling them to meet their banking needs. A high interest Kotak Mahindra Bank savings account can be an answer to generating a sizeable yield with marginal effort and minimal risk. This is one of the key reasons why savings with Kotak Mahindra Bank is always preferred by customers.
 

Kotak Mahindra Bank offers a wide variety of Savings Account options to its customers to suit their individual needs. From premium saving account to basic or regular accounts, from online savings account to offline account, from accounts for children to accounts for senior citizens, the options are endless. Moreover, the rate of interest offered on Kotak Mahindra Bank savings account is also higher than those offered by its contemporaries. Let us have a look at the various types of accounts they offer and what they promise. Eligibility for most of the Kotak Mahindra Bank savings accounts is similar and is provided with the account details below.


Types of Kotak Mahindra Bank Savings Account


Kotak Mahindra Bank enables its customers to open a savings bank account through two channels – online and offline. We have classified the savings account offered by Kotak Mahindra Bank into online and offline channels.

Kotak Online Savings Account

Apply Online

Kotak 811

Kotak 811 is a zero balance savings account, which brings the complete digital banking ecosystem to your mobile. Now you can open a savings account in not more than 5 minutes with Kotak 811 from the convenience of your home / office. The primary purpose of introducing 811 is to bring you all the facilities and seamless shopping, travelling and entertainment experience with the benefits of a zero balance savings account. You can enjoy endless features with the help of just one mobile application that is Kotak 811 brought to you by Kotak Mahindra Bank.

Kotak Mahindra Bank also offers 811 variants such as 811 Lite Savings Account and 811 OTP Savings Account to fulfil diverse needs of its customers. Those without a PAN or Aadhaar number can apply for Kotak 811 Edge account.

Features & Benefits of Kotak 811 Savings Account

Listed below are the several features and benefits of Kotak 811 Savings Account:-
 

  • Open your savings account in no time with Kotak 811. Just fill in the details and experience mobile banking like never before
  • Enjoy Zero Balance Savings Account without the hassle of maintaining any minimum balance requirement
  • Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakhs and up to Rs. 1 crore. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakhs and 5.5% p.a. interest on savings account balance above Rs. 1 crore. Applicable for Resident Accounts only. Interest rates are subject to change from time to time. Interest available to customers who have completed their full KYC
  • Kotak 811 users will also get cash deposit and withdrawal facility at branch. Cheque book is also available for customers on demand.
  • Transfer funds via IMPS/NEFT/RTGS and enjoy all the other benefits of a regular savings account
  • Now shop, pay bills or recharge mobile / DTH online using a complimentary Virtual Debit Card with Kotak 811
  • Make payments without the hassle of cash and change or handing over your card. Just scan and pay for shopping, cab, groceries, home delivery and much more
  • Now shop online from Shopclues and Flipkart within the Kotak 811 application without the need of switching between different applications with ease of payment
  • Book flight tickets, hotel tickets and bus tickets from Goibibo and PVR movie tickets using your Kotak 811 application
  • Train ticket booking (IRCTC) – Enjoy the convenience of booking train tickets from Indian Railway Catering and Tourism Corporation (IRCTC) using your Kotak 811 App

Eligibility Criteria
 

  • Individual of age 18 years and above
  • Resident Indian

Documents Required

To apply for Kotak 811 savings account you should have:
 

  • Aadhaar card
  • PAN card

Fees & Charges

Check the fees and charges of the Kotak 811 Savings Account.
 

Particulars Kotak 811 Limited KYC Kotak 811 Lite Kotak 811 Full KYC Account
Average Monthly Balance Nil Nil Nil
Funds Transfer (NEFT/RTGS/IMPS) NEFT / IMPS: Nil Charges; (RTGS: Not available) Outward fund transfer is not available NEFT / IMPS/RTGS: Nil Charges
Cash Transactions (Deposit or Withdrawal) Nil charges for 1 Deposit / month up to Rs. 10,000. Thereafter, charged at Rs. 3.5 / 1000 with minimum Rs. 50.
(Cash Withdrawal: Not available)
Nil charges for 1 Deposit / month up to Rs. 10,000. Thereafter, charged at Rs. 3.5 / 1000 with minimum Rs. 50.
(Cash Withdrawal: Not available)
Nil charges for 1 Transaction (Deposit/withdrawal) / month up to Rs. 10,000. Thereafter, charged at Rs. 3.5 / 1000 with minimum Rs. 50.
Debit Card / ATM Charges (Virtual Debit Card) (Issuance / Annual Fee / Replacement) Nil Not available Nil
Debit Card / ATM Charges (with Physical Debit Card) Rs 299 p.a. Not available Rs 299 p.a.


How to open Kotak 811 Savings Account online
 
Applying for a Savings Account at Paisabazaar.com involves two simple steps:
 
Step 1: In the first step, fill a Savings Account form on Paisabazaar with required personal data like annual income range, name, email id, contact number and city. Once submitted the Savings Account tool automatically will furnish personalized Savings Account options.
 

Step 2: In the second step, the applicant can compare various Savings Account options offered by the tool interface and apply for the Kotak 811 Savings Account. You will be redirected to Kotak Mahindra Bank website. There you will be required to provide your basic and personal details to open your bank account in no time.

Kotak Offline Savings Account

1. Kotak My Family Savings Account

Kotak My Family Savings Account covers the entire family’s banking needs with the following features and benefits:
 
  • The savings bank account has an ActivMoney feature wherein it converts balance above a certain amount in to a term deposit to earn a higher rate of interest
  • Facility of home banking for cheque pick-up, cash delivery, cheque or Demand Draft delivery, etc. are available for accountholders of this savings bank account
  • 25% discount in the issuance charges of Travel Card
  • Classic or Platinum Debit Card with high withdrawal limits
  • Free ATM usage for Pro and Ace savings account holders
  • Ease of banking through Net Banking, Mobile Banking, Hash-tag Banking, Insta Balance Services, IMPS, etc.
  • Flat 50% discount on executive health check-ups
Eligibility

To apply for Kotak Mahindra My Family Savings Account, you need to be:
 
  • Resident Indian (Sole or Joint Account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India
2. Edge Savings Account

With the Edge Savings Account, you can enjoy the benefits of both regular as well as privileged services. This savings account comes with the following features and benefits:
 
  • An average monthly balance requirement of Rs. 10,000
  • Earn up to 6% interest on your savings account balance
  • Free Access to all VISA ATMs with 5 free transactions every month. Free cash withdrawals at Kotak Mahindra’s ATM
  • Classic Debit Card with an extended purchase limit of Rs. 1.5 lakhs and a ATM cash withdrawal limit of Rs. 50,000
  • Free NEFT facility also available (only through net banking)
  • Free Phone Banking, Net Banking and Mobile Banking facility also available
  • ActivMoney feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to term deposits to earn higher rate of interest
Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India.

3. Silk Savings Account

A unique Kotak Mahindra Bank savings account designed only for women with the following features and benefits:
 
  • Kotak Bank’s Silk Debit Card with special offers, privileges, lifestyle benefits and much more
  • Earn up to 6% interest on your savings account balance
  • As a Silk customer, enjoy a special 35% discount on Locker rentals for the first year
  • 50% discount on issuance of Best Compliments Gift Card
  • Get all your updates in a single account statement
Eligibility

To apply for Kotak Mahindra Silk - Women’s Savings Account, you should be:
 
  • Resident Indian (Sole or Joint Account)
*Silk account is offered to only resident Indian customers above 18 years of age.

4. Junior Savings Account

A Kotak Mahindra Junior savings account for children comes with the following features and benefits:
 
  • Earn up to 6% interest p.a. on Junior and Guardian’s Savings Account balance
  • Personalized Junior Debit Card is provided with the account (Debit Cards will be issued to children above the age of 10 years and it will have a daily withdrawal limit of Rs. 5,000/- only)
  • A Zero Balance Savings Account / Non Maintenance Charge (NMC) waived off (NMC waiver is available on bundled offering only (Nova Junior account), as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) of Rs. 5,000/- is to be maintained and standard charges will be debited on non-maintenance of AMB)
  • Exclusive Offers and discounts across brands for children
Eligibility

Junior Savings Account by Kotak Mahindra Bank is only available for children to help them learn the benefit of savings from the very beginning.

5. Classic Savings Account

A Classic Savings Account come loaded with the following features and benefits:
 
  • An average monthly balance requirement of Rs. 10,000
  • Earn up to 6% interest p.a. on your savings account balance
  • Free Classic Debit Card with a daily purchase limit of Rs. 1.5 lakhs and ATM cash withdrawal limit of Rs. 50,000
  • Free NEFT through NetBanking and free access to all domestic ATMs with free cash withdrawal from any Kotak branch across India
  • 50% discount in the AMC charges of the Demat Account
  • ActivMoney feature wherein it converts balance above a certain amount in to a term deposit to earn a higher rate of interest
Eligibility

To apply for Kotak Mahindra Bank Classic Savings Account, you need to be:
 
  • Resident Indian (Sole or Joint Account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India
6. Pro Savings Account

Pro Savings account comes with enhanced benefits that include the following features:
 
  • An average monthly balance requirement of Rs. 20,000
  • Earn up to 6% interest p.a. on your savings account balance
  • Free Platinum International Chip Debit Card with a daily purchase limit of Rs. 2 lakhs and daily ATM cash withdrawal limit of Rs. 50,000
  • Free NEFT through net banking, Phone Banking and mobile banking
  • 50% discount in the AMC charges of the Demat Account for first year
  • ActivMoney feature wherein the excess balance over a pre-defined limit is automatically converted to a term deposit to earn a higher rate of interest
Eligibility

This Kotak Mahindra Bank savings accounts is available to Resident Indians, HUFs and Foreign Nationals residing in India.

7. Sanman Savings Account

Sanman Savings Account caters secure access to all your banking requirements with low maintenance fees. Let’s look at the features and benefits of Sanman Account below:
 
  • An Average Quarterly Balance requirement of Rs. 2,000
  • Earn up to 6% interest p.a. on your savings account balance
  • Free cash withdrawals through Kotak Mahindra Bank ATMs and free access to all domestic VISA ATMs
  • Enhanced daily purchase limit of Rs 150000 and daily ATM cash withdrawal limit of Rs 50000
  • Free multi-city at-par cheque book and NEFT facility
Eligibility

Resident Individuals and HUFs are eligible to open the account

8. Grand Savings Programme

A Grand Savings Programme by Kotak Mahindra Bank is for individuals aged 55 years or more with privilege banking benefits. The features and benefits are as follows:
 
  • ActivMoney feature where the balance in the savings accounts is transferred to a term deposit account to earn higher rate of interest if it crosses a specific limit
  • Earn up to 6% interest p.a. on your savings account balance
  • Cash back up to Rs. 4500 on debit card transactions
  • Priority Card and Free Health Card from IHO
  • Customised cash delivery
Eligibility

The account is available for Resident Indians, HUFs and Foreign Nationals residing in India.

9. Ace Savings Account

Ace Savings account comes with enhanced benefits that include the following features:
  • An average monthly balance of Rs. 50,000 is required for this account
  • Free Platinum International Chip Debit Card with an extended daily purchase limit of Rs. 2 lakhs and daily withdrawal limit of Rs 2 lakhs
  • ActivMoney feature wherein the balance in the account when crosses the threshold of a specified limit is transferred to a term deposit account to earn higher rate of interest
  • Free Phone Banking, NEFT / IMPS / RTGS, Net banking and mobile banking
  • 15% discount on locker rentals
  • 25% discount on the issuance of Best Compliments Gift Cards
Eligibility

The account is available to Resident Indians, HUFs and Foreign Nationals residing in India.

10. Nova Savings Account

Nova Savings account is loaded with the following features and benefits:
 
  • An average monthly balance requirement of Rs. 5,000
  • Earn up to 6% interest p.a. on your savings account balance
  • Classic Debit Card with a daily purchase limit of Rs. 1.5 lakhs and daily ATM cash withdrawal limit of Rs. 50,000
  • Free access to all VISA ATMs, free cash withdrawals at Kotak Mahindra Bank’s ATM
  • Free NEFT, Phone Banking, Net Banking facility, 25 leaves at-par cheque book
  • Active Money feature for higher interest earning
Eligibility
 
The account is available to Resident Indians, HUFs and Foreign Nationals residing in India.

11. Alpha - The Savings & Investment Programme

Alpha Savings account comes with enhanced features & benefits listed below:
 
  • A non maintenance charge waived savings account
  • Get yearly cashback up to Rs 4500 based on your debit card spends and account variant
  • Waiver on the annual charges of Investment Account (*Waiver on Investment Account Annual charges is subject to ongoing SIP in mutual funds)
  • Up to 25% discount on locker rentals is applicable with this Kotak Mahindra Bank savings account
12. Jifi*

Kotak Mahindra Bank’s Jifi account comes with instant access and varied features and benefits which are as follows:
 
  • Free JIFI Platinum Debit Card for the first year
  • No minimum balance, non-interest bearing current account
  • Auto term deposit is created once the average balance crosses Rs 25000
Eligibility

The account can be opened by Resident Individuals above the age of 18 years.

*This product is no longer available.

13. Platina Savings Account*

Platina savings account comes with attractive benefits and features which are as follows:
 
  • This savings account requires an Average Monthly Balance of Rs. 1 lakhs
  • Earn up to 6% interest p.a. on your savings account balance
  • Free Platinum International Chip Debit Card and free add-on card
  • The account come with ActivMoney feature which converts savings account balance above a certain amount into term deposits
Eligibility

The account was available to Resident Indians, HUFs and Foreign Nationals residing in India.

*This product is no longer available.

Applying for a Offline Savings Account from Kotak Mahindra

If you want to open any of the offline savings account from Kotak Mahindra Bank which are listed above, then you can do so by visiting the nearest Kotak Mahindra Bank’s branch.

Kotak Mahindra Bank Saving Account Interest Rate

Kotak Mahindra Bank savings accounts interest rate is 6% per annum if the balance in the account is over Rs. 1 lakhs and up to Rs 1 crore. For balances less than Rs. 1 lakhs, the rate of interest provided is 5% per annum. Earn 5.5% p.a. interest on savings account balance above Rs 1 crore. Kotak Mahindra Savings account charges are subject to renewal on the basis of bank’s policy. Kotak Mahindra has announced that its customers will continue to enjoy 6% interest rate on savings bank account with balance above Rs. 1 lakhs. Taking a hint from the deregulation of savings accounts interest rate by RBI in October 2011, the bank was amongst the first banking institutions in India to revise its interest rates upward to 6%.

The bank offers a unique product suite with customised settings and offerings for each target segment of people bundled with the benefits of 6% interest rate. The bank offers an array of customised products for diverse segments of customers including women, children, families, individuals above 55 year of age and others. Each of these segments has exclusive life stage, financial and lifestyle needs and these products are designed to fulfil their goals.

Documents Required for Opening a Savings Account with Kotak Mahindra Bank

The documentation for Kotak Mahindra Bank savings account is listed below. You need to carry photocopy of all the documents (with their originals) and are required to be presented at the time of submitting the account opening form.

Individuals:

Proof of identity:
 

  • Aadhaar card / letter issued by unique identification authority of India (UIDAI) containing details of address, name and father’s name (Mandatory)
  • PAN card or Form No. 60 / 61 (as applicable) (Mandatory)
  • Voter’s identity card
  • Passport
  • Driving license
  • Job card issued by NREGA duly signed by authorised officer of the state government
  • Letter from a recognised public servant or public authority verifying the identity and residence of the customer to the satisfaction of the bank

Proof of address: Any one or two of the following as mandated by the bank
 

  • Electricity bill / telephone bill
  • Bank account statement
  • Letter from any recognised public authority
  • Rent agreement indicating the address of the customer accordingly registered with state government or similar registration authority
  • Ration card
  • Letter issued from employer (satisfaction of the bank)

In case any document alone is adequate enough for both verification of address and identity, no separate documents for the same shall be required.

Documents required for account of minor:
 

  • If his / her guardian is appointed by the court then order of the same is required
  • In case the keeper is illiterate, birth date certificate of the minor from a competent authority

Foundations and trusts:
 

  • Power of attorney granted to transact business on itself
  • Any officially valid documents to identify the trustees, beneficiaries, settlers and to those holding power of attorney, founders, managers, directors and their addresses
  • Telephone bill
  • Resolution of the managing body of the association or foundation
  • In addition to the above, customer information form, account opening form, etc. filled in appropriately and authenticated are to be submitted. Documents of identity proof and address proof involved as partners, proprietors, trustees, directors and authorised signatories are required to be submitted as mentioned under KYC norms for opening any savings account with Kotak Mahindra Bank.