Kotak Saving Account

Last Updated 23rd Mar 2020

Kotak Bank Savings Account Interest Rate India Apr 2020

Kotak Bank Nova Savings Account
Interest Rate Upto Rs. 1 Lakh : 4.00%
Rs. 1 Lakh to Rs.10 Lakh : 6.00%
Rs. 10 Lakh to Rs.5 Cr : 5.50%
Above Rs. 5 Cr : 5.25%
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Minimum Account Balance Rs. 5,000
  • Offers 5 free transactions per month and free access to all domestic VISA ATMs
  • Free at par cheque up to 25 leaves per quarter by the Kotak Bank
  • Kotak Bank provides Free NEFT only through Net Banking

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Saving Account in Kotak – Benefits

You get the following benefits while opening Savings Account with Kotak

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

Kotak Saving Account – charges


ATM Charges: If AMB > 50 percent but less than required AMB: Rs. 350; AMB less than 50 percent : Rs. 450

Kotak Savings Account

Kotak Bank offers an interest rate of 4.00% - 6.00% p.a. Kotak Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Edge Savings Account 18 years Rs. 10,000
Pro Savings Account 18 years Rs. 20,000
Ace Savings Account 18 years Rs. 50,000
Silk-Women's Savings Account 18 years N.A
Junior- The Savings Account for Kds 10 years N.A
Grand- The Savings Programme for the 55+ 55 years N.A
My Family Savings Account 18 years N.A
Classic Savings Account 18 years Rs. 10,000
Nova Savings Account 18 years Rs. 5,000
Alpha-The Savings & Investment Programme 18 years N.A
Sanman Savings Account 18 years N.A
Platina Savings Account 18 years N.A
811 Lite Savings Account nil
811 OTP Savings Account nil
811 Edge Rs. 10,000

Kotak Savings Account Products

Edge Savings Account

Edge Saving Account provides a moderate interest rate, ideal security, higher cash deposit limit and excellent banking experience.

This account is for resident Indians of 18 years of age and above

Features of Edge Savings Account

  • Free at par cheque up to 25 leaves per quarter
  • Kotak ActivMoney converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest
  • Free Phone Banking, Net Banking and Mobile Banking
  • Debit card with enhanced daily purchase limit of Rs. 1,50,000 and daily ATM cash withdrawal limit of Rs. 50,000

Cash Withdrawal Limit : Rs. 50,000

Pro Savings Account

The pro saving account provides premium banking services, a plethora of benefits, moderate interest rate and ideal security all at a much lower average monthly balance.

This account is for resident Indians of 18 years of age and above

Features of Pro Savings Account

  • One NMC waived Edge Savings Account for your family member
  • Free Net Banking, Mobile Banking and Phone Banking
  • Kotak ActivMoney converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Debit Card Offered : Platinum International Chip debit card

Cash Withdrawal Limit : Rs. 50,000

Ace Savings Account

The ace saving account provides premium banking services, a plethora of benefits, a moderate interest rate and ideal security, all without extra premium.

Resident Indian (Sole or Joint Account), Hindu Undivided Families and Foreign Nationals Residing in India are eligible.

Features of Ace Savings Account

  • Earn attractive rate of interest on your savings account balance
  • Get free Three NMC waived Edge Savings Account for your family member

Silk-Women's Savings Account

The Silk Women’s Saving Account provides women the premium banking services, a plethora of benefits, a moderate interest rate and the best of offers in finance, dining, health and lifestyle.

This account serves only women Indian Residents above the age of 18 years

Features of Silk-Women's Savings Account

  • Get cash back benefits on Kotak Silk Debit Card
  • Get 35 percent discount on Locker Rentals
  • Get Hassle free bill payments

Junior- The Savings Account for Kds

Junior- The Savings Account for Kids is a Saving account for children. It serves the purpose of inculcating in children the habit of saving while also providing a host of privileges across dining, edutainment and shopping on kids brands.

The features of this account can be enjoyed by minors

Features of Junior- The Savings Account for Kds

  • Earn attractive interest rate per annum on your Savings Account balance
  • Get rewards for regular savings
  • Get free personalized Junior Debit Card

Grand- The Savings Programme for the 55+

Grand- The Savings Programme for the 55+Saving account is a saving scheme for senior citizens. It provides doorstep facility, convenience, and amazing banking experience.

Resident Indians who have turned 55 can enjoy the privileges that come with this account

Features of Grand- The Savings Programme for the 55+

  • Earn attractive interest rate per annum on your Savings Account balance
  • Get Cash back up to Rs. 4,500
  • Option of Customised Cash Delivery

My Family Savings Account

My Family Savings Account Account brings the entire family banking needs under one account, allowing everyone to avail of exclusive family-centric benefits. It offers higher interest, hassle-free banking experience and is a great scheme to park your savings.

This account can be opened jointly by members of a family

Features of My Family Savings Account

  • Earn attractive interest rate per annum on your Savings Account balance
  • Earn attractive rate of interest through ActivMoney feature on your savings account
  • You get the facility of maintaining balance in one account or spread across accounts

Classic Savings Account

Classic Savings Account Account pays a modest interest rate; its reliability and safety make it an excellent option for parking money one wants for short-term needs.

This account is for resident Indians of 18 years of age and above

Features of Classic Savings Account

  • Earn attractive interest rate per annum on your Savings Account balance
  • Get one free NMC waived Nova Savings Account for your family member

Nova Savings Account

Nova Savings Account offers higher interest, hassle-free banking experience, and is an excellent scheme to park your savings

This account is for resident Indians of 18 years of age and above

Features of Nova Savings Account

  • Offers 5 free transactions per month and free access to all domestic VISA ATMs
  • Free at par cheque up to 25 leaves per quarter by the Kotak Bank
  • Kotak Bank provides Free NEFT only through Net Banking

Alpha-The Savings & Investment Programme

Alpha-The Savings & Investment Programme account provides a moderate interest rate, ideal security, a higher cash deposit limit, and great banking experience. With this unique savings program, one can invest in Recurring Deposits, NPS, Fixed Deposits, Mutual Funds and much more all in one place.

This account is for resident Indians of 18 years of age and above

Features of Alpha-The Savings & Investment Programme

  • Get Cashbacks benefits upto Rs. 4,500 on your Debit Card
  • Earn attractive interest rate per annum on your Savings Account balance
  • Get up to 25 percent discount on locker rentals

Sanman Savings Account

Sanman Savings Account is designed to offer faster and secure access to all your banking needs with low maintenance fees.

This account is for resident Indians of 18 years of age and above

Features of Sanman Savings Account

  • Requirement of Average Quarterly Balance AQB of Rs. 2,000
  • Earn attractive interest rate per annum on your Savings Account balance
  • Facility of Free cash withdrawals at Kotak Bank ATM branches

Platina Savings Account

Platina Saving Account is designed to offer faster and secure access to all the banking needs with low maintenance fees. It provides access to many premium services for free.

This account is for resident Indians of 18 years of age and above

Features of Platina Savings Account

  • Requirement of Average Monthly Balance AMB of Rs. 1,00,000
  • Earn attractive interest rate per annum on your Savings Account balance
  • Avail the benefit of Extended Debit Card withdrawal limit of Rs. 2 Lacs per day through ATM

811 Lite Savings Account

811 Lite Savings Account Savings Account provides a moderate interest rate, ideal security, a higher cash deposit limit, and great banking experience. One can easily open this account using an app or website in a matter of minutes.

This account is for resident Indians of 18 years of age and above

Features of 811 Lite Savings Account

  • Digital, zero balance account
  • Opened with Aadhaar OTP, requires Aadhar details
  • Shop online at ease with Virtual debit card
  • mStore helps shop, book movie and flight tickets without downloading other apps

Debit Card Offered : 811 virtual debit card available.

811 OTP Savings Account

811 OTP Savings Account provides a moderate interest rate, ideal security, a higher cash deposit limit, and great banking experience. One can easily open this account using an app or website in a matter of minutes.

This account is for resident Indians of 18 years of age and above

Features of 811 OTP Savings Account

  • Digital, zero balance account
  • Opened with Aadhaar OTP, requires Aadhar details
  • Shop online at ease with Virtual debit card
  • mStore helps shop, book movie and flight tickets without downloading other apps

Debit Card Offered : Virtual debit card available under the 811 option.

811 Edge

811 Edge savings account provides a moderate interest rate, ideal security, a higher cash deposit limit, and great banking experience. One can easily open this account using an app or website in a matter of minutes.

This account is for resident Indians of 18 years of age and above

Features of 811 Edge

  • Free NEFT, RTGS, IMPS to help you go cashless
  • mStore helps shop, book movie and flight tickets without downloading other apps

Cash Withdrawal Limit : Unlimited free ATM withdrawals

Documents Required

Kotak Bank requires the following documents to open a Savings Account

  • Signed application form
  • Income Tax PAN Copy
  • Identity Proof: Driving License, PAN, Passport VoterID
  • Address Proof: Utility Bill, Property Tax Bill. Any other ID and address proof issued through a competent authority are also valid
  • In case of minors, Id and address proof of guardian, Photograph of guardian, Birth proof of minor, Declaration from guardian are required

Frequently Asked Questions on Kotak Bank Savings Account

How much interest is charged by Kotak on Savings Account?

Kotak offers an interest rate of 4.00% to 6.00% on Savings Account.

What is the minimum amount required for opening Savings Account in Kotak Bank ?

The minimum amount required for opening Savings Account in Kotak is Rs. 5,000.

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

Kotak ATM Transaction charges on Savings Account are If AMB > 50 percent but less than required AMB: Rs. 350; AMB less than 50 percent : Rs. 450.

How does Kotak calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by Kotak Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does Kotak Bank offer Debit card to the account holder?

Yes, various debit cards are offered, differing according to the product. Some of the popular savings account products of Kotak Bank with the type of debit card offered are listed in the table below.

Pro Savings AccountPlatinum International Chip debit card
811 Lite Savings Account811 virtual debit card available.
811 OTP Savings AccountVirtual debit card available under the 811 option.

Interest rate on all Kotak Bank deposits products listed in the table above is 4.00% to 6.00%

What is the eligibility criteria to open a savings account in Kotak Bank
  • This account is for resident Indians of 18 years of age and above
Kotak News - Apr 2020
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