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Kotak Savings Account

Kotak Savings Account Online

Last Updated 16th Apr 2021

  • Kotak Bank offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in Kotak Bank is Rs. 5,000.
  • You can get high returns up to 4.00% on a savings account.
  • Open instant Kotak Bank savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in Kotak Bank.
Apply for Savings Account

Kotak Savings Account

Kotak Bank offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of Kotak Savings Account

Benefits of Kotak Bank saving Account are as follow:

  • Kotak Bank offers an interest rate on saving account in the range of 0.00% to 4.00%.
  • Balance requirement for Kotak Bank savings account is Rs. 5,000.
  • An individual can transfer the Kotak Bank savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • Kotak Bank savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • Kotak Bank offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

Kotak Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
Edge Savings AccountRs. 10,0003.50% - 4.00%--
Pro Savings AccountRs. 20,0003.50% - 4.00%--
Ace Savings AccountRs. 50,0003.50% - 4.00%--
Silk-Women's Savings Account3.50% - 4.00%--
Junior- The Savings Account for Kds3.50% - 4.00%--
Grand- The Savings Programme for the 55+3.50% - 4.00%--
My Family Savings Account3.50% - 4.00%--
Classic Savings AccountRs. 10,0003.50% - 4.00%--
Nova Savings AccountRs. 5,0000.00% - 4.00%--
Alpha-The Savings & Investment Programme3.50% - 4.00%--
Sanman Savings Account3.50% - 4.00%--
Platina Savings Account 3.50% - 4.00%--
811 Lite Savings Accountnil3.50% - 4.00%--
811 OTP Savings Accountnil3.50% - 4.00%--
811 EdgeRs. 10,000% - %--

Kotak Savings Account Products

Kotak offers multiple savings account products for different purposes. Some of the popular products of Kotak savings are:

Edge Savings Account

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

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

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

Eligibility:

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

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.

Key Features:

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

Eligibility:

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

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.

Key Features:

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

Eligibility:

  • The features of this account can be enjoyed by minors

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.

Key Features:

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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

  • This account can be opened jointly by members of a family

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.

Key Features:

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

Eligibility:

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

Nova Savings Account

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

Key Features:

  • 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

Eligibility:

  • This account is for resident Indians of 18 years of age and above.
  • HUF can also open a savings account.
  • Foreign nationals residing in India need to obtain an undertaking on Form QA 22, which must be duly signed by all the persons.

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.

Key Features:

  • 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

Eligibility:

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

Sanman Savings Account

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

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

  • 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

Eligibility:

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

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.

Key Features:

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

Eligibility:

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

Kotak Savings Account Nomination Plan

Kotak Bank asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. Kotak savings account provides the nomination facility in all the savings products.

Kotak Savings Account Welcome Kit

Kotak Bank provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Top Applications Offering UPI Facility

Kotak Savings Account Helpline

Individuals can call Kotak Bank’s 24X7 helpline number 1860-266-2666 , which is accessible from all landlines and mobile phones in the country.

Open saving account with Other Banks online

FAQs

Can I open Kotak bank account online?

Kotak Bank enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an Kotak savings account?

Minimum balance requirement differs with Kotak Bank saving account products. The minimum balance required to open a Nova Savings Account in Kotak Bank is Rs. 5,000.

Which saving account is best in Kotak?

There are various savings account products offered by Kotak Bank. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open Kotak account with zero balance?

The minimum balance requirement to open a savings account with Kotak Bank is Rs. 5,000. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


Kotak News - May 2021
  • 2021-03-05 : Kotak and Indian Army ink pact for salary account
    Kotak Bank signed a memorandum of understanding with the Indian Army in New Delhi for a salary account. The MoU enables Kotak to offer its salary account and its exclusive benefits for the Indian Army.
  • 2020-05-26 : Kotak Bank lowered savings rate to 3.5% for up to Rs 1 lakh balance
    Kotak Mahindra Bank reduced the interest rate on savings account deposits of up to Rs 1 lakh by 25 bps to 3.5%. This is the bank second cut to the savings rate in two months.
  • 2020-05-19 : Kotak Bank launches video KYC for opening 811 savings account.
    Kotak Mahindra Bank on May 18 announced the introduction of video KYC to open a full-fledged Kotak 811 savings account. Through this process, verification of KYC documents and recording a customers signature can be completed over a video call. This will eliminate the need for a visit to the branch or in-person interaction, biometric verification or sharing of physical documents.
  • 2019-10-30 : Kotak Mahindra profit reaches 51% in Q2
    Kotak Mahindra Bank reported a jump in profit to 51% as per the Q2 results. The Bank reported a net profit of Rs 1724 crores. The increase in profit margins is resultant of the CASA ratios of the Bank that rose to 53.6 %.
  • 2019-07-23 : Kotak Mahindra Bank’s loan book grew by 18% at Rs. 2.08 lakh crore
    Private sector lender, Kotak Mahindra Bank has witnessed a 33 percent rise in profit at Rs. 1,360 crores, driven by lower provisions and higher net interest income. Also, the lender’s loan book grew by 18% at Rs. 2.08 lakh crore as of June along with the rise in CASA deposits and fixed deposits while marginal moderation was witnessed in home loans, loan against property and personal loans.
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