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Online Kotak Savings Account Opening

Open Kotak Saving Account

Last Updated 16th Jan 2021

Interest Rate 0.00% - 4.00%
Minimum Balance Requirement Rs. 5,000
Cash Withdrawal Limit --
ATM Transaction Charges If AMB > 50 percent but less than required AMB: Rs. 350; AMB less than 50 percent : Rs. 450
Debit Card --
Apply for Savings Account

Kotak Savings Account Opening

Kotak Bank Savings accounts in Kotak can be opened online or offline. To open Kotak offline, you have to visit the branch, fill the application form and submit documents.

Steps for Opening Kotak Savings Account Online

To open the savings account online in Kotak, you have to follow these steps:

  • Step 1: First, visit the official website of Kotak.
  • Step 2: Go to Savings Account option and select the option ‘Apply Now’.
  • Step 3: Fill the required details like Name, Contact number, Date of Birth, Address etc. and click on ‘Submit’.
  • Step 4: Verify the details with the documents like PAN and Aadhar or any other document as required by the bank.
  • Step 5: Kotak’s executive will verify all the submitted documents.
  • Step 6: After the successful verification of your documents, Kotak will share the welcome-kit containing debit cum ATM Card, PIN and cheque book with you.
  • Step 7: Once the account is activated, you can register your mobile number and use a debit Card and cheque book for banking services.

Steps to Open Kotak Savings Account at Branch

To open a savings account with Kotak at a branch, you must follow these steps:

  • Make sure that you carry with you an identification proof (preferably your PAN Card), an address proof (preferably your Aadhaar card), and two passport size photographs.
  • After reaching the branch, ask the clerk that you want to open a savings account. The clerk will give you the application form.
  • Fill the savings account application form with required details and attach the photographs on the form where required.
  • After duly filling the form and signing it, submit the savings account application form along with necessary documents and required money (in case of minimum balance account) with the clerk.
  • Your account will be functioning within a week or so, and the bank will inform you about it through a call/SMS/email.

Eligibility of opening Savings Account in Kotak

You have to fulfil the following eligibility criteria to open a savings account in Kotak:

  • 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.

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FAQs

How can I open a savings account in Kotak?

You can open a savings account in Kotak either by applying online through the website or by visiting the branch nearby and submitting your application form there.

Can I open a savings account online in Kotak?

Yes, you can open a savings account online, by applying for it through the Kotak’s official website.

What is the minimum balance in Kotak?

The minimum balance required to open a savings account in Kotak is Rs. 5,000.


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Kotak News - Jan 2021
  • 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.
  • 2019-04-15 : Kotak Mahindra Bank cuts interest rate on savings account deposits up to Rs. 1 lakh by 5 basis points
    Private sector lender, Kotak Mahindra Bank has cut interest rate on its savings account deposits up to Rs. 1 lakh by 5 basis points. For savings deposits up to Rs. 1 lakh, the rate of interest has been lowered to 4.50% from 5.00% earlier. While for above Rs. 1 lakh and up to Rs. 1 crore, the rate of interest has been changed to 6.00% from 5.50% earlier and for an amount above Rs. 1 crore, the rate of interest has been revised to 5.50% from 6.00% earlier. The revision in interest rate comes into effect from April 15, 2019.
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