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Kotak Savings Account Interest Rates

Kotak Savings Account Interest 2022

Last Updated 18th Jan 2022

Saving Account Interest Rate
Edge Savings Account 3.50% - 3.50%
Pro Savings Account 3.50% - 3.50%
Ace Savings Account 3.50% - 3.50%
Silk-Women's Savings Account 3.50% - 3.50%
Junior- The Savings Account for Kds 3.50% - 3.50%
Grand- The Savings Programme for the 55+ 3.50% - 3.50%
My Family Savings Account 3.50% - 3.50%
Classic Savings Account 3.50% - 3.50%
Nova Savings Account 3.50% - 3.50%
Alpha-The Savings & Investment Programme 3.50% - 3.50%
Sanman Savings Account 3.50% - 3.50%
Platina Savings Account 3.50% - 3.50%
811 Lite Savings Account 3.50% - 3.50%
811 OTP Savings Account 3.50% - 3.50%
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Kotak Bank Savings Accounts Interest Rate

Kotak Bank offers an interest rate ranging upto 3.50% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With Kotak Bank Savings Account youth and minors can get additional benefits on their Savings Account. Kotak Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

Kotak Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on Kotak Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of Kotak Bank savings account are:

  • It offers interest rates upto 3.50% p.a. You can easily access Kotak Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from Kotak Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an Kotak Bank Savings account, you require a minimum balance of Rs. 5,000.
  • Kotak Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with Kotak Bank Savings Account.
  • With the Auto Sweep Facility of Kotak Bank, your account can be linked to a Multi Option Deposit MOD account.

Kotak Savings Account Rates

Saving Account Interest Rate Minimum Balance
Edge Savings Account 3.50% - 3.50% Rs. 10,000
Pro Savings Account 3.50% - 3.50% Rs. 20,000
Ace Savings Account 3.50% - 3.50% Rs. 50,000
Silk-Women's Savings Account 3.50% - 3.50% N.A
Junior- The Savings Account for Kds 3.50% - 3.50% N.A
Grand- The Savings Programme for the 55+ 3.50% - 3.50% N.A
My Family Savings Account 3.50% - 3.50% N.A
Classic Savings Account 3.50% - 3.50% Rs. 10,000
Nova Savings Account 3.50% - 3.50% Rs. 5,000
Alpha-The Savings & Investment Programme 3.50% - 3.50% N.A
Sanman Savings Account 3.50% - 3.50% N.A
Platina Savings Account 3.50% - 3.50% N.A
811 Lite Savings Account 3.50% - 3.50% nil
811 OTP Savings Account 3.50% - 3.50% nil

Eligibility & Documentation Required for Opening Savings Account in Kotak Bank

To open a savings account in Kotak Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is Kotak Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, Kotak Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by Kotak Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

Kotak Savings Account Products

  • Edge Savings Account : Kotak Bank offers interest rates ranging between 3.50% to 3.50% on Edge Savings Account.You can open a Edge Savings Account in Kotak Bank by depositing Rs. 10,000 amount as minimum balance.
  • Pro Savings Account : If you have deposited your excess funds in a Pro Savings Account, you can get interest at 3.50% to 3.50% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Ace Savings Account : Kotak Bank provides interest rates ranging between 3.50% to 3.50% on Ace Savings Account. The minimum balance requirement to open this account is Rs. 50,000.
  • Silk-Women's Savings Account : You can get interest at 3.50% and 3.50% respectively on Silk-Women's Savings Account in Kotak Bank. The account can be opened in Kotak Bank by depositing amount.
  • Junior- The Savings Account for Kds : If you have deposited your excess funds in a Junior- The Savings Account for Kds, you can get interest at 3.50% to 3.50% on your account.
  • Grand- The Savings Programme for the 55+ : You can get interest at 3.50% to 3.50% in Grand- The Savings Programme for the 55+. This account can be opened in Kotak Bank by depositing a minimum amount of after an age of 55 years.
  • My Family Savings Account : The interest that you can earn on My Family Savings Account is in the range of 3.50% to 3.50% respectively.
  • Classic Savings Account : Kotak Bank provides interest rate at 3.50% to 3.50% on Classic Savings Account. Further, to open this Saving Account, the minimum balance requirement is Rs. 10,000. You can open this account at a minimum age of 18 years.

FAQs

How much interest is charged by Kotak Bank on Savings Account?

As per the current rates, Kotak Bank offers maximum interest rate of 3.50% on Savings Account. Kotak Bank provides this interest on the minimum balance maintenance of Rs. 5,000. The interest rate may however vary across the Kotak Bank savings account product.

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

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

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

Kotak Bankcharges ATM Transaction on Savings Account are If AMB > 50 percent but less than required AMB: Rs. 350; AMB less than 50 percent : Rs. 450.This charge may further depend upon the savings account product of Kotak Bank and the debit card types offered with the bank.

How does Kotak Bank 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, Kotak Bank offer Debit Cards to the account holders 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.

What is the eligibility criteria to open a savings account in Kotak Bank?

To open a savings account in Kotak Bank you need to fulfill the following eligibility criteria:

  • 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.
  • You must have your basic KYC done

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Kotak News - Jan 2022
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    Kotak Mahindra Bank has introduced the Same Day Settlement feature for merchants for payments received on its Point of Sale (PoS) terminals which would be helpful for businesses with immediate cash flow requirements.
  • 2021-12-06 : Kotak Mahindra Bank to Enable EMIs on its Debit Cards
    Kotak Mahindra Bank has partnered with Europe based payment and transactional firm, Worldline to enable EMI feature on Kotak debit cards.
  • 2021-10-13 : Kotak Mahindra Bank Launches Micro ATMs in India
    Kotak Mahindra Bank has launched Micro ATMs in India. These ATMs can be used by all debit card users to withdraw cash or checking account details. Micro ATMs are handheld devices, it is an alternative to regular ATMs allowing faster expansion and increasing banking touchpoints.
  • 2021-09-23 : Kotak Bank Revises Savings Account Rates
    The savings account interest rates of Kotak Bank has been revised to 3.50% for regular and senior citizens.
  • 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.
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