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Kotak Savings Account Interest Rates

Kotak Savings Account Interest 2020-21

Last Updated 25th Sep 2020

Saving Account Interest Rate
Edge Savings Account 3.00% - 4.00%
Pro Savings Account 3.50% - 4.00%
Ace Savings Account 3.50% - 4.00%
Silk-Women's Savings Account 3.50% - 4.00%
Junior- The Savings Account for Kds 3.50% - 4.00%
Grand- The Savings Programme for the 55+ 3.50% - 4.00%
My Family Savings Account 3.50% - 4.00%
Classic Savings Account 3.50% - 4.00%
Nova Savings Account 3.50% - 4.00%
Alpha-The Savings & Investment Programme 3.50% - 4.00%
Sanman Savings Account 3.50% - 4.00%
Platina Savings Account 3.50% - 4.00%
811 Lite Savings Account 3.50% - 4.00%
811 OTP Savings Account 3.30% - 4.00%

Kotak Bank Savings Accounts Interest Rate

Kotak Bank offers an interest rate ranging between 0.00% to 4.00% 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.

Features

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 from 0.00% to 4.00% 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 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 Auto Sweep Facility of Kotak Bank, your account can be linked to Multi Option Deposit MOD account.

Kotak Savings Account Rates

Saving Account Interest Rate Minimum Balance
Edge Savings Account 3.00% - 4.00% Rs. 10,000
Pro Savings Account 3.50% - 4.00% Rs. 20,000
Ace Savings Account 3.50% - 4.00% Rs. 50,000
Silk-Women's Savings Account 3.50% - 4.00% N.A
Junior- The Savings Account for Kds 3.50% - 4.00% N.A
Grand- The Savings Programme for the 55+ 3.50% - 4.00% N.A
My Family Savings Account 3.50% - 4.00% N.A
Classic Savings Account 3.50% - 4.00% Rs. 10,000
Nova Savings Account 3.50% - 4.00% Rs. 5,000
Alpha-The Savings & Investment Programme 3.50% - 4.00% N.A
Sanman Savings Account 3.50% - 4.00% N.A
Platina Savings Account 3.50% - 4.00% N.A
811 Lite Savings Account 3.50% - 4.00% nil
811 OTP Savings Account 3.30% - 4.00% nil

Kotak Savings Account Products

  • Edge Savings Account: Kotak Bank offers interest rates ranging between 3.00% to 4.00% 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 4.00% 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 4.00% 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 4.00% respectively on Silk-Women's Savings Account in Kotak Bank. The account can be opened in Kotak Bank by depositing amount. The debit card available for this account are .
  • 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 4.00% on your account.
  • Grand- The Savings Programme for the 55+: You can get interest at 3.50% to 4.00% 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 4.00% respectively. The debit card available for this product is
  • Classic Savings Account: Kotak Bank provides interest rate at 3.50% to 4.00% 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.

Know More About Savings Account

FAQs

How much interest is charged by Kotak on Savings Account?

Kotak offers an interest rate of 0.00% to 4.00% 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 0.00% to 4.00%.

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

Eligibility criteria for Kotak Bank savings account -

  • 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.

Kotak News - Sep 2020
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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