Latest Kotak Bank Savings Account Interest Rate -2024

Kotak Mahindra Bank offers several options for a savings account. One can either opt for a standard account or a premium savings bank account. Also, there are special provisions for youngsters and senior citizens who want to open a new account.

In this blog, you will know the Kotak Bank savings account interest rate and other particulars in detail. 

Recent Kotak Bank Savings Account Interest Rates 2024

As the savings account rates keep on varying quarterly, it will be beneficial if you follow Kotak Mahindra Bank’s official website for the latest updates. 

In the following table you can refer to the current savings account rates:

Also, now it is possible to enjoy a high-yielding interest rate of close to 7% just like Kotak Bank FD interest rates. For this, you need to avail the ActivMoney facility that is extended to Kotak Edge and My Family savings account customers. 

Kotak Mahindra Bank Savings Account Minimum Balance Required

The Kotak Mahindra savings account interest rate for a particular account type ranges between 3.50%-4%, as discussed earlier. Let us now find out the Kotak Mahindra Bank savings account minimum balance applicable to different types of savings accounts. 

In addition to the above-mentioned accounts, Kotak Bank also offers a Silk Savings Programme to women who are above 18 years of age. Those enrolling for this account can avail non-maintenance charge waiver in their savings accounts.

Moreover, for ‘Junior’ accounts, i.e., savings accounts for minors, the account operator must maintain a parallel recurring deposit or a SIP of a minimum ₹2,000 each month. Apart from this, there is no need to separately maintain a minimum balance for these accounts.  

Kotak Bank Savings Account Charges 

The upcoming section will discuss some important charges associated with Kotak Mahindra Bank savings accounts:

1. Monthly Non-maintenance Charges

• Classic Savings Account – 6% of the shortfall is deducted every month
• Edge Savings Account – 6% of the shortfall is deducted every month(Maximum deductible amount: ₹500)
• Ace Savings Account – 6% of the shortfall is deducted every month
• Everyday Savings Account – 6% of the shortfall is deducted every month
• Pro Savings Account – 6% of the shortfall is deducted every month(Maximum deductible amount: ₹600)

2. ATM Charges

• Classic Savings Account – ₹25 for each declined transaction due to insufficient balance
• Edge Savings Account – Nil Charges up to 3 transactions or 5 transactions, based on your location. Post these limits, charged at ₹21 per withdrawal at other bank ATMs
• Ace Savings Account – ₹25 will be deducted for declined ATM transactions due to insufficient balance.
• Everyday Savings Account – Free unlimited transactions.₹25 will be deducted for transactions declined due to insufficient balance.
• Pro Savings Account – Declined ATM transaction charges: ₹25

3. DD/Chequebook Charges

• Classic Savings Account – DD Charges: Nil charges up to ₹1 Lakh per day; Post these limits (₹4/1000 (Min 50, Max 10,000), for Senior citizen ₹3/ 1,000)
• Edge Savings Account – 25 cheque leaves nil charges/ year; Thereafter ₹3/ cheque leaf.DD charges: ₹4/ 1000 (Min ₹50, Max ₹10,000), for Senior citizen ₹3 / 1000
• Ace Savings Account – DD Charges: NilChequebook Charges: 100 Chq leaves free/ year; Thereafter ₹3/ cheque leaf.
• Everyday Savings Account – DD charges:₹4 per ₹1000/- (Min 50 Max 10,000)For senior citizens ₹3 per ₹1,000/-Cheque return fee: ₹50 per instance
• Pro Savings Account – DD Charges: Nil charges up to ₹1 Lakh per day; Post these limits (₹4/ ₹1,000 (Min ₹50, Max ₹10,000), for Senior citizens: ₹3/ ₹1,000)Chequebook charges:100 Chq leaves Nil Charges/ year; Thereafter ₹3/ cheque lea

4. Other Charges

• Classic Savings Account – ₹500 for a temporary overdraft facility. Also, ₹500 for account closure.
• Edge Savings Account – ₹500 for a temporary overdraft facility. Also, ₹500 for account closure.
• Ace Savings Account – ₹500 for a temporary overdraft facility. Also, ₹500 for account closure.
• Everyday Savings Account – ₹500 for a temporary overdraft facility.
• Pro Savings Account – ₹200 for re-issuance of a new debit cardPIN regeneration charges are nil.

Why Choose Kotak Bank Savings Account?

There are multiple reasons to choose Kotak Mahindra Bank for opening a savings bank account. Not only the Kotak savings interest rate is attractive, but also you get to experience these factors:

1. Assistance in Meeting Short-term Goals

A Kotak Everyday savings account enables you to save singly for different short-term goals. The goal can be anything, starting from renovating your home to buying a new car and so on. 

Also, on keeping an average monthly balance of ₹20,000 or more, you do not have to bear any maintenance charges. Plus, these accounts come with all sorts of benefits like demand draft issuance, cash withdrawal, IMPS/UPI/RTGS/NEFT transactions, etc. 

2. High Liquidity

You can access all the money deposited in your Kotak savings account anytime, anywhere. In addition, the cash withdrawal limits from any ATM across India are relatively higher for Kotak Mahindra customers. 

Besides these, you can send money to anyone online who is in urgent need of funds through Kotak Bank’s mobile banking facility. The bank facilitates fast net banking with no additional charges.

3. Quick Access to Special Value-added Services

Occasionally a few Kotak branches provide their customers with a complimentary health or accident cover with a savings account. This directly impacts your account’s worth as you get such protection covers in exchange for very low fees. 

So, it is evident that besides a high Kotak Bank savings account interest rate, many other features make it rational for a person to open an account. 

Key Benefits of Kotak Bank Savings Account

The Kotak Mahindra Bank savings interest rate is highly market competitive and may go up to 4.00% p.a. Also, depending on the specific savings account type, you become eligible for additional perks, such as:

• You can open a zero-balance Kotak 811 savings account online within 5 minutes.
• The Kotak 811 Edge account holders get unlimited access to ATM transactions for free.
• You can enjoy the free chequebook facility for up to 25 sheets each quarter.
• A Platinum chip debit card is offered for just ₹199 per year.
• Kotak Mahindra Bank has set a high ATM withdrawal limit of ₹5,000 for junior accounts. 

Additional Benefits Associated with Kotak Bank Savings Account

Other than the highlighted features, many additional points make savings accounts a lucrative choice for those interested in the services of Kotak Mahindra Bank. Some of these pointers are:

• You can earn up to 7% interest on your savings account deposit by activating the ActivMoney feature. For this, you do not need to agree to a lock-in period.
• The bank provides you with a Classic International Chip debit card to make your daily payments hassle-free.
• No additional charges are involved with net banking or mobile banking.
• You can use the highly useful built-in features of the Kotak Mobile Banking app to book flights, and movie tickets and even while shopping. It saves your phone space as you do not have to install extra applications for various purposes. 

How To Open an Online Kotak Bank Savings Account?

Kindly follow the steps below to complete the online account opening process:

• Step 1: Visit the official website of Kotak 811.
• Step 2: Enter your name as per the official documents, followed by your contact number and email ID.
• Step 3: Provide the OTP that will be sent to your mobile number.
• Step 4: On the fresh page provide the necessary PAN and Aadhaar card details. 
• Step 5: Next, you must grant the bank full access to your Aadhaar details. This is because the RBI mandates every institution to allow zero-balance account opening requests only upon providing Aadhaar OTP verification.
• Step 6: Verify the address details displayed on your device screen. It must match the data of your Aadhaar card.
• Step 7: Fill out some additional fields like your parents’ names, nomination details and your date of birth. 
• Step 8: Check all the details thoroughly.
• Step 9: Accept the terms and conditions.
• Step 10: Complete the video KYC procedure and wait for the account to be finally activated within a few hours. 

How to Open an Offline Kotak Bank Savings Account? 

You can open a savings account either individually or jointly by visiting the nearest Kotak Mahindra Bank branch. The steps have been discussed below:

• Step 1: Visit the concerned branch with all the necessary documents.
• Step 2: Collect the account opening form from a bank official and fill out all the mandatory fields. You can ask for help regarding completing the paperwork to the officials if required.
• Step 3: Wait until the designated executive finishes the KYC verification procedure. 
• Step 4: Considering the verification stage has passed successfully, now you must meet the minimum account balance requirement. This initial deposit can be made in the form of cash as well as online. 
• Step 5: Collect the debit card and other necessary papers from the executive after the initial contribution successfully gets reflected in your account. 

Eligibility Criteria to Open Kotak Bank Savings Account 

You have to meet only a handful of credentials to be eligible for opening a savings account with Kotak Mahindra. These include:

• The individual applying for a savings account must be an Indian citizen.
• Minor savings accounts are provided only to those aged below 18 years.
• While opening the account, a customer must submit a valid ID and address proof documents. These papers must be government-approved.
• Once approval is received from the bank’s end, the account holder must furnish the initial deposit. This sum must be equal to or greater than the account maintenance balance.

Documents Required to Open Kotak Bank Savings Account 

You can refer to the document list below before opening a Classic Savings account with Kotak Mahindra Bank:

1. ID Proof Documents

These include papers like driving licence, Aadhaar card, passport or voter’s ID card.

2. Address Proof Documents

Under this head, you can present documents like utility bills (gas billS, electricity bills, internet bills, etc.) or an existing bank account passbook. However, the latter must be updated within the previous 3 months.

3. Signature Proof Documents

For this, you can produce your PAN card or passport.

Finally, you should submit two latest passport-size photographs to complete the account opening process. 

Types Of Kotak Bank Savings Account and its Features

To get a fair idea of Kotak Bank savings account interest rate, it is essential to learn about the different savings account options. Here, you can see the primary saving account variants:

1. Edge Savings Account

• Earn up to 7% yearly interest returns just like an FD account
• Get regular offers on dining, shopping, travel and more
• Avail banking services round the clock
• Offers you health insurance benefits
• Access certain additional facilities that complement your personal requirements

2. Pro Savings Account

• Comes with an average monthly maintenance balance requirement of ₹20,000
• Earn high-interest rates of up to 7% from this type of account
• Free cash withdrawals from all ATM kiosks across India
• Receive a Platinum International Chip debit card with no charges that need to be paid in the first year
• All sorts of net banking transactions can be done free of cost

3. Ace Savings Account

• Customers have to maintain an average monthly maintenance balance of ₹50,000
• Via the ActivMoney feature, you can convert a certain contribution of this savings account into a term deposit and earn higher interest rates
• Free outstation cheque collection
• Free funds transfers are applicable for any NEFT/ RTGS/ IMPS transaction
• Get a Platinum International Chip debit card for free
• Free cash withdrawals from any ATM all year round

4. Everyday Savings Account

• Account maintenance charges are waived off for all who manage to keep an AMB of ₹20,000 or transact at least 30 times in a year
• Provides a Rupay debit card to perform daily transactions uninterruptedly
• Get special offers on occasions like your anniversary or birthday

5. Classic Savings Account

• A Platinum International Chip debit card is provided (first year free)
• Perform demand draft transactions for free (up to ₹1 Lakh per month)
• Get free cash pick-up and delivery is given (5 times a month)
• ATM transactions at domestic ATMs are free of cost

Steps to Open Kotak Bank Video KYC Savings Account

Given below are the KYC verification steps for customers looking to open a Kotak 811 video KYC account:

• Step 1: Fill out the personal details online by visiting the official website of Kotak Mahindra Bank.
• Step 2: Attend the video call initiated by an agent and coordinate with them to help complete some basic checks. Keep handy your PAN card, a blank paper and a pen before receiving the call.

All you have to do is follow their instructions to get the KYC verification done within a few minutes. 

Kotak Mahindra Bank Savings Account Transaction Limit

You can find the daily transaction limits in the table below:

How to Close a Kotak Bank Savings Account?

Currently, there is no provision to close a Kotak Bank savings account online. Thus, to complete the account closing process, you have to visit the nearest branch. There you can connect with a bank official who will guide you through the process. 

Kotak Bank Savings Account Onboarding Kit

All new savings account holders receive the following items as a part of the welcome kit from the Kotak Mahindra Bank:

• A passbook
• A debit card
• A chequebook (depending on the account type)
• Other informational materials stating the bank’s operational protocols 

Final Word

Although the Kotak Bank savings account interest rate is excellent, you must go through all the details before finalising your decision. In case of any confusion please get in touch with the bank by calling or directly visiting the home branch. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.