Opening a savings account for your child’s future is a wise decision made by many parents. This blog discusses the process to open a Kotak minor savings account online in a simple manner. All the required documents and eligibility criteria are explained in points for easy comprehension.
Kotak Account for Minors
Kotak Account for Minors helps parents/guardians to start savings and investment for their children from a very young age. A minor’s account can be opened in Kotak Bank for children below 18 years of age. Parents can deposit money in this Kotak junior account and choose options for savings and interest earned on the deposits.
| Bank Category | Minimum Balance | Interest Rate | Card Offered |
| Kotak Bank Minor Savings | Rs. 5000 | 6% p.a. | No Debit Card |
The minor’s account in Kotak Bank is a savings account that requires a minimum balance of Rs. 5000 to be maintained. An interest rate of 4% per annum is offered on balances above Rs. 5000. No debit card is issued to the minor and transactions are managed by the parents/guardian.
How to Open Kotak Minor Account Online?
Opening a minor savings account with Kotak Bank can be done conveniently online from the comfort of your home. Here are the quick and simple steps to open a Kotak minor account online:
- Visit the Kotak Bank website and click on “Open Account”.
- Select “Minor Savings Account” and fill the online application form providing details of minor and guardian.
- Upload scanned documents of minor like photo, address and birth proof.
- Enter details of initial deposit and mode of fund transfer.
- Accept terms and conditions and submit the application online.
- An OTP will be sent to the registered mobile for verification.
- Once verified, the Kotak junior account will be opened instantly. Login credentials will be sent via email and SMS.
- You can start using internet banking facilities to operate the minor’s account.
How to Open Kotak Minor Account Offline?
While opening a minor’s savings account online is convenient, you can also open it by visiting your nearest Kotak Bank branch physically. Here are the steps to open a Kotak minor account offline:
- Visit the branch with minor and guardian’s photo ID and address proof.
- Collect the account opening form and fill details of minor and guardian.
- Submit required documents and initial deposit amount.
- Bank executive will verify documents and process account opening.
- Sign signature cards and receive activated debit card for operations.
- Activation of internet and mobile banking requires separate request.
- Kotak junior account details and login credentials will be shared on registered contact.
Types of Kotak Savings Account
1. Regular Savings Account
- A basic savings account with average interest rates and limited transactions. Requires a minimum balance of ₹5000.
2. Kotak Utsav Savings Account
- Tailored for children and young adults up to 21 years with several gift cards and coupon offers. No minimum balance required.
3. Kotak Salary Savings Account
- For salaried individuals with higher interest rates if salary is credited every month. Doesn’t require minimum balance.
4. Services With Kotak Savings Account for Minors
When parents open a minor savings account with Kotak Bank, they get access to valuable banking services for their child’s finances. While the minor cannot initiate transactions, guardians can perform them through multiple channels.
Parents can use internet banking to check Kotak Mahindra minor account balance, view statements and transfer funds easily. The Kotak Mobile Banking App allows viewing account details and initiating payments on the go. Parents can also set up recurring payments for utility bills or regular subscriptions through online banking.
For cash withdrawals, deposits and other assisted services, the guardian and minor can visit any Kotak Bank ATM or branch across India. Customer support is available through multiple channels to help resolve account or transaction related queries.
As the child grows, the guardian has full oversight of the financial learnings through this savings account. This helps cultivate a habit of responsible spending from a young age.
Fees and Charges
As with any savings Kotak 811 minor account, Kotak Bank also charges minimal fees for certain services on the minor’s account to cover operational expenses. The fees ensure account maintenance remains sustainable.
| Service | Charges |
| Account Maintenance Charges | Nil |
| Cash Deposits beyond 4 per month | Rs. 100 + GST |
| Account Statement Prints | Rs. 100 + GST |
| Cheque book Requests | Rs. 50 + GST |
| Interest Certificate | Rs. 100 + GST |
| ECS/SI Return | Rs. 150 + GST |
Documents Required
Opening a Kotak 811 minor account involves submitting certain key documents for identity and address proof. Having the following documents ready helps speed up the application process.
- Minor’s Aadhaar Card or Birth Certificate as proof of identity and age.
- Guardian’s photo ID proof like Aadhaar, PAN Card, Voter ID.
- Address proof of guardian like Aadhaar, Passport, Ration Card.
- Minor’s passport size photographs.
- Proof of relationship between minor and guardian like birth certificate.
- Initial deposit cheque or transaction slip if opening offline.
The above documents when submitted with a duly filled application form allow prompt processing and activation of the minor savings account. Digital copies may also be required if applying online.
Transaction limit of Kotak Minor Account
When opening a minor’s savings account, it is important to understand the transaction limits applicable on such Kotak bank minor accounts as per banking regulations.
- Withdrawals from ATM are allowed up to Rs.10,000/day within the overall limit of Rs.50,000/week.
- Daily purchase limit through debit card is Rs.10,000 within the weekly limit of Rs.50,000.
- Third party transactions through NEFT/RTGS or IMPS are not permitted.
- Only the guardian can initiate fund transfers from the minor’s account to other accounts.
- Monthly cash withdrawal limit from branch is Rs.50,000.
Kotak Minor Account opening Application Form
As the minor reaches certain age milestones, the transactions limit applicable on the savings account may require updates. Parents can visit the nearest Kotak Bank branch to process changes. All requests require the guardian and minor to be present along with valid ID and address proofs. The bank executive will verify documents and update KYC details in the system based on the minor’s current age and status.
A new ATM-cum-debit card may also be issued with revised daily, weekly and monthly transaction limits as per regulatory norms. For any other account related assistance, Kotak Bank’s customer support team can be contacted through phone banking or email. You can also check https://www.kotak.com/content/dam/Kotak/Customer-Service/Download-Forms/NRI-Banking/Accounts-Deposits/Saving-Accounts/minor-declaration-form.pdf to directly apply for a new Kotak minor account opening online and have it opened virtually within minutes.
Eligibility Criteria for Kotak Minor Account
Minor accounts allow parents to start investing and saving for their child’s future goals. Opening an account is straightforward if certain criteria are met.
- The minor must be between the age of 6 months to 18 years.
- Parent/guardian must be a resident Indian citizen.
- Documents required are address proof, identity proof of parent and minor’s birth certificate.
- Minimum initial deposit is Rs. 1,000 for opening the savings account.
- Parent or guardian acts as the account holder till the minor reaches 18 years of age.
- Maximum account balance allowed is Rs. 1 lakh for minor accounts.
- Transactions and operations in the account can only be done by the parent or guardian.
Final Word
A Kotak minor savings account allows parents to start investing small amounts regularly for their child’s long-term goals like education or marriage. The Kotak Mahindra bank minor account opening online application process is quick and convenient. Once opened, the account can be efficiently managed through Kotak net banking and mobile app. We hope this blog provided valuable insights on opening a minor account with Kotak Bank.
FAQs
Yes, Kotak Bank allows opening of savings account for minor children between 6 months to 18 years of age.
Most banks offer minor accounts with low minimum balance. Features offered may differ so check eligibility for opening with Kotak, SBI or HDFC Bank.
Yes, Kotak Mahindra bank minor account open online application process to open minor savings account through net banking or the Kotak mobile app for eligible applicants.
No, Kotak 811 account can only be opened by adults above the age of 18 years as per RBI guidelines for minor accounts.
As per banking rules, a minor account can be opened until the child attains age of 18 years, after which the account gets converted to a regular savings account.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
