Want to Open a zero-balance savings account with Kotak Mahindra Bank? Check out Kotak Mahindra Bank Savings Account Interest Rate, Minimum Balance, Account Types, Debit Cards, deposits, charges, features, zero balance account opening, benefits, limits, and More.
Kotak Mahindra Savings Account
Uday Kotak Found Kotak Mahindra Bank is an Indian private-sector bank that operates in the personal finance, investment banking, life insurance, and wealth management sectors. Kotak Mahindra Bank has a wide range of 1,780 branches and 2,964 ATMs. Kotak Mahindra Bank is India’s third largest private sector bank by market capitalization after HDFC Bank and ICICI Bank and provides premium personalized banking services.
Kotak Mahindra Bank has become a well-known name in the banking sector. Kotak Mahindra Bank Provides Services like Consumer & Commercial banking, Insurance, Credit cards, Mortgage loans, Investment & Asset Management, Mutual funds, Stockbroking, Home Loans, Business loans, Agri and Tractor Loans, Gold Loans Fixed and Recurring Deposits, etc.
Kotak Mahindra Bank offers 8 to 10 types of savings accounts to its customers. Also, Kotak Mahindra Bank’s savings account interest rate starts from 3.50% and goes up to 4.00%. This interest rate is a little bit higher than other banks. HDFC Bank provides 3.00% to 3.50% interest rate.
Kotak Mahindra Bank also provides a zero-balance savings account, in that you don’t need to maintain a minimum monthly average balance. The formula for calculating The Average Monthly Balance (AMB) is AMB = Sum of the closing balances of each day in the month ÷ The number of days in the month.
Also, Kotak Mahindra Group runs multiple subsidiaries like Kotak Mahindra General Insurance, Kotak Life Insurance, Kotak Mahindra AMC, Kotak Securities, and Kotak Mahindra Prime. As of February 2024, Kotak Mahindra Bank’s total market capitalization is $41.36 Billion, and the third-largest private sector bank.
So let us know from opening a savings account in Kotak Mahindra Bank to Digital Savings Account Types, zero balance account opening, Debit Card, Interest Rate, Minimum Balance, features, charges, benefits, limit, and account closure process.
Kotak Mahindra Bank Savings Account interest rate
Let us know what interest rate Kotak Mahindra Bank gives you for Savings Account. Kotak Mahindra Bank gives you interest ranging from 3.50% to 4.00% annually, this interest rate is based on the amount you deposited. Kotak Mahindra Bank provides interest quarterly. For more details, you can refer to the table given below.
| Balance | Rate of Interest (2024) |
| Deposits Less Than Rs.50 lakh | 3.50% p.a |
| Deposits Rs.50 lakh and above | 4.00% p.a |
Kotak Mahindra Bank zero balance Savings Account
Kotak 811 and Kotak 811 Edge Digital Bank Account is a zero-balance account and you don’t need to maintain a Monthly Average Balance. Get a 3.50% to 4.00% Interest Rate Per Annum with quarterly pay, Internet Banking, email statements, and more. For more details check out account types.
1. Kotak 811 Digital Bank Account
Kotak Mahindra Bank 811 Digital Bank Account is a zero balance account that brings the complete digital banking ecosystem to your mobile and opens in less than 5 minutes. This Savings Account also provides Free UPI, NEFT & RTGS transactions, and a Free Virtual Debit Card but there are some limitations. this account is perfect for students and middle-class people.
Features: Internet Banking, Free UPI, NEFT & RTGS transactions, virtual Debit Card.
Eligibility: Citizen of India, The applicant should be 18 years or older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Free Virtual Debit Card (Free), (Physical Debit Card Charges – Rs 199 p.a.)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: Nil charges for 1 Transaction (Deposit/withdrawal) / month up to Rs. 10,000 (whichever is earlier). Thereafter, charged at Rs. 4.5 / 1000 with a minimum of Rs. 50.
2. Kotak 811 Edge Digital Bank Account
Kotak Mahindra Bank 811 Edge Digital Bank Account is not a zero balance account, you need to maintain an Average Monthly Balance of Rs. 10,000. This Savings Account also provides Free UPI, NEFT & RTGS transactions, and a Physical Platinum Chip Debit Card.
Features: Internet Banking, Free UPI, NEFT & RTGS transactions, Physical Platinum Chip Debit Card.
Eligibility: Citizen of India, The applicant should be 18 years or older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: 10,000.
Debit Card: Physical Platinum Chip Debit Card (Charges – Rs 150 p.a.)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: Free up to Rs. 2 lakh or 4 transactions a month. Thereafter, charged at Rs. 4.5/1000 (min. Rs. 150)
Kotak Mahindra Bank Savings Account types
Kotak Mahindra Bank offers 8 to 10 types of savings accounts like Kotak 811 Digital Bank Account, Kotak 811 Edge Digital Bank Account, Edge Savings Account, The Savings Account for Kids, My Family Savings Account, Classic Savings Account, Pro Savings Account, Sanman Savings Account, Ace Savings Account, Grand Savings Account, Nova Savings Account, Silk Women’s Savings Account, etc. for customers.
Let’s get details on Kotak Mahindra Bank’s savings accounts Features, Eligibility, Minimum Balance, Interest Rate, and other requirements.
1. Sankalp Savings Account
Kotak Mahindra Bank’s Sankalp Savings Account is designed to meet the financial needs of Emerging India with a 3.50 to 4.00% interest rate. This savings account comes with low maintenance fees, NetBanking, Mobile Banking, Debit Card, and many more benefits.
Features: Internet Banking, Mobile Banking, deposit or withdraw charge-free cash up to Rs. 24 lakhs per annum, Attractive Interest Rates, Special Pricing on Loans, Pay shop more debit cards.
Eligibility: Citizen of India, The applicant should be 18 years or older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs.2,500.
Debit Card: Payshopmore Debit Card
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: Cash deposits and withdrawals are Nil up to 24,00,000/ year. Post these limits, charged at Rs 4.5 / 1000 (Minimum Rs. 150).
2. Ace Savings Account
Kotak Mahindra Bank’s Ace Savings Account is designed to give you additional Premium advantages and banking benefits with a Rs. 50,000 average monthly balance. This power-packed savings account comes with Internet Banking, a Free passbook, email statements, digital banking, and Platinum International Debit Card facilities.
Features: Internet Banking, Mobile Banking, Free UPI, NEFT & RTGS transactions, Free passbook, Free multi-city cheque books, Free Demand Drafts, email statements.
Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs. 50,000.
Debit Card: Platinum International Debit Card (Issuance Fee: Free)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: Basic fees like Non-Maintenance Charges, DD/Chequebook charges, cash transaction/withdrawal charges, and branch request charges.
3. My Family Savings Account
Kotak Mahindra Bank My Family Savings Account comes with more exclusive benefits for the entire family. This account offers you higher interest rates up to 4.00% Per Annum, Debit Cards, and family-centric benefits and features. My Family Savings Programme is offered for 2, 3, 4, and 6 Members with a Pro Savings Account.
Features: Internet Banking, Home Banking, free monthly e-statement, Mobile Banking, Free UPI, NEFT & RTGS transactions, Free cheque books, passbook, Free ATM usage for Pro and Ace savings account holders, Debit card is available for kids above 10 years.
Eligibility: Citizen of India, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Required.
Debit Card: Classic or Platinum Debit Card
Interest Rate: Up to 4.00% Per Annum.
Limits: Minimum 2 accounts are required to start My Family Savings Account, Monthly withdrawal limit: Rs. 2 lakh per month, ATM Daily cash withdrawal limit: Rs. 25,000.
4. Edge Savings Account
Kotak Mahindra Bank’s Edge Savings Account provides regular and privileged services. This account comes with features like free access to all domestic VISA ATMs, Free NEFT transactions from your phone, and Digital banking.
Features: Free UPI, RTGS, NEFT Transaction, Free Phone Banking, Net Banking and Mobile Banking, ActivMoney Facility, 25 free cheque leaves per Year.
Eligibility: Citizen of India, Hindu Undivided Families (HUFs), KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: ₹10,000.
Debit Card: Classic Debit Card
Interest Rate: up to 3.50% Per Annum.
Limits: ATM Withdrawal Limit Rs. 50,000, Daily Purchase Limit Rs.1.5 lakh, 5 free transactions per month in other bank ATMs.
5. Pro Savings Account
Kotak Mahindra Bank’s Pro Savings Account comes with higher interest rates, premium banking services, a Home Banking Facility, online banking services, a Platinum International Chip Debit Card, Free access to all domestic VISA ATMs, and exclusive benefits.
Features: Internet Banking, Free cheque books, Free access to all domestic VISA ATMs, Free cash withdrawals at other domestic ATMs, Free Home Banking Facility, Free Demand Drafts of up to Rs 1 lac per month, Free UPI, RTGS, NEFT Transaction.
Eligibility: Citizen of India, The applicant should be 18 years or under age, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs.20,000.
Debit Card: Platinum International Chip Debit Card (Issuance Fee: ₹0)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: ATM Withdrawal Limit Rs. 50,000, Daily Purchase Limit Rs. 2 lakh.
Read More: Axis Bank Savings Account Types, Interest Rate, Minimum Balance & More
6. Classic Savings Account
Kotak Mahindra Bank Classic Savings Account is designed with the benefit of great features. This Savings Account also provides Free UPI, NEFT & RTGS transactions, a Free Platinum International Chip Debit Card, Free cash withdrawals at other domestic ATMs, and priority service from your Relationship Manager.
Features: Free Internet Banking, Free Platinum International Chip Debit Card, Free passbook, Unlimited ATM Transactions at Kotak Mahindra Bank ATMs, Free UPI, NEFT & RTGS transactions, Free Demand Drafts up to Rs.1 lakh per month, Free cash pick-up/delivery, ActivMoney Facility.
Eligibility: Citizen of India, The applicant should be 18 years or above, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs. 10,000.
Debit Card: Free Classic Debit Card, Platinum International Chip Debit Card (Issuance Fee: ₹0)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: ATM Withdrawal Limit Rs. 50,000, Daily Purchase Limit Rs.1.5 lakh, Classic Savings Account is available in Semi-urban/rural branches only.
7. Nova Savings Account
Lets you manage all your financial needs anytime with Kotak Mahindra Bank Nova Savings Account with an Interest Rate of 3.50% to 4.00% Per Annum. This Savings Account comes with Free UPI, NEFT & RTGS transactions, a Classic Debit Card, Unlimited ATM Transactions, and 25 free cheque leaves per Year.
Features: Internet Banking, Unlimited ATM Transactions at Kotak Mahindra Bank ATMs, Free Demand Drafts at Kotak Mahindra Bank, Free UPI, NEFT & RTGS transactions, Classic Debit Card, 25 free cheque leaves per Year.
Eligibility: Citizen of India, The applicant should be 18 years or above, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs. 5,000.
Debit Card: Classic Debit Card
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: For withdraws from other domestic ATMs there are Nil Charges up to 3 to 5 Txn per month thereafter Rs. 21 per cash withdrawal & Rs. 8.5 per Non-Financial Txns, Non-Maintenance Charges, cash transaction/withdrawal charges, DD/Chequebook charges.
8. Silk Women Savings Account
Kotak Mahindra Bank Silk Women Savings Account is specially designed for women with the best of offers in finance, dining, health, and lifestyle, empowering them to do more. This Savings Account also provides Free UPI, NEFT & RTGS transactions, Personal Accidental Death Cover-Up to Rs. 15 Lakhs, and a Kotak Silk Debit Card with a lot more offers.
Features: Internet Banking, Personal Accidental Death Cover-Up to Rs. 15 Lakhs, Free 25 cheque leaves, Unlimited ATM Transactions at Kotak Mahindra Bank ATMs, Free UPI, NEFT & RTGS transactions, Kotak ActivMoney facility.
Eligibility: Citizen of India, Women only, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Kotak Silk Debit Card (Issuance Fee: ₹0)
Interest Rate: 3.50% to 4.00% Per Annum.
Limits: ATM Withdrawal limit of Rs. 40,000 Domestic, Rs. 50,000 International, daily purchase limit of Rs. 2,00,000.
9. Junior Kids Savings Account
Kotak Mahindra Bank Junior Kids Savings Account is designed for children to teach the benefits of saving. This Savings Account needs to be operated jointly by the guardians/parents. parents should open this account for their child’s bright future. This account comes with features like a Personalized Debit card, exclusive offers, and discounts on dining, edutainment, and shopping.
Features: Free Personalized Junior Debit Card, exclusive offers, and discounts on dining, edutainment, and shopping.
Eligibility: Citizen of India, Kids only, The applicant should be below 18 years, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Personalized Junior Debit Card (Debit Cards will be issued to children above 10 years old)
Interest Rate: Up to 3.50% Per Annum.
Limits: Daily ATM cash withdrawal limit of Rs. 5,000, This account needs to be operated jointly by the guardians/parents.
10. Grand Savings Account
Kotak Mahindra Bank Grand Savings Account is designed for 55-year-old senior citizens with attractive interest rates. This Savings Account also provides priority service at branches, home-banking facilities, overdraft facilities, SMS callback, health care benefits, and more.
Features: Internet Banking, Home Banking, Kotak ActivMoney, Debit Card, Easy Bill Payment, Overdraft facility, Net Banking and Mobile Banking, SMS callback, Free UPI, NEFT & RTGS transactions, and health care benefits.
Eligibility: Citizen of India, The applicant should be 55 years or above, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Required.
Debit Card: Kotak Aqua Dredit Card (Issuance Fee: ₹0)
Interest Rate: 3.50% to 4.00% Per Annum.
Kotak Mahindra Bank Savings Account minimum balance
Kotak Mahindra Bank has many types of Savings Accounts and they all have different Minimum Monthly Average balances. But generally, The minimum balance amount ranges from as low as Rs.2,500 to Rs.50,000/- depending on account type. But there is a zero-balance Kotak 811 Digital Bank Account in which you don’t need to maintain a Monthly average balance.
Kotak Mahindra Bank Savings Account features
Kotak Mahindra Bank has some Premium features for Savings Accounts that can increase seamless banking experience.
- Kotak Mahindra Bank provides A secure and complete banking solution.
- Free Net Banking and Mobile Banking.
- You will receive a high-interest rate of up to 4.00% p.a.
- A low opening deposit and minimum Monthly Average Balance.
- Widest ATM networks across the country.
- Utility bills can be scheduled and paid automatically.
- Debit and credit cards are offered at no cost.
- Men, Women, senior citizens, and children can own accounts.
- Enjoy seamless banking transactions anywhere in the world.
- Discounts and Rewards on online shopping, cinema tickets, food, and travel.
Document Required for Open Saving Account in Kotak Mahindra Bank
If you are a citizen of India, 18 years or above, Minors above 10 years are also eligible, Hindu undivided family (HUF), or Foreign Nationals Residing in India, then you can open a savings account in Kotak Mahindra Bank. But for this, you need KYC documents and address proof for account opening.
But if you want to Open a Digital Account like a Kotak 811 Digital Bank Account, then you only need PAN Card and an Aadhaar card with a registered mobile number, That’s it.
Required Document for Open Saving Account:
- Latest passport-size photographs
- Identity Proof – Driving License, Passport, Voter’s ID, Aadhaar Card
- Address Proof – Passport, Driving License, Voter’s ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook
- Signature Proof – PAN Card, Driving License, Passport
*Original for verification and self-attested copies for submission.
Kotak Mahindra Bank Savings Account Opening Process
You can open a savings account in Kotak Mahindra Bank via offline or online mode. You can go to the nearest Kotak Mahindra Bank branch or just request to open the Kotak Mahindra savings account or go to a web portal or App to open your savings account.
Open a Kotak Mahindra savings account online:
- You can go on the Kotak Mahindra Bank web portal.
- choose an account type and click on ‘Open Online’.
- Submit your details like name, address, phone number, Aadhaar number, PAN, Branch, city, etc.
- Complete your KYC through your Kotak branch and you will have instant access to your bank account.
Kotak Mahindra Bank Savings Account Opening Offline:
- Just Visit the branch of Kotak Mahindra Bank.
- Fill out the opening form, Attach your identity proof and address documents, and deposit the minimum amount.
- Verify your documents, and your account will be activated.
Read More: Bank of Baroda (BOB) Savings Account Opening, Interest Rate, Minimum Balance, Charges
Kotak Mahindra Bank Savings Account statement
It is time to move on to E-Statement, Kotak Mahindra Bank’s new and existing users can easily download e-statements online.
Bank’s Web Portal:
- Just log in to Kotak Mahindra Bank’s net banking portal.
- Select Statements under Services.
- Select the correct account.
- Select Account Statement and Choose a date range.
- Choose the .pdf file format and ‘Download’.
On Mobile App:
- Log in to Mobile Banking.
- Go to the Banking Section.
- Select Account Statement and Choose a date range.
- Click on ‘Download’.
Kotak Mahindra Bank Savings Account closure form
Yes, you can close a Kotak Mahindra Bank account offline. For account closure, You must Submit the physical form request at your nearest branch along with the Debit Card, Passbook, and any remaining cheques to finalize the process.
If you close your Kotak Mahindra Bank Account between 1 to 6 months then you should pay the Charges of Account closure. But, if an account is closed after 6 months or within 1 month of account opening, then you don’t need to pay any charges.
Here are the Savings Account Closure Charges:
- Up to 1 Month – No Charge
- 1 to 6 months – ₹ 500/-
- Beyond 6 months – No Charge.
Kotak Mahindra Bank Savings Account charges
Kotak Mahindra Bank is operating in the private sector. To maintain their services they need to cut healthy charges from customers. Please read the Pricing & Charge documents carefully before opening an account in a bank.
| Charges | Prices |
| Non-Maintenance Charge (Monthly Charges) | 6% of the shortfall in required AMB per month |
| Debit card issuance charges | ₹100 – 199 |
| Debit Card Charges | Rs. 0 – Rs. 750 |
| Account Closure charges | Rs.500 (if closed after 1 month & before 6 months of A/C opening) |
* These charges may be different with time.
Read More: ICICI Bank Savings Account Opening, Interest Rate, Minimum Balance, types, Charges
Services Provide By Kotak Mahindra Bank
Kotak Mahindra Bank Provides Services like Consumer & Commercial banking, Salary Accounts, Insurance, Credit cards, Mortgage loans, Investment & Asset Management, Mutual funds, Stockbroking, Home Loans, Business loans, Agri and Tractor Loans, Gold Loans Fixed and Recurring Deposits, etc.
For More Info: Kotak Mahindra Bank
FAQs
Is there a minimum balance requirement for opening a Savings Account in Kotak Mahindra Bank?
Yes, Kotak Mahindra Bank Savings Accounts have different Minimum Monthly average balances between Rs.2,000 to Rs.50,000 excluding zero-balance savings accounts.
What is the Kotak Mahindra Bank Savings Account’s interest rate?
The Kotak Mahindra Bank Savings Accounts gives a 3.50% to 4.00% interest rate based on the amount you deposited. Kotak Mahindra Bank provides interest quarterly.
What is the minimum balance requirement for a Kotak Mahindra Bank Zero Balance Savings Account?
You don’t need to pay the Initial funding or maintain an average minimum balance for Kotak Mahindra Bank Zero Balance Savings Account. Otherwise, the minimum balance amount is between Rs.2,000 to Rs.50,000.
What types of Savings Accounts are offered by Kotak Mahindra Bank?
Kotak Mahindra Bank offers Kotak 811 & Edge Digital Bank Account, Edge Savings Account, Classic Savings Account, Pro Savings Account, Sanman Savings Account, Ace Savings Account, The Savings Account for Kids, My Family Savings Account, Grand Savings Account, Nova Savings Account, Silk Women’s Savings Account, etc.
What is the age limit to open the Grand Savings Accounts?
To apply for the Grand Savings Account or Senior Citizens Savings Account, the applicant must be at least 55 years old or above.
Which bank is better hdfc or icici or Kotak Mahindra for a savings account?
HDFC Bank is the best choice for opening a savings account. HDFC Bank has maintained and enhanced accessibility to banking services. However, Kotak Mahindra Bank has issues with its servers and banking services. Also, ICICI Bank has the poorest customer support. Overall, HDFC Bank wins.
What is the withdrawal limit of Silk Women’s Savings Account in Kotak Mahindra Bank?
The Silk Women’s Savings Account has a daily Domestic ATM withdrawal limit of Rs. 40,000 and International Rs. 50,000.