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Kotak Bank Savings Account

Updated on June 12, 2024 , 19978 views

Kotak Mahindra Bank is one of India's leading banking and financial services group that offer a wide Range of financial products and services that helps us create a strong financial backbone. In 2003, Kotak became the first non-banking finance company to convert into a bank.

Kotak Bank Savings Account is one of the most famous services offered by the bank. It helps you realise your Financial goals, and therefore makes an easy savings plan. If you are planning to open one, then there is an array of savings account to choose from. Let's take a look!

Kotak Bank

Types of Kotak Bank Savings Account

Sanman Savings Account

The main idea behind the Sanman Savings Account is to give faster and secure access to all your banking needs. The account comes with low maintenance fees, and you are also eligible to access all domestic Visa ATMs, transfer funds, etc. You can easily maintain an average quarterly balance of Rs 2,000.

The daily cash withdrawal limit is about Rs. 50,000, while the daily purchase limit is Rs. 1.5 lakh.

Grand-Savings Account

Kotak offers a plethora of benefits to make lives of senior citizen comfortable. You can avail these benefits right when you turn 55. In this account, you get a customised cash delivery. The bank branches provide priority service and first aid card on preference. The Debit Card offered with this account gives you purchase protection up to Rs. 1 Lakh on all consumer durable goods purchased.

Ace Savings Account

This Kotak Bank savings account is designed to give you additional banking benefits, all without any extra premium. You can avail a discount of 25% on the issuance of the Best Compliments Card (Gift cards). Some of the other benefits are - no annual maintenance charges on your Demat account for the first year, free multi-city cheque books (at par cheque books), 15% discount on locker rent, etc.

While operating the account, you need to maintain an average monthly balance (AMB) of Rs. 50,000.

Edge Savings Account

This account converts savings account balance into term deposits above a certain amount. Edge savings account gives you a free classic debit card free of cost with a daily purchase limit of Rs. 1.5 lakh and withdrawal limit of Rs. 50,000.

The account offers free phone banking, net banking (including NEFT) and mobile banking. An maintenance of an average monthly balance of Rs.10, 000 is a must.

Pro Savings Account

This account offers premium banking services along with multiple benefits, such as free home banking facilities & digital banking service, higher withdrawals, etc. You will also get a platinum chip card with a daily withdrawal limit of Rs. 50,000 and daily purchase limit of Rs. 2 lakh.

Classic Savings Account

The Classic Savings Account is dedicated for semi urban and rural locations. It offers you to earn interest on your savings account balance. The account allows free cash withdrawals from any Kotak Bank branch and other domestic ATMs across India. With the classic debit card, you can make daily purchases of up to Rs.1.5 lakh and withdraw up to Rs. 50,000.

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Nova Savings Account

This savings account is a unique account that lets you manage all your financial needs anytime. You can get a free classic debit card with a daily purchase limit of Rs. 1.5 lakh and withdrawal limit of Rs.50,000. The withdrawal is free at all Kotak Mahindra Bank ATMs in India. While operating the account, you must maintain an average monthly balance of Rs.5,000.

Silk Woman Saving Account

To apply for this account, you should belong to any one of the below mentioned categories:

  • Resident Indian Woman (Sole or Joint Account)
  • Above 18 years of age

Silk Woman Saving Account helps you to enjoy simple, fast and hassle-free online bill payments. You can experience lifestyle benefits, privileges, special offers and cashback on the Silk debit card. Above all advantages, get a discount of 35% for the first year on locker rent.

Junior- The Savings Account for Kids

This savings account is specifically designed to guide your children towards the importance of saving, while providing a host of privileges across edutainment, dining and shopping on kids’ brands..

The account offers a personalised junior debit card along with zero balance benefit.

811 Digital Bank Account

Kotak 811 is a Zero Balance Savings Account. You can instantly open this account with aadhaar card. Also, the debit card is a virtual card. You can check the card details within the safety of your APP and use it to make online payments, etc.

811 Edge Digital Bank Account

This account is a full service digital banking ecosystem on mobile designed for ease of use. 811 Edge offers a complete digital and paperless account opening experience. While paying for in store purchases, you can use the Scan & Pay method.

Alpha Savings Account

Alpha is a savings cum investment programme designed to make regular savings easy. Through this account, you can invest in NPS, RD, FD, Mutual Funds, etc., all in one place. This Kotak Savings account also offers 25% discount on locker rent.

My Family Savings Account

This account brings the entire family’s banking needs under one account. It allows every family member to avail exclusive family-centric benefits. You can enjoy services like - cash pick-up and delivery, cheque delivery, etc. from home, free ATM usage for Pro and Ace savings account holders, Classic or Platinum Debit Card^3 with higher withdrawal limits and attractive offers, etc.

Steps to Open Kotak Bank Savings Account

The applicant should submit a duly filled form of account opening. While submitting the form, you need to provide documents as an act of proof, such as passport, driving licence, Voter ID, PAN Card, Form 16 along with two latest passport size photographs.

Upon submission, the bank executive will verify your details. After this step, the applicant needs to make an initial deposit depending on the type of savings account.

Once the deposit is made, the bank executive will hand over the debit card and other relevant documents with regards to the savings account.

Eligibility Criteria to Open a Savings Account with Kotak Mahindra

Customers should meet the following criteria to open a savings account with the Kotak bank-

  • The person should be a citizen of India.
  • The individual should be 18 years of age or above except in case of a minor savings account.
  • The customers need to submit valid identity and address proof to the bank that is Government approved.
  • Once the bank approves the submitted documents, the applicant will have to make an initial deposit depending upon the type of the savings account.

Kotak Savings Bank Account Customer Care

For any query or doubt related to any type of savings bank account, you can Call on the toll free number- 1860 266 2666

Conclusion

Kotak Mahindra Bank caters to all the age groups thereby a child, a teenager and young adult all can have a savings bank account. So, what are you waiting for? Just choose an account that suits the best and become the account holder with Kotak.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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