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Welcome to comprehensive range of Savings Accounts, where we prioritize the significance of financial growth. Our flexible and rewarding Savings Bank Accounts cater to your unique needs, providing a convenient way to save for the future.Benefit from earning interest on your deposits, exclusive everyday offers, fee-free ATM cash withdrawals at Kotak ATMs, net banking facilities, and more.Whether you're saving for a dream vacation, your child's education, or building a safety net, our Savings Account has you covered.Open savings account online and embark on your financial journey effortlessly. Experience the convenience of applying from home and take the first step toward achieving your goals today!
Apart from regular features and offers like cashbacks and discounts, Kotak Bank have also come up with special savings account programmes designed specifically for women, children, senior citizens, working professionals and for the entire family. Please provide us with a few details related to your requirements so that we can find the most suitable savings account to meet your banking needs.
Sankalp Savings Account
Complimentary Talk time offer from Jio
Terms & Conditions apply
EveryDay Savings Account
Ace Savings Account
Pro Savings Account
Edge Savings Account
Silk Savings Programme
Grand - Savings Programme
Nova Savings Account
(Available only in semi urban and rural locations)
Platina Savings Account (Discontinued)
Jifi (Discontinued)
How to Open New Bank Account
Step 1: Contact Details with your Aadhaar Linked Mobile Number
Step 2: PAN and Aadhaar Details, OTP verification on Aadhaar linked mobile number
Step 3: Mandatory Profile Information
Step 4: Declarations and Consent
Step 5: Initial Funding
Step 6: MPIN Setup (for Mobile Banking)
Step 7: Video KYC
| Savings Bank A/c | ||
|---|---|---|
| Nature | Rate of Interest | |
| For balances upto Rs. 50 lakhs | For balances above Rs. 50 lakhs | |
| A. Domestic (W.e.f. June 13, 2022) | 3.50% p.a. |
4% p.a. |
| B. Non Resident (NRE/NRO) | 3.50% p.a. |
3.50% p.a. |
| With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year. Note : p.a. is "per annum" | ||
The bank offers floating rate linked savings deposit. For details, please click here, or contact your branch/relationship manager.
Kotak Mahindra Bank is registered with DICGC (DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION), know more.
HelpCenter
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How can opening a kid's savings account help you avail tax benefits?
Banking on Love - Here's Why a Joint Account for Couples Is a Prudent Choice (Meaning, Benefits, Drawbacks, Steps to Open One with Kotak)
How to save money for travel
Note
W.e.f. Jun 13, 2022, daily balances in Savings Account above Rs. 50 lakhs will earn 4% interest p.a. Daily balances in Savings Account up to Rs. 50 lakhs will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Account
For Terms & Conditions of the Times Prime offer, click here
A Savings account is a bank deposit account that offers interest on the balance kept in the account.
Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.
Please refer the following illustration for the calculation of AMB.
Sample Bank Statement:
Sr. no. |
Date |
Narration |
Withdrawal |
Deposit |
Closing balance |
1 |
January 1st, 2012 |
Opening Balance |
|
|
Rs. 10,000/- |
2 |
January 10th, 2012 |
ECS Credit-VD |
|
Rs. 10,000/- |
Rs. 20,000/- |
3 |
January 16th, 2012 |
Cash Withdrawal |
Rs. 5,000/- |
|
Rs. 15,000/- |
4 |
January 25th, 2012 |
Cheque Deposit- MICR Clearing |
|
Rs. 20,000/- |
Rs. 35,000/- |
5 |
January 28th, 2012 |
HPCL Petrol Pump POS 43860000000012 |
Rs. 1,000/- |
|
Rs. 34,000/- |
6 |
January 30th, 2012 |
Cash Deposit Mumbai |
|
Rs. 9,000/- |
Rs. 43,000/- |
7 |
January 31st , 2012 |
Funds Transfer |
Rs. 25,000/- |
|
Rs. 18,000/- |
AMB Calculation:
Sr. No. |
Time Period |
Calculation |
Amount (Rs.) |
1 |
EOD Balance from January 1st, 2012 to January 9th, 2012 |
Rs. 10,000/- x 9 |
Rs. 90,000/- |
2 |
EOD Balance from January 10th, 2012 to January 15th, 2012 |
Rs. 20,000/- x 6 |
Rs. 1,20,000/- |
3 |
EOD Balance from January 16th, 2012 to January 24th, 2012 |
Rs. 15,000/- x 9 |
Rs. 1,35,000/- |
4 |
EOD Balance from January 25th, 2012 to January 27th, 2012 |
Rs. 35,000/- x 3 |
Rs. 1,05,000/- |
5 |
EOD Balance from January 28th, 2012 to January 29th, 2012 |
Rs. 34,000/- x 2 |
Rs. 68,000/- |
6 |
EOD Balance for January 30th, 2012 |
Rs. 43,000/- x 1 |
Rs. 43,000/- |
7 |
EOD Balance for January 31st , 2012 |
Rs. 18,000/- x 1 |
Rs. 18,000/- |
|
Total EOD balances for the month January 2012 |
|
Rs. 5,79,000/- |
|
Divide by the no. of days in the month |
|
31 |
|
Average Monthly Balance (AMB) |
|
Rs. 18677.42/- |
The minimum balance requirement or the average monthly balance (AMB) for a savings account varies with the type of Savings Account variant selected by the customer.
Banks across the country are offering Savings account catering to the needs of different customer segments. Here are the types of Savings account available for the customers to choose from
Regular Savings Account – This is the basic type of Savings accounts which comes with min balance requirement and daily limits on withdrawals
Women’s Savings Account – Designed specifically to cater to the needs of women, this account offers discounts on various banking products, cashback and other benefits on shopping/transactions. Since it’s a customized version of Regular account, it also has min balance requirement.
Kids’ Savings Account – This account is specifically designed to teach your children the benefits of saving, while also providing a host of privileges across dining, edutainment and shopping on kids’ brands.
Senior Citizen Savings Account – Crafted with utmost care to offer preferred banking services and products to the senior citizens. It comes with offerings such as priority service at branches, home-banking facilities, cashbacks, discounts on locker rentals, overdraft facilities, health care benefits and more
Family Savings Account – This brings the entire family’s banking needs under one account, allowing everyone to avail exclusive family-centric benefits and features, and make the most of their banking experience together
Salary Account – This account provides a plethora of benefits and privileges, all tailored to meet the financial needs of a salaried professional
Average monthly balance is the average of all the closing-day balances in a given month.
AMB = (Sum of closing balances of all days)/(number of days in a month)
Yes, the holding pattern in a linked fixed deposit and a savings account can be different.
Pan card is mandatory to open a Savings account if annual income is more than 5L. For cases with income less than 5L, the accounts can be opened with Form 60 as well.
The Kotak Mahindra Grand (Senior Citizen) Savings Account is crafted with utmost care for the golden years of your life.
Zero balance savings account facility is available only for Salary account holders, general savings accounts have e minimum balance requirement.
Below are the different ways of transferring money from one Savings account to another
You can view/update your Nominee on your account by following steps:
On Mobile Banking
1. Go to Service Request
2. Profile -> Nomination Update
On Net Banking
1. Go to Banking
2. Service Requests > New Service Request
3. Nomination Update
You can also raise a service request to update your nomination in bank account. The request can be raised on the below link using Phone Number & DOB or CRN.
https://forms.kotak.com/content/forms/af/kotakforms/nomination-update.html
Cash/Cheque can be deposited in Savings Account by visiting a bank branch and submit the deposit slip along with the Cash or Cheque.
