Frequently Asked Questions


Can I open a DEMAT Account with my Savings Account?

Yes. Kotak offers a 3-in-1 account called 'Trinity''. It includes : Kotak Bank Savings Account + Kotak Securities Demat Account + Kotak Securities Trading Account

At what rate will I earn interest on the balance in my Savings Account?

Prevailing Savings account interest rate on the daily balances is as follows : 

Click here to check the prevailing Saving account interest rate on the daily balances is as follows

What is Savings Account?

A Savings account is a bank deposit account that offers interest on the balance kept in the account. It allows you to secure or withdraw money when the need arises. Banks now a days are offering different types of accounts to cater to the needs of various customer segments with specific benefits and offers. From senior citizens to kids, there is a proposition for everyone.

When is the interest earned on my saving account deposited/credited into my account?

Interest will be credited in the savings account on quarterly basis.

Is PAN card compulsory to open a savings account?

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.

How do I choose the best Savings Account for me?

Here are some of the points you need to consider while choosing a Savings Bank account –

  • Minimum balance requirement
  • Ease of online access – mobile/net banking
  • Debit card deals
  • ATM and branch presence/network
  • Transaction or service charges

What are the various types of Savings accounts?

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 AccountDesigned 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 AccountThis 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 AccountCrafted 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 AccountThis 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

What are the various types of Savings accounts? Are there any restrictions with regards to age, income etc. for opening a basic Savings Account by banks for individuals?

There are no restrictions like age and income criteria of the individual for opening a Basic Savings Account.

When does a savings account become dormant?

A Savings Account is treated as dormant if there are no transactions in the account for over a period of two years.

How do I approach Kotak Bank to open a Savings Account?

You can open a Savings Account in two ways :

Apply in person, at the branch You need to visit a nearest branch with your KYC documents and place the request for account opening. Branch staff will assist you with the process

Apply online – You can apply for a savings account online through the bank’s website by submitting your KYC and other basic details. 

What are the benefits offered by senior citizens savings account?

The Kotak Mahindra Grand (Senior Citizen) Savings Account is crafted with utmost care for the golden years of your life. Built with offerings such as priority service at branches, home-banking facilities, cashback up to Rs. 4,500 p.a., discounts on locker rentals, overdraft facilities, health care benefits and more, the Grand Saving Account ensures to make life comfortable as soon as you turn 55 years old.

How is the average monthly balance calculated?

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)

How do I activate a ‘Dormant’ Savings Account?

To reactivate the dormant Savings account, you need to visit the nearest branch with relevant KYC documents such as, address/photo and signature proof originals and self-attested copies. This will take up to 7 working days from the date you placed a request at the branch.

How do I deposit money into my savings account?

Cash/Cheque can be deposited in Savings Account by visiting a bank branch and submit the deposit slip along with the Cash or Cheque. You can also deposit Cash or cheque into your Savings account through an ATM.

What are the different ways I can transfer money from one savings account to another?

Below are the different ways of transferring money from one Savings account to another –

  • NEFT
  • RTGS
  • IMPS
  • UPI

How do I use a mobile app to access my account?

Registering on the Kotak Mobile Banking App is very simple.

1. Download Kotak Bank app from Google Play Store/Apple App Store/Windows Store/Blackberry World on your smartphone
2. Login with your Customer Relationship Number (CRN). You can find your CRN from your Debit/Credit card.
3. Authenticate using your Debit/Credit Card details or Net Banking password
4. Set a 6-digit MPIN
5. Enter the activation code sent to your registered mobile number to complete the registration process and experience the convenience of mobile banking on your mobile phone with ease.