Kotak Savings Account

Kotak Mahindra Savings Account Interest Rate

Kotak Bank offers its customers the following interest rates on savings accounts:

Note: The Kotak interest rates are subject to change.

Types of Savings Accounts in Kotak Mahindra Bank

Kotak Mahindra offers various types of savings accounts to meet their various needs.

1. Everyday Savings Account

   A smart savings account under which you can save your money and also get amazing offers on deals with leading brands.

   • Savor special offers and discounts on brands like Zomato, BookMyShow, MakeMyTrip, etc.

   • Avail gift vouchers of ₹250 on birthdays or anniversaries with the bank.

   • Favorable insurance covers.

   • ATM maximum withdrawal amount up to ₹1,00,000.

2. 811 Digital Bank Account

   An online savings account that enables you to easily manage your savings through internet and mobile banking features.

   • Zero balance digital savings account.

   • Zero annual charges.

   • Free virtual debit card.

   • No penalties for not maintaining a minimum balance.

   • Easy funds transfer through NEFT, RTGS, or IMPS.

3. 811 Edge Digital Bank Accounts

   A digital bank account that offers an interest rate of up to 4% p.a.

   • Average Monthly Balance: ₹10,000.

   • Exclusive platinum chip debit card for ₹199 only.

   • Fund transfers through NEFT, RTGS, or IMPS.

   • 25 cheque leaves per quarter.

4. Grand Savings Account

   A bank account designed to make the banking experience of Indian citizens aged 55 years and above comfortable and convenient.

   • FD-like interest rate up to 7% p.a.

   • Cash pickup/delivery service.

   • AutoPay and pay bills facility directly from the account.

   • Non-maintenance charge waiver.

5. Silk Savings Account

   This savings account is designed to provide the best banking facilities to women.

   • Provides amazing offers in finance, health, lifestyle, etc., to empower women.

   • Offers on deals with popular brands through the Silk Platinum Debit Card.

   • Rewards on purchases through the Platinum Debit Card.

   • Earn more: FD-like rates on your savings.

6. Junior Savings Account

   This is a special savings account designed for children in order to build the habit of savings in these young minds.

   • Offers multiple privileges, including edutainment and shopping.

   • Operated jointly by parents or guardians.

   • Up to 3.5% interest rate on savings.

   • Debit card facility available.

7. Civil Pension Account

   An advanced savings account that caters to the needs of Central Government pensioners.

   • Designed for civil pensioners above the age of 55.

   • Pensions credited directly into savings accounts.

   • Enjoy a waiver on the non-maintenance charge.

   

8. My Family Savings Account

   This is a joint savings account that enables families to manage their basic banking needs under one primary account.

   • 2, 3, 4, and/or 6 members can utilize one account.

   • Cash pick-up and delivery services.

   • Pro and Ace savings account holders can avail the free ATM usage service.

   • Net Banking and Mobile Banking app options available.

9. Sankalp Savings Account

   The Sankalp Savings Account is specially designed to meet the needs of emerging India.

   • Greater cash deposit/withdrawal facility.

   • Low maintenance fee.

   • Average quarterly balance is ₹2,500 and ₹5,000 for rural and semi-urban areas, respectively.

   A "classic savings account" is a basic savings account offering standard banking features like earning interest on deposits, easy access to funds, and often a debit card for transactions. These accounts are for general savings and everyday banking needs.

10. Classic Savings Account

    This is a basic savings account, designed to cater your general savings and day-to-day banking needs.

    • Comfortable balance requirement.

    • Relationship manager who prioritizes your needs first.

    • Average monthly balance: ₹10,000.

    • Zero-cost cash withdrawals at other domestic ATMs.

11. Pro Savings Account

    A Pro Savings Account that offers special benefits to its customers so that they get an unmatched banking experience.

    • Average monthly balance: ₹20,000.

    • No access to all domestic VISA ATMs.

    • Zero-cost Demand Drafts of up to ₹1 lakh a month.

    • Free Home Banking Facility under certain conditions.

    An Edge Savings Account is a type of savings account that offers a blend of regular savings account features with some added benefits, often including free access to ATMs and other premium services. It's designed to provide a more comprehensive banking experience compared to a basic savings account.

12. Edge Savings Account

    This savings account provides you with daily savings account features, along with added benefits, including free access to ATMs and other premium services, making it a comprehensive savings account.

    • Zero-cost access to domestic VISA ATMs.

    • No-charge Phone Banking.

    • Up to 25 free cheque leaves a year.

    • ActivMoney: Auto-convert excess savings to Term Deposits.

13. Nova Savings Account

    The Nova Savings Account allows you to enjoy banking flexibility based on your individual needs.

    • Average monthly balance: ₹5,000.

    • ActivMoney: Auto-convert excess savings to Term Deposits.

    • Enjoy an interest rate of up to 3.5% p.a.

14. Alpha Savings Account

    This unique account offers the benefits of investing in multiple options all in one place.

    • Invest in NPS, RDs, FDs, Mutual Funds etc.

    • Minimum tenure for investment: 36 months.

    • Benefits of a non-maintenance charge waiver.

Steps to Open a Savings Bank Account

You can open your Kotak savings account by following the given steps:

• Check eligibility to open the specified savings account.

• Collect important documents.

• Fill the application form at the nearest bank branch.

• Complete the one-time password verification.

• Start using your savings account.

Benefits of Kotak Savings Account

Kotak Mahindra savings accounts comprise the following benefits:

• Instant account opening

• Multiple product offerings

• Facility such as Auto sweep

• Up to 7% p.a. FD-like interest rates on deposits

• Daily offers on shopping, edutainment, dining, and more

• 24x7 banking as per your convenience

• Health Insurance coverage

Eligibility Criteria to Apply for the Kotak Mahindra Bank Savings Account

The following candidates are eligible to open a savings account at Kotak Mahindra Bank:

• A resident of India

• Candidates who are at least 18 years of age.

Documents Required to Apply for the Kotak Mahindra Bank Savings Account

The following documents are required to be submitted to open a new savings account at Kotak Bank:

• ID proof: Driving License, Passport, Aadhaar Card, Voter's ID, etc.

• Address Proof: Aadhaar Card, Voter's ID, Passport, Driving License, Utility Bill, Bank Statement, Updated Bank Account Passbook

• Signature Proof: Driving License, Passport, PAN Card

• Latest Passport Size Photographs

What are the Charges Associated with the Kotak Mahindra Bank Savings Account?

Minimal debit card charges are to be paid to experience an exclusive and unstoppable banking experience.

Debit Card Charges

Rs. 0 - Rs. 750

Conclusion

A savings account is the first step to saving and growing your money. Its liquidity feature makes it a highly prioritized investment option for a wide range of audiences. Kotak Bank offers you multiple benefits on its various savings accounts to equip you with a banking experience like never before. Open your savings account today.

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