Kotak Mahindra Bank Savings Account
Last Updated : Feb. 20, 2025, 3:54 p.m.
Kotak Mahindra Finance started as a venture by Uday Kotak and Anand Mahindra in 1986. With the two brilliant minds behind its operations, Kotak quickly rose to the rank of top financial institution in the country. Adapting to the changing times and growing consumer needs, Kotak Mahindra Finance became Kotak Mahindra Bank in the year 2003, one of the first non-finance companies to become a functioning commercial bank.
Today it provides services in personal finance, investment banking, life insurance, and wealth management. The bank prides itself on superior service and nurturing trustworthiness and commitment with its innovative banking solutions. Kotak Bank launched its full-service digital banking ecosystem in 2017 and has 1,869 branches and 3,239 ATMs, plus branches in GIFT City and DIFC, Dubai.
Let’s take a look at the savings bank accounts with Kotak Mahindra Bank and their features, fees, and benefits.
Kotak Mahindra Bank Savings Account Interest Rates
Here are the savings account interest rates for Kotak Mahindra savings accounts:
| Nature | For balances up to Rs.50 Lakh | For balances above Rs. 50 Lakh |
|---|---|---|
A. Domestic | 3.00% p.a. | 3.50% p.a. |
B. Non-Resident | 3.00% p.a | 3.50% p.a. |
Types of Kotak Mahindra Bank Savings Account
Kotak Everyday Savings Account: Spend every day and save money too
- Everyday debit card with exclusive offers and discounts
- Offers on special days
- ₹10,000 average monthly balance requirement
- Free demand drafts
- Five free cash pickup and delivery
Zero Balance Digital Savings Account
- Zero balance savings requirements
- Can be opened online with easy steps and without visiting the branch
- Virtual debit card
- Auto sweep facility and auto sweep-out for more savings
- Single click operations
- Full KYC on the phone banking app or requesting a home visit
- Direct train ticket booking using the Kotak 811 App.
811 Edge Savings Account
- Platinum debit card with chip and ₹199 annual fees
- A minimum AMB of ₹10,000
- Free online transfers
- The account can be opened with just the Aadhaar card .
Edge Savings Account
- Requires a monthly balance to be maintained at ₹10,000
- Classic debit card
- ATM withdrawal limit of ₹50,000 and Purchase limit of ₹1.5 lakh
- Kotak ActiveMoney term deposits
Ace Savings Account
- AMB of ₹50,000
- Free Platinum International Debit Card
- Free multi-city chequebooks
- Free home banking
- 15% discount on locker rent
- Transaction limit of ₹10,000
Silk - Women’s Savings Account
- Silk Platinum Debit Card and up to 1500 Kotak Reward Points
- 10% off on Nykaa on a minimum spend of 2000
- 50% locker rental discount for the first year
- Flat INR999/- processing fees on personal loan
- 100% on-road funding on a car loan
- Daily purchase limit of ₹20,000
- Benefits with debit cards such as lost baggage insurance of ₹1 lakh, personal accidental death cover of up to ₹15 lakh.
Grand Savings Programme
- Flexible monthly balance with no maintenance charges
- Home banking is free with 2 calls every month for a Pro account and 5 free calls per month for Ace accounts
- Debit card with Purchase protection
- Auto payment of bills
- Best savings account for individuals
Sankalp Savings Account
- High cash deposit and withdrawal facility for up to ₹24 lakh per annum
- Zero maintenance charges up to 6% of AQB shortfall
- Special loan pricing on car, two-wheeler, and tractor financing.
- Save while you spend with a Debit Card
- Minimum average Quarterly Balance of ₹2500 for rural areas and ₹5000 for Semi-urban areas or Term Deposit of ₹50,000 (minimum 365 days) is required.
Junior Savings Accounts for Kids
- Interest rates of 3.5%
- Personalized debit card
- No maintenance charges and zero balance benefits
- Exclusive brand offers for Kids
- AMB of ₹5000 and withdrawal limit of ₹5000
- Top savings account for minors
My Family Savings Account
- Choice of classic or platinum debit card
- Free ATM for Pro and Ace savings accounts
- Relationship manager
- Free home banking as per category
- 25% off on the issuance of a travel card
- Insta balance service and IMPS
- Health card from IHO
Kotak Salary account
There are three types
Kotak Crème
- Platinum banking.
- Kotak Private reserve.
- Unlimited lounge access.
- 100% waiver on annual locker rent.
- Privy black metal art card.
- Lifetime zero charge.
- Complimentary insurance.
- Tailored financial portfolio.
- Salary credit per month to be above ₹ 50K.
Ace salary account
- Free platinum debit card with a withdrawal limit of ₹1 lakh.
- 30 free transactions in a month.
- Personal accident and air accident insurance.
- Zero balance.
- 3- non-maintenance charges waived for family savings accounts.
- Minimum salary of ₹ 50K.
Everyday Salary Account
- Minimum salary credit of ₹25K.
- Free payable at par multi-city chequebook.
- Debit card with exclusive offers and discounts.
- Zero balance account subject to regular salary credit.
Nation Builders Salary Account
- Specific to the needs of Government//PSU and Uniformed Forces
- One free locker
- Zero balance on family savings accounts
- Many lifestyle offers and insurance cover on Debit card
- There are three variants: Basic, Platinum, and Black
NRE Rupee Saving Account and NRO Rupee Savings Account
- Low AMB of ₹10k only
- Easy cheque or wire transfer remittance
- Preferential forex rate for USD 10,000 and above transactions
- Global debit card
- At par chequebook and 24x7 phone banking
- Home banking in India.
NRE Platina Savings Account and NRO Platina Savings Account
- Visa Platinum Debit Card
- Preferential pricing for other products and services
- Dedicated relationship manager
- AMB of ₹1,00,000 only
- Preferential forex rate for USD 25,000 and above transactions.
NRE Mariner Savings Account
- Family banking benefits
- Both interests and principles are repatriable
- Global debit card with free add-on card for the first year
- Home insurance plans, and critical illness cover.
Kotak Mahindra Bank Savings Account Features & Benefits
Kotak Mahindra Bank Savings Accounts have a wide range of features that are crafted based on years of experience in the finance sector and investments.
- Interest rate of up to 3.5% per annum and FD-like interest of up to 7% with AcitvMoney
- Net banking and mobile banking are available seamlessly 24x7
- Attractive offers on shopping, dining, travel, hotel stays, and more
- Different options for savings accounts to meet specific needs and encourage savings
- Health insurance benefits
- Risk-free investments
- Free Debit and Credit cards .
Documents Required to open a savings account at Kotal Mahindra Bank
Below are the documents required to open a savings account at Kotak Mahindra Bank.
| Sr. No. | Name of the Document (valid) | Identity Proof | Address Proof |
|---|---|---|---|
1 | Passport | Yes | Yes |
2 | Driving Licence | Yes | Yes |
3 | Aadhaar (Post e-KYC authentication by Bank) | Yes | Yes |
4 | Voter Id | Yes | Yes |
5 | Job Card issued by NREGA | Yes | Yes |
6 | Letter issued by National Population Register | Yes | Yes |
Kotak Mahindra Bank Savings Account Charges & Fee
The charges and fees vary as per the account and the minimum balance requirement. A basic Kotak Mahindra Savings Account will have the following charges and fees:
Basic Service Fees
| Fee type | Details | Kotak Everyday Savings Account |
|---|---|---|
AMB (Average Monthly Balance) | NA | Average Monthly Balance (AMB) INR 10,000 |
Non-Maintenance Fee | Fee for non-maintenance of minimum Monthly Average Balance | 6% of the shortfall in required AMB per month (Max up to INR 500/-) |
Family Banking | NA | Applicable as per My Family Banking |
DD / Cheque Book | DD | Nil Fee INR 1 Lac; Post these limits: INR 4 / 1000 (Min INR 50, Max INR 10,000) For Senior citizen INR 3 / 1000 |
At-par Cheque Book Fee | Free up to 100 Cheque leaves per year. Thereafter INR 3 / cheque leaf. | |
Debit Card / ATM Usage Fee | Kotak ATMs - Cash Withdrawal / Non-Financial Transactions | 7 free transactions per month (Financial + non-financial), thereafter INR 21 per Financial txn and INR 8.5 per Non-Financial txn |
Non-Kotak domestic ATMs - Cash Withdrawal / Non-Financial Transactions | 7 free transactions per month (Financial + non-financial), thereafter INR 21 per Financial txn and INR 8.5 per Non-Financial txn | |
International ATMs - Cash Withdrawal / Non-Financial Transactions + | INR 150 per cash withdrawal transaction & INR 25 per non-financial transaction | |
Cardless cash withdrawal (IMT) | Nil Fee for up to 1 transaction per month. Subsequent transactions - INR 10/- per transaction |
Transaction Fees
| Fee type | Fee type | Kotak Everyday Savings Account | |
|---|---|---|---|
Fund Transfers | NEFT / RTGS / Fund Transfer (Through Net banking / Mobile Banking) | Nil | |
NEFT / RTGS - Applicable only if done in the Branch | NEFT: Up to 10,000: INR 2; 10,001 to 1,00,000: INR4; 1,00,001 to 2,00,000: INR14; > 2,00,000: INR 24; RTGS: 2,00,000 to 5,00,000: INR 20; > 5,00,000: INR 40 | ||
IMPS | Nil | ||
Cash Transactions Fee | Cash Transaction at Branch / CDM (Deposit/ withdrawal) | Nil up to 4 transactions or INR 2 lac/month whichever is earlier. Post these limits, charged at INR 5 / 1000 (Minimum INR 150) | |
DD / Cheque Book | ECS Mandate Verification | Nil | |
DD Cancellation (INR) | INR100/Request | ||
Debit Card Annual Fee/ Issuance Fee | Pay Shop More Debit Card/ Dream Different 811 Debit Card | INR 259* p.a | |
Silk Debit Card | INR 259* p.a | ||
Visa Platinum / My World Debit Card | NA | ||
Kotak PVR Debit Card | INR 499 p.a | ||
Everyday Debit Card | INR 259 p.a | ||
Visa Signature Pro Debit Card | INR 750* p.a | ||
Privy League Platinum Card | INR 750 p.a | ||
Privy League Signature Card | INR 750 p.a | ||
Privy League Business Card | INR 750 p.a | ||
Privy League Neon Debit Card | INR 1500 p.a | ||
Privy League LED Debit Card | INR 2500 p.a | ||
Privy League Black Metal Debit card | INR 5000 p.a | ||
Private Banking Infinite Debit Card | INR 1500 p.a | ||
Goquii Wearable Payment | Issuance fee – INR 3499 & | ||
Default Card | Everyday Debit Card | ||
Branch Request | Duplicate Ad-hoc statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement | INR100/Request, for senior citizens: INR 75/Request | |
Balance & Interest Statement, Regeneration of PIN of Net Banking / Phone Banking (sent through courier) | Nil | ||
Other Fee | Temporary Over Draft | INR 500 | |
Account Closure Fee | Nil | ||
Other Fees
| Fee type | Details | Kotak Everyday Savings Account |
|---|---|---|
Home Banking | Cash / Instrument - Pick Up / Delivery | Nil |
Complimentary Services | Passbook Current Year Balance and interest statement Signature Verification Certificate Photo Attestation Address Confirmation | Nil |
Statements & Alerts | Statements | Email Statement (Monthly): Nil |
Balances value added alerts (Daily / Weekly) | 50 Paisa/ SMS (Daily/ Weekly) | |
Forex Card | Issuance Fee | INR 250 (exclusive of GST) |
Reload Fee | INR 75 (exclusive of GST) | |
Foreign Inward Remittance | Foreign Inward Remittance certificate (Branch Request) | INR 100/ Request |
Foreign Exchange Services (FES) - Outward Remittances - Individual Fee | Telegraphic Transfer Fees (other than payment for imports) | INR 1250 + Tax |
Correspondent Bank Fees (Outward remittance wherein the foreign bank Fees are paid by remitter) | INR 1000 + Tax | |
Issue of FCY DD's | INR 750 + Tax | |
Commission instead of exchange (in case of debit from EEFC/RFC/SFC account) | 0.125 %; minimum INR 1,000 +Tax | |
GST on Foreign Currency Conversion Fee (FCY) ~ | Value of purchase or sale of Foreign Currency | Value on which GST rate will be applicable |
Up to INR 1,00,000 | 1% of the gross amount of currency exchanges or minimum INR 250/- | |
Above INR1,00,000/- to INR10,00,000/- | 1000 + 0.50% of the gross amount of currency exchanged less 1,00,000 | |
Above INR 10,00,000/- | INR 5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of INR 60,000/- |
What is the Minimum Balance for Kotak Mahindra Bank Savings Account?
The minimum balance varies with the type of account.
- The Edge account the AMB is ₹ 10,000
- The Pro Savings account AMB ₹20,000
- Classic Savings Account AMB ₹10,000
- Nova Savings Account AMB ₹5000
- Ace Savings Account AMB ₹₹50,000
- ActivMoney Savings Account AMB Rs. 25,000.
How to open a Savings Account in Kotak Mahindra Bank?
You can open an account in simple steps
Online:
- Visit the Kotak Mahindra Bank Website
- Select Personal – Accounts & Deposits – Savings Account – The account type you want
- Read the terms and conditions, features, and eligibility before clicking on ‘Apply Now.’
- Enter your details including your mobile and email address
- Submit the digital KYC documents or upload them
- Finish and the bank will verify your account
- You will receive the notification and starter kit to start operating the account
Offline:
- Visit the nearest branch
- Fill out the account opening forms
- Submit the physical documents for address and identity proof.
- The bank will open your account and notify you.
Frequently Asked Questions (FAQs)
What is the minimum balance in Kotak's savings account?
Which is the best savings account among all Kotak Mahindra Bank?
Is Kotak zero balance account?
Is the Kotak 811 zero balance account safe?
What is the maximum balance in the Kotak 811 savings account?
How much does Kotak Bank charge for not maintaining balance?
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