This Promotional Offer by Kotak Mahindra Bank is to allow customers to open an NPS account along with a NMC-waived Savings Account where a minimum monthly contribution shall be deducted from the linked Savings Account by way of Standing Instructions and credited into the NPS account of the subscriber. A minimum of 2000 should be contributed by way of Standing Instruction from the Savings Account to the linked NPS account under this Promotional Offer.
Yes, you can open a standalone NPS account. Kindly get in touch with nearest NPS enabled Kotak Mahindra Bank branch for opening an NPS account. NPS enabled branch list is available on Kotak.com.
In this case, Non Maintenance Charges(NMC) will be levied on the linked SA account if Average Monthly Balance as per the Savings Account requirement is not maintained.
If customer chooses to stop the minimum SI as required under this Promotional Offer and starts a new SI of less than 2000, then NMC charges will get levied on the Savings Account if AMB is not maintained.
Yes, you are allowed to contribute any amount over and above the SI amount separately. Subscriber opening NPS account under this Promotional Offer can contribute online from within Kotak Netbanking.
No, currently this Promotional Offer is available online only and to avail this Promotional Offer, you need to apply using the Apply Now link.
If you already have a Savings Account, you are not eligible for this Promotional Offer. However, at any time you can apply for the NPS using Kotak Netbanking.
An Edge Savings account (in Metro and Urban locations) wherein an Average Monthly Balance (AMB) of 10000 (or Nova in Semi-Urban/Rural locations with AMB of 5000) is required to be be opened along with NPS and linked to the NPS account to facilitate easy payment of contribution and online contribution payments from the linked Savings Account.
Converting existing savings and NPS accounts to this Promotional Offer is not permissible.
Yes, existing customers of Kotak can login into Kotak netbanking and apply for the same and submit the print of the form in the branch.