Sanman Savings Account

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Sanman Savings Account is a unique proposition bundled together to cater banking needs of Rural India. It ensures faster & secure access to all your banking needs at low maintenance. Enjoy free access to all domestic Visa ATMs or carry out Fund transfer, NEFT, IMPS or pay your utility bill all with one savings account.

  1. Average Quarterly Balance (AQB) of Rs. 2,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. Free cash withdrawals at Kotak Bank ATMs
  4. Free access to all domestic VISA ATMs, up to five transactions per month2
  5. Classic debit card (Free for first year) with enhanced daily purchase limit of Rs. 150000 and daily ATM cash withdrawal limit of Rs. 50,000.
  6. Free at-par cheque (up to 15 leaves per quarter)
  7. Free Phone Banking, Net Banking and Mobile Banking
  8. Free NEFT (only through Net Banking)
  9. IMPS (Standard Charges Apply)
  10. Kotak ActivMoney - Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Disclaimers:

1 Earn 6% interest p.a. on savings account balance over Rs. 1 Lakh. Balances up to Rs. 1 Lakh will earn 5% interest p.a. with effect from 1st November 2014. Up to 6% interest p.a. not applicable on NRE/NRO Accounts.

2 Cash withdrawal limit from other Domestic ATM is Rs. 10000 per transaction


 


The following are eligible to open Sanman Savings Bank Account:

  • Resident Indians (sole or joint account)
  • Hindu Undivided Families (HUF)

Sanman Savings account is available only at selected rural branches only.

Expand All

What is Sanman Savings Account?

Sanman Savings Account is a unique proposition bundled together to cater banking needs of Rural India. It ensures faster & secure access to all your banking needs at low maintenance. Enjoy free access to all domestic Visa ATMs or carry out Fund transfer, NEFT, IMPS or pay your utility bill all with one savings account.

What are the advantages of Sanman Savings Account?

The advantages of holding Sanman Savings Account are:

  1. Average Quarterly Balance (AQB) of Rs. 2,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. Free cash withdrawals at your Home Branch Location
  4. Free cash withdrawals at Kotak Bank ATMs
  5. Free access to all domestic VISA ATMs, up to five transactions per month2
  6. Classic Debit Card
  7. Free at-par cheques (up to 15 leaves per quarter)
  8. Free Phone Banking, Net Banking and Mobile Banking
  9. Free NEFT (only through Net Banking)
  10. Free IMPS
  11. Kotak ActivMoney - Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Disclaimers:

1 Earn 6% interest p.a. on savings account balance over Rs. 1 Lakh. Balances up to Rs. 1 Lakh will earn 5.0% interest p.a.

2 Cash withdrawal limit from other Domestic ATM is Rs. 10000 per transaction

What is the minimum Average Quarterly Balance (AQB) requirement for Sanman Savings Account?

The minimum Average Quarterly Balance requirement in Sanman Savings Account is Rs. 2,000/-.

What is the rate of interest that I will earn on balance in my Sanman Savings Bank Account?

  • Above 1 lac the interest rate applicable is 6%
  • Up to 1 lac, the interest rate applicable is 5.0%

How is the Average Quarterly Balance (AQB) requirement calculated for savings account?

Average Quarterly Balance (AQB) means that you do not have to maintain any minimum balance in your savings account. The balance in your account can even go down to zero on any given day. Average Quarterly Balance is calculated by dividing the sum of all "End of Day" balances in a quarter by the number of days in that quarter. Thus this provides you added flexibility to use the available funds in your account.

Please refer the following illustration for the calculation of AQB.

Sample Bank Statement:

Sr. no.DateNarrationWithdrawalDepositClosing balance
1January 1st, 2015Opening Balance  Rs. 2000/-
2January 27th, 2015ECS Credit-VD Rs. 5000/-Rs. 7000/-
3February 5th, 2015Cash WithdrawalRs. 3000/- Rs. 4000/-
4February 26th, 2015Cheque Deposit- MICR Clearing Rs. 8000/-Rs. 12000/-
5March 5th, 2015HPCL Petrol Pump POS 43860000000012Rs. 500/- Rs. 11500/-
6March 21st, 2015Cash Deposit Mumbai Rs. 3000/-Rs. 14500/-
7March 31st , 2015Funds TransferRs. 5000/- Rs. 9500/-

AMB Calculation:

Sr. No.Time PeriodCalculationAmount (Rs.)
1EOD Balance from January 1st, 2015 to January 26th, 2015Rs. 2000/-X 25Rs. 50000/-
2EOD Balance from January 27th, 2015 to February 4th, 2015Rs. 7000/-X 9Rs. 63000/-
3EOD Balance from February 5th, 2015 to February 25th, 2015Rs. 4000/-X 21Rs. 84000/-
4EOD Balance from February 26th, 2015 to March 4th, 2015Rs. 12000/- X 7Rs. 84000/-
5EOD Balance from March 5th, 2015 to March 20th, 2015Rs. 11500/- X 16Rs. 184000/-
6EOD Balance from March 20th, 2015 to March 30th, 2015Rs. 14500/- X 10Rs. 145000/-
7EOD Balance for March 31st , 2015Rs. 9500/- X 1Rs. 9500/-
 Total EOD balances for the month January 2015 Rs. 619500/-
 Divide by the no. of days in the quarter 89
 Average Quarterly Balance (AQB) Rs. 6961/-

In what ways can I track my account?

You have access to a number of channels to track the transactions in your account:

  • Physical account statements are sent quarterly or through Pass book
  • Mini statements through the ATM
  • Email and Mobile alerts
  • Account balance enquiry through SMS
  • View account details & transactions through Net Banking

What is the ActivMoney facility?

Beyond a certain tenor, using this facility you can earn higher interest on your funds in the Savings Bank Account. The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of shortfall of funds

The advantages of this facility are:

  • Higher interest earned
  • You need NOT track the surplus funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
  • Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level. Hence, the customer need not bother about instructing the bank for breakage of Term Deposits in case of shortfall of funds. Further there is no fear of cheque returns.

Sr.No.Branch LocationCityStateAddress
1PezariPezariMaharashtraHouse No.360, Alibag Road, Pezari, Alibag, Raigarh, Maharashtra - 402108
2UmroliUmroliMaharashtraGat No 339, Chiplun Guhagar Road, Umroli, Chiplun, Ratnagiri, Maharashtra - 415702
3AvashiAvashiMaharashtraPap 34, Lote Parshuram Industrial Area, Avashi, Khed, Ratnagiri, Maharashtra - 415722
4NimbalakNimbalakMaharashtra164 - House No 572, Datta Mandir Chowk, Nimblak, Ahmednagar, Maharashtra - 414111
5Pimpalgaon MalviPimpalgaon MalviMaharashtraNathkrupa, Mali Galli, Opp. Sant Savta Mali Pat Sanstha, Pimpalgaon Malvi, Nagar, Ahmednagar, Maharashtra - 414006
6ShingaweShingaweMaharashtra276 - Survey No 3/5 & 6 Nagar - Manmad Road, Shingawe, Nagar, Ahmadnagar, Maharashtra - 414111
7DixiDixiMaharashtraPlot No - 380, Shop No 8, 9 & 10, Dixi, Niphad, Nashik, Maharashtra - 422001
8NarayangaonNarayangaonMaharashtraSri Lakshmi Krupa Bunglow, Ozar Road, Narayangaon, Niphad, Nashik, Maharashtra - 422201
9PalkhedPalkhedMaharashtraShop No A, B, C & D, Survey No 398, Palkhed, Niphad, Nashik, Maharashtra - 425001
10ShivreShivreMaharashtraShop No 2, Survey No 13, Opposite Gram Panchayat Office, Shivare, Niphad, Nashik, Maharashtra - 422303
11MungaseMungaseMaharashtraHouse No 375, Mumbai - Agra Highway, Mungase, Malegaon, Nashik, Maharashtra - 413003
12Jalgaon (Nimbait)Jalgaon (Nimbait)Maharashtra19 - Shivnandan Complex, Sahakarwadi Road, Jalgaon (Nimbait), Malegaon, Nashik, Maharashtra - 423104
13KothureKothureMaharashtraShop No 1 & 2, Radhabai Damodar Korade Shopping Centre. Kothure, Niphad, Nashik, Maharashtra - 422101
14Khadak MalegaonKhadak MalegaonMaharashtraShop No 3, 4 & 5, Arunoday Building, Khadak Malegaon, Niphad, Nashik, Maharashtra - 422304
15Mauje SukeneMauje SukeneMaharashtraHouse No 541; Mauje Sukene, Niphad, Nashik, Maharashtra - 422302
16KokangaonKokangaonMaharashtraHouse No 202 & 203, Kokangaon, Niphad, Nashik, Maharashtra - 422209
17PatanePataneMaharashtra1392/House No 1067, Near Guru Kripa Krishi Seva Kendra, Patane, Malegaon, Nashik, Maharashtra - 423203
18ChandanpuriChandanpuriMaharashtraHouse No 138, Nandgaon Road, Chandanpuri, Malegaon, Nashik, Maharashtra - 423203
19MaterwadiMaterwadiMaharashtraHouse No 257, Shop No 5, Materewadi, Dindori, Nashik, Maharashtra - 422209
20BopegaonBopegaonMaharashtra614, Gram Panchayat Building, Near Bus Stand, Bopegaon, Dindori, Nashik, Maharashtra - 422205
21TisgaonTisgaonMaharashtraPart Of House No. 247 & 248, Tisgaon, Dindori, Nashik, Maharashtra - 422205
22AraiAraiMaharashtraMoti Niwas, Hanuman Chowk, Near Gram Panchayat Office, Arai, Baglan, Nashik, Maharashtra - 423301
23ChaudhaneChaudhaneMaharashtraHouse No.185, Lane No 2, Chaundhane, Satana (Baglan), Nashik, Maharashtra - 423301
24ThengodeThengodeMaharashtraHouse No 2/054, Bazar Peth, Opposite Water Tank, Thengode, Baglan, Nashik, Maharashtra - 423301
25KaranjadKaranjadMaharashtraJay Shriram Complex, Satana-Tarabad Road;Karanjad, Baglan, Nashik, Maharashtra - 423301
26ShirdhonShirdhonMaharashtraShri Lakshmi Vividh Karyakari Sahakari (Vikas) Seva Sanstha Ltd., Shirdhon, Shirol, Kolhapur, Maharashtra - 416121
27JambhaliJambhaliMaharashtraHouse No 529; Jambhali, Shirol, Kolhapur, Maharashtra - 416101
28AurwadAurwadMaharashtraBalasaheb Mane Nagari Sahakari Pat Sanstha, Aurwad, Shirol, Kolhapur, Maharashtra - 416104
29HerwadHerwadMaharashtraHouse No 537, Near St Stand, Borgaon Road, Herwad, Shirol, Kolhapur, Maharashtra - 416106
30SangamSangamMaharashtraHouse No - 487, Akluj-Tembhurni Road, Sangam, Niranarshingpur, Solapur, Maharashtra - 413211
31AranAranMaharashtraPlot No 251/1, Aran, Madha, Solapur, Maharashtra - 413301
32KandarKandarMaharashtra6/7 - Sai Krupa Shopping Complex, SH - 141, Kandar, Kolmara, Solapur, Maharashtra- 413202
33Neri Bk.Neri Bk.MaharashtraPlot No - 9, At Post - Neri Bk., Near Toll Naka, Jamner, Jalgaon - 425114
34ShirsoliShirsoliMaharashtraSant Ruplal Maharaj Shopping Complex, Opp Gram Panchayat, Main Market, Shirsoli, Jalgaon - 425126
35MohokhedMohokhedMaharashtraHouse No 143, Mohokhed, Mehkar, Buldana, Maharashtra - 443301
36Mangrur NawghareMangrur NawghareMaharashtraPlot No 13, At Post : Mangrur Nawghare, Chikhli, Buldana, Maharashtra - 443201
37Deulgaon DhangarDeulgaon DhangarMaharashtraHouse No 271, Deulgaon Dhangar, Chikhli, Buldana, Deulgaon Dhangar, Maharashtra - 443201
38SagwanSagwanMaharashtraPlot No 12, Samta Nagar, Sagwan, Buldhana, Sagwan, Maharashtra - 443001
39Khadambe Kh.Khadambe Kh.MaharashtraGat No. 302, Near Savata Maharaj Mandir, Vambori Road, Khadambe Kh., Rahuri, Ahmadnagar, Maharashtra - 413704
40PokhardiPokhardiMaharashtraGat No 3/6/1, Aurangabad Road, Pokhardi, Ahmadnagar, Maharashtra - 414601
41ChaukeChaukeMaharashtra489/A - Ground Floor, Chauke, Malwan, Sindhudurg, Chauke, Maharashtra - 416605
42Gorthan Bk.Gorthan Bk.MaharashtraMilkat No. 208A, Gorthan Bk, Vavoshi, Khalapur, Raigarh - 410203
43MhalsakoreMhalsakoreMaharashtraMhalsakore Vividh Karyakari Sahakari Vikas Seva Sanstha Building; Mhalsakore, Niphad, Nashik, Maharashtra - 422103
44NandurdiNandurdiMaharashtraShop No 1 & 2; Gopal Kunj, Nandurdi, Niphad, Nashik, Maharashtra - 422308
45PandurPandurMaharashtra22 - Narayanprasad Complex, Pandur, Kudal, Sindhudurg, Maharashtra - 416520
46DavachwadiDavachwadiMaharashtraDavachwadi Vividh Karyakari Seva Society Building, Davachwadi, Niphad, Nashik, Maharashtra - 422209
47HamrapurHamrapurMaharashtraHouse No 352/B; Hamrapur, Pen, Raigarh, Maharashtra - 402107
48Nandur MadhyameshwarNandur MadhyameshwarMaharashtraNandur Madhyameshwar Karyakari Sanstha, Niphad, Nashik, Maharashtra - 422303
49GunjalnagarGunjalnagarMaharashtraMilkat No.63, Opp. Gram Panchayat, Gunjalnagar, Deola, Nashik, Maharashtra - 423102
50VarhaneVarhaneMaharashtraHouse No. 142, Oli Chowk; Varhane, Sonaj, Malegaon, Nashik, Maharashtra - 423208
51SakegaonSakegaonMaharashtraHouse No 360/2, At Post - Sakegaon, Bhusawal, Jalgaon, Maharashtra - 425201
52MirjoliMirjoliMaharashtraKotak Mahindra Bank Ltd;Rajprakash , Guhagar Road, Mirjoli, Chiplun, Ratnagiri, Maharashtra - 415605
53KandachKandachGujaratKotak Mahindra Bank Ltd;House No 419/1; Kandach (Inami), Kalol, Panch Mahals - 389310
54RabodRabodGujaratHouse No 126, Rabod, Kalol, Panch Mahals, Maharashtra - 389310
55MhapanMhapanMaharashtraMilkat No. 125, Malwan - Vengurla Road, Mhapan, Vengurla, Sindhudurg, Maharashtra - 416522
56Paldhi KhPaldhi KhMaharashtraHouse No 573/1/2A, Paldhi kh, Dharangaon, Jalgaon, Maharashtra - 425103
57ShetphalShetphalMaharashtraGat No. 1, Shetphal, Mohol, Solapur, Maharashtra - 413324
58TehareTehareMaharashtraHouse No A 29, Bhausaheb Chowk, Tehare, Malegaon, Nashik, Maharashtra - 423105
59TalashetTalashetMaharashtra1 - Ganesh Krupa, Mumbai - Goa Highway, Talashet, Mangaon, Raigarh, Maharashtra - 402112
60Koste BkKoste BkMaharashtraMilkat No. 852/ A, Mangaon-Nizampur Road, Koste Bk, Nijampur, Mangaon, Raigarh, Maharashtra - 402120
61PurarPurarMaharashtraMilkat No. 96/B, Purar, Mangaon, Raigarh, Maharashtra - 402103
62MadanwadiMadanwadiMaharashtraAdinath Shopping Centre, Bhigwan Baramati Road, Madanwadi, Indapur, Pune, Maharashtra - 413130
63KarhatiKarhatiMaharashtraGround Floor, House No 1049, Karhati, Baramati, Pune, Maharashtra - 412204
64BhagwatipurBhagwatipurMaharashtraShop No 1 & 2, Jijau Complex, Bhagwatipur, Kolhar Khd, Rahta, Ahmadnagar, Maharashtra - 413710
65GunwadiGunwadiMaharashtraGround Floor, Milkat No 795, Gunawadi, Baramati, Pune, Maharashtra - 413102
66KarveKarveMaharashtraTara Bhavan, Milkat No 745, Karve, Karad, Satara, Maharashtra - 415 124
67VanvadiVanvadiMaharashtraVikrant Bunglow, Vanvadi (Sadashivgad), Karad, Satara, Maharashtra - 415124
68AntapurAntapurMaharashtraHouse No 645, Antapur, Baglan (Satana), Nashik, Maharashtra - 423302
69PawarwadiPawarwadiMaharashtraMilkat No. 115, Udmaiwadi, Post : Udhat, Pawarwadi, Indapur, Pune, Maharashtra - 413104

Please refer the following illustration for the calculation of AQB.

Sample Bank Statement:

Sr. no.DateNarrationWithdrawalDepositClosing balance
1January 1st, 2015Opening Balance  Rs. 2000/-
2January 27th, 2015ECS Credit-VD Rs. 5000/-Rs. 7000/-
3February 5th, 2015Cash WithdrawalRs. 3000/- Rs. 4000/-
4February 26th, 2015Cheque Deposit- MICR Clearing Rs. 8000/-Rs. 12000/-
5March 5th, 2015HPCL Petrol Pump POS 43860000000012Rs. 500/- Rs. 11500/-
6March 21st, 2015Cash Deposit Mumbai Rs. 3000/-Rs. 14500/-
7March 31st, 2015Funds TransferRs. 5000/- Rs. 9500/-

AMB Calculation:

Sr. No.Time PeriodCalculationAmount (Rs.)
1EOD Balance from January 1st, 2015 to January 26th, 2015Rs. 2000/-X 25Rs. 50000/-
2EOD Balance from January 27th, 2015 to February 4th, 2015Rs. 7000/-X 9Rs. 63000/-
3EOD Balance from February 5th, 2015 to February 25th, 2015Rs. 4000/-X 21Rs. 84000/-
4EOD Balance from February 26th, 2015 to March 4th, 2015Rs. 12000/- X 7Rs. 84000/-
5EOD Balance from March 5th, 2015 to March 20th, 2015Rs. 11500/- X 16Rs. 184000/-
6EOD Balance from March 20th, 2015 to March 30th, 2015Rs. 14500/- X 10Rs. 145000/-
7EOD Balance for March 31st, 2015Rs. 9500/- X 1Rs. 9500/-
 Total EOD balances for the month January 2015 Rs. 619500/-
 Divide by the no. of days in the quarter 89
 Average Quarterly Balance (AQB) Rs. 6961/-

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