Ace Savings Accounts

A power packed savings account that gives you the additional advantage of banking and financial benefits for free. Get access to many premium services with this exclusively designed savings account.

Special Benefits

  1. 15% off on Locker rent6
  2. 25% off on Best Compliments Card (Gift cards)
  1. Average Monthly Balance (AMB) of Rs. 50,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. Extended Debit Card withdrawal limit of Rs. 2 lakh per day through ATM / POS
  4. Three NMC waived Edge Savings Accounts for family members2
  5. Free access to all domestic and international VISA ATMs3
  6. Free Platinum International Debit Card*
  7. Free add-on Platinum International Debit Card*
  8. Free Net Banking, Mobile Banking and Phone Banking
  9. Free cash withdrawals at other domestic ATMs4
  10. Free Home Banking5
  11. Free Demand Drafts (unlimited at Kotak Bank locations)
  12. Free RTGS / NEFT / IMPS
  13. No Annual Maintenance Charges on your Demat Account for the first year
  14. Free outstation cheque collection
  15. Free multi-city cheque books (at par cheque books)
  16. Avail a discount of 15% on Locker Rent6
  17. Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
  18. Kotak ActivMoney – Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Disclaimers:

1 From November 1st, 2011, get 6% interest p.a. on savings account balance over Rs. 1 lakh and 5.5% p.a. on balance up to Rs. 1 lakh.

2 NMC: Non-Maintenance Charge. NMC Waiver is applicable only if the principal Ace Account meets the stipulated Average Monthly Balance requirements.

3 Cash withdrawal and balance inquiry done at International ATMs through Platinum / Gold Debit Cards will be free

4 Per transaction limit is Rs. 10,000/-.

5 Conditions apply.

6 Subject to maintenance of the required AMB in the Ace Savings Account.

All benefits are subject to terms, conditions and exclusions.

*Non chip enabled Debit Cards issued on or after December 1 , 2013, cannot be used outside India.


 

To apply for Kotak Mahindra Bank savings account you need to hold any of the following accounts with the Bank:

  • Resident Indians (sole or joint account)
  • Hindu Undivided Families (HUF)
  • Foreign nationals residing in India1

Disclaimers:

1Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.

Acceptable KYC Documents for Resident Individuals

Documentation checklist for resident individuals except foreign nationals

DocumentIdentity ProofResidence ProofSignature Proof
Passport   
Driving License
Valid licence
   
PAN Card
(also refer notes below)
   
Voter's Identity Card
(Election Card)
   
Ration Card    
Valid ID Documents
Card with Photo issued by Govt. Org, PSU, Statutory/ Regulatory Authority, Scheduled Commercial Banks, Public Financial Institutions & Professional Bodies like ICAI, ICWAI, ICSI, Bar Council, etc. to their Members.
 
(If photo included)
 
(If address included)
 
(If signature included)
College ID Card
Existing and valid card issued by colleges affiliated to universities. Applicable only if a/c with parent/guardian as Joint Holder.
 
(If photo included)
 
(If address included)
 
(If signature included)
Marriage Certificate
for married women (irrespective of primary or joint or single holder) and not acceptable for husband.
 
(If photo included)
 
(If address included)
(Not to be accepted as address proof of a woman if the account is held singly by her)
 
(If signature included)
Introductory Reference
Customer's Banker except Cooperative Bank - to be obtained by KMBL - IP cheque mandatory from the same account.
 
(If photo verified)
 
(If address verified)
 
(If signature verified)
Utility Bill
Electricity / Telephone / Mobile / Piped Gas / Water bill / Broadband bill - Not more than 3 months old.
   
Letter from Housing Society
Only for owners with latest 2 months Maintenance bill.
   
Registered Leave & License Agreement
For Tenants
   
Bank Statement
Active Account - signed & stamped or with logo / printed by Bank (internet downloads not accepted).
   
Bank Statement
Bank statement with watermark logo of the issuing bank without the stamp and signature of the authorised bank official, can be accepted if the bank branch address mentioned on the statement and the Self Signed Initial Payment cheque is same. Branch address on the statement preferably to be a printed one. In case of handwritten branch address, same to be signed and stamped by authorised bank official of the issuing bank.
   
Bank Account Passbook
Active accounts of schedule commercial banks only along with the bank seal/ stamp and signature of the bank official. (updated and not more than 3 months old)
 
(If photo verified by the issuing bank branch then Initial Payment mandatory from the same bank account)
 
(If address verified)
 
Sale Deed   
Self-signed Cheque or Product AMB
(in case the cheque is from a co-operative bank a six month bank statement would also be required)
   
Wealth/ Income/ Sales/ Service Tax Assessment Order
Not more than 6 months old
   
Introductory reference from existing Kotak Bank customer
For a No Frills Accounts, existing customer for more than 6 months - a/c conduct satisfactory & introducer knows new customer for 1 year or more
   
Postal Certificate  
(If photo included)
 
(If address included)
 
(If signature included)

Please note the Documents are subject to change as per RBI Guidelines

Helpful Tips:

Points to note for a smooth account opening process at the branch:

  1. Photocopies need to be self-attested by the applicant
  2. Original document required for each photocopy submitted
  3. Site verification report will be required for opening account
  4. Form to be filled in CAPITAL LETTERS and BLACK ink only
  5. Countersign any overwriting / alteration
  6. Hint boxes give tips and highlight important points across the form, please read the same carefully
  7. Appropriate boxes need to be ticked
  8. Name needs to be written as it appears in the applicant's support documents
  9. Address needs to be specified along with city, state & PIN code
  10. Nomination facility is available
  11. Cash not accepted as initial payment for account opening
  12. Introductory reference from existing Kotak Bank customer of more than 6 months - account conduct satisfactory & introducer knows new customer for one year or more

Expand All

What is Ace Savings Account?

Ace Savings Account is a power packed savings account that gives you the additional advantage of banking and financial benefits for free. Let Kotak Ace Savings Account take care of all your savings & investment requirements and ensure that you always get greater financial flexibility. With this exclusively designed savings account you get access to many premium services. So, make your money work harder by converting a part of your savings into fixed deposits or get add-on Debit Cards for your loved ones at no extra cost.

What are the advantages of Ace Savings Account?

  1. Average Monthly Balance (AMB) of Rs. 50,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. Extended Debit Card withdrawal limit of Rs. 2 lakh per day through ATM / POS.
  4. Three NMC waived Edge Savings Accounts for family members2
  5. Free Access to all domestic and international VISA ATMs3
  6. Free Platinum International Debit Card*
  7. Free add-on Platinum International Debit Card*
  8. Free Net Banking, Mobile Banking and Phone Banking
  9. Free cash withdrawals at other domestic ATMs4
  10. Free Home Banking5
  11. Free Demand Drafts (unlimited at Kotak Bank locations)
  12. Free RTGS /NEFT/ IMPS
  13. No Annual Maintenance Charges on your Demat Account for the first year
  14. Free outstation cheque collection
  15. Free multi-city cheque books (at par cheque books)
  16. Avail a discount of 15% on Locker Rent6
  17. Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
  18. Kotak ActivMoney – Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Disclaimers:

1 From November 1st, 2011, get 6% interest p.a. on savings account balance over Rs. 1 lakh and 5.5% p.a. on balance up to Rs. 1 lakh.

2 NMC: Non-Maintenance Charge. NMC Waiver is applicable only if the principal Ace Account meets the stipulated Average Monthly Balance requirements.

3 Cash withdrawal and balance inquiry done at International ATMs through Platinum / Gold Debit Cards will be free

4 Per transaction limit is Rs. 10,000/-.

5 Conditions apply.

6 Subject to maintenance of the required AMB in the Ace Savings Account.

All benefits are subject to terms, conditions and exclusions.
*Non chip enabled Debit Cards issued on or after December 1 , 2013, cannot be used outside India.

Who are eligible to open an Ace Savings Account?

To apply for Kotak Mahindra Bank savings account you need to hold any of the following accounts with the Bank:

  • Resident Indians (sole or joint account)
  • Hindu Undivided Families (HUF)
  • Foreign nationals residing in India1

Disclaimers:

1Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.

What is the minimum Average Monthly Balance (AMB) requirement for an Ace Savings Account?

The minimum Average Monthly Balance requirement in an Ace Savings Account is Rs. 50,000/-

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

This 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 Monthly Balance is calculated by dividing the sum of all “End of Day” balances in a month by the number of days in that month. Thus this provides you added flexibility to use the available funds in your account.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.DateNarrationWithdrawalDepositClosing balance
1January 1st, 2012Opening Balance  Rs. 10,000/-
2January 10th, 2012ECS Credit-VD Rs. 10,000/-Rs. 20,000/-
3January 16th, 2012Cash WithdrawalRs. 5,000/- Rs. 15,000/-
4January 25th, 2012Cheque Deposit- MICR Clearing Rs. 20,000/-Rs. 35,000/-
5January 28th, 2012HPCL Petrol Pump POS 43860000000012Rs. 1,000/- Rs. 34,000/-
6January 30th, 2012Cash Deposit Mumbai Rs. 9,000/-Rs. 43,000/-
7January 31st , 2012Funds TransferRs. 25,000/- Rs. 18,000/-

AMB Calculation:

Sr. No.Time PeriodCalculationAmount (Rs.)
1EOD Balance from January 1st, 2012 to January 9th, 2012Rs. 10,000/- x 9Rs. 90,000/-
2EOD Balance from January 10th, 2012 to January 15th, 2012Rs. 20,000/- x 6Rs. 1,20,000/-
3EOD Balance from January 16th, 2012 to January 24th, 2012Rs. 15,000/- x 9Rs. 1,35,000/-
4EOD Balance from January 25th, 2012 to January 27th, 2012Rs. 35,000/- x 3Rs. 1,05,000/-
5EOD Balance from January 28th, 2012 to January 29th, 2012Rs. 34,000/- x 2Rs. 68,000/-
6EOD Balance for January 30th, 2012Rs. 43,000/- x 1Rs. 43,000/-
7EOD Balance for January 31st , 2012Rs. 18,000/- x 1Rs. 18,000/-
 Total EOD balances for the month January 2012 Rs. 5,79,000/-
 Divide by the no. of days in the month 31
 Average Monthly Balance (AMB) Rs. 18677.42/-

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.DateNarrationWithdrawalDepositClosing balance
1January 1st, 2012Opening Balance  Rs. 10,000/-
2January 10th, 2012ECS Credit-VD Rs. 10,000/-Rs. 20,000/-
3January 16th, 2012Cash WithdrawalRs. 5,000/- Rs. 15,000/-
4January 25th, 2012Cheque Deposit- MICR Clearing Rs. 20,000/-Rs. 35,000/-
5January 28th, 2012HPCL Petrol Pump POS 43860000000012Rs. 1,000/- Rs. 34,000/-
6January 30th, 2012Cash Deposit Mumbai Rs. 9,000/-Rs. 43,000/-
7January 31st , 2012Funds TransferRs. 25,000/- Rs. 18,000/-

AMB Calculation:

Sr. No.Time PeriodCalculationAmount (Rs.)
1EOD Balance from January 1st, 2012 to January 9th, 2012Rs. 10,000/- x 9Rs. 90,000/-
2EOD Balance from January 10th, 2012 to January 15th, 2012Rs. 20,000/- x 6Rs. 1,20,000/-
3EOD Balance from January 16th, 2012 to January 24th, 2012Rs. 15,000/- x 9Rs. 1,35,000/-
4EOD Balance from January 25th, 2012 to January 27th, 2012Rs. 35,000/- x 3Rs. 1,05,000/-
5EOD Balance from January 28th, 2012 to January 29th, 2012Rs. 34,000/- x 2Rs. 68,000/-
6EOD Balance for January 30th, 2012Rs. 43,000/- x 1Rs. 43,000/-
7EOD Balance for January 31st , 2012Rs. 18,000/- x 1Rs. 18,000/-
 Total EOD balances for the month January 2012 Rs. 5,79,000/-
 Divide by the no. of days in the month 31
 Average Monthly Balance (AMB) Rs. 18677.42/-
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