Classic Savings Account

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An account packed with great features to provide you a superior banking experience at a very comfortable balance requirement. Experience priority service from your Relationship Manager and take care of your banking and investment needs with the Kotak Classic Savings Account.

  1. Average Monthly Balance (AMB) of Rs. 10,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. One NMC waived Nova Savings Account for your family member2
  4. Free Classic debit card with enhanced daily purchase limit of Rs. 150000 and daily ATM cash withdrawal limit of Rs. 50,000.
  5. Free access to all domestic VISA ATMs
  6. Free Net Banking, Mobile Banking and Phone Banking
  7. Free cash pick-up / delivery (5 calls per month)
  8. Free instrument pick-up / delivery (5 calls per month)
  9. Free NEFT through Netbanking
  10. Free cash withdrawals from any Kotak branch across India
  11. Free cash withdrawals at other domestic ATMs3
  12. Free Demand Drafts4
  13. 50 % Discount on first year Demat AMC
  14. Kotak ActivMoney - Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest
  15. Check out additional Kotak Bank Savings Account products by clicking here

Disclaimers:

Nova/Classic Savings Account is available in Semi-urban/rural branches only.

1Earn 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.
2NMC: Non-Maintenance Charge. NMC Waiver is applicable only if the principal Classic Account meets the stipulated Average Monthly Balance requirements.
3Per transaction limit is Rs. 10,000/-.
4In branch location free up to Rs. 1 lac, for other locations free up to Rs. 50,000/- per day.
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
  • 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

Documents required for opening Saving Account (original for verification and self-attested copies for submission):

  • Identity Proof
  • Address Proof
  • Signature Proof
  • Latest passport size photographs

Indicative list of documents for resident individuals except foreign nationals

DocumentIdentity ProofResidence ProofSignature Proof
Passport   
Driving License
Valid license
   
PAN Card
(also refer notes below)
   
Voter's Identity Card
(Election Card)
   
AADHAAR Card
(Letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number)
   
Job-card issued by NREGA duly signed by an officer of the State Government   
Utility Bill
Electricity / Telephone / Mobile / Piped Gas / Water bill / Broadband bill - Not more than 2 months old.
   
Bank Statement
Active Account - signed & stamped or with logo / printed by 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). Bank passbooks issued by co-operative banks is not an acceptable KYC document)
   

Please note above list is indicative & documents are subject to change as per regulatory guidelines. Please visit nearest Kotak Mahindra Bank for further assistance.

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

Expand All

What is Classic Savings Account?

An account packed with great features to provide you a superior banking experience at a very comfortable balance requirement. Experience priority service from your Relationship Manager and take care of your banking and investment needs with the Kotak Classic Savings Account.

What are the advantages of Classic Savings Account?

  1. Average Monthly Balance (AMB) of Rs. 10,000/-
  2. Earn up to 6% interest on your savings account balance1
  3. One NMC waived Edge Savings Account for your family member2
  4. Free access to all domestic VISA ATMs
  5. Free Platinum International Debit Card for the first year*
  6. Free Net Banking, Mobile Banking and Phone Banking
  7. Free cash pick-up / delivery (5 calls per month)
  8. Free instrument pick-up / delivery (5 calls per month)
  9. Free NEFT through Netbanking
  10. Free cash withdrawals from any Kotak branch across India
  11. Free cash withdrawals at other domestic ATMs3
  12. Free Demand Drafts4
  13. 50 % Discount on first year Demat AMC
  14. Kotak ActivMoney - Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest

Disclaimers:

Nova/Classic Savings Account is available in Semi-urban/rural branches only.

1Conditions apply. 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. with effect from 1st November 2014. Up to 6% interest p.a. not applicable on NRE/NRO Accounts.

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

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

4In branch location free up to Rs. 1 lac, for other locations free up to Rs. 50,000/- per day.

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 Classic 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
  • Foreign nationals residing in India1

Disclaimers:

Nova/Classic Savings Account is available in Semi-urban/rural branches only.

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 Classic Savings Account?

The minimum Average Monthly Balance requirement in a Classic Savings Account is Rs. 10,000/-.

What is the rate applicable on the savings account?

  • Above 1 lac the interest rate applicable is 6%
  • Up to 1 lac, the interest rate applicable is 5%

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

Average Monthly Balance (AMB) 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/-

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 for Edge/Pro/Ace accounts
  • 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?

Through this facility you can earn a much higher interest on your idle 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 or a Liquid mutual Fund. The funds move back in to the savings account in case of funds requirements.

The advantages of this facility are:

  • Higher rate of interest earned
  • You need NOT track idle 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/Mutual Fund units in case of shortage of funds. Further there is no fear of cheque returns.

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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