Silk Woman Savings Account FAQs - Kotak Mahindra Bank

Silk Woman Savings Account FAQs - Kotak Mahindra Bank

Frequently Asked Questions

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

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.

Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

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

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 2012	Rs. 18,000/- x 1	Rs. 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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How can I apply for a 811 passbook?

Your Kotak811 digital savings account does not require you to carry a passbook. You can check all your transactions online on the Kotak Mobile Banking App.

If you wish to have a statement of your transactions for documentation purposes, you can place a request on the Kotak Mobile Banking App and receive your statement on your registered email ID.

If you still prefer a Passbook, you can apply for it online and get it be delivered to your preferred communication address as per Bank records in 7-10 working days. Please note, only Full KYC account holders can request for a passbook. This process is applicable only for customers applying for a passbook for the first time. For second passbook onwards, please visit your nearest bank branch.

To apply for a passbook, Click Here

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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. 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.

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Who can open a Savings Bank Account

To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories

Resident Indian (Sole or Joint Savings Account)
Hindu Undivided Families
Foreign Nationals Residing in India1

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How can I change my Home Branch?

Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.

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How can I know more about fees and charges applicable on my savings account?

You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.

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How do I know what average balance I have maintained in my Savings Account?

You can know your average monthly balance in your savings account by logging in Net Banking section of the website.

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How can I get the details of transactions done in my savings account?

You can get the details of all the transactions done in your savings account by logging in Net banking and downloading the savings account statement for the specified period

You can also get details of last 10 transactions in your savings account by logging in mobile application.

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What are Variants of Kotak Savings Account?

Kotak bank offers variety of Savings Accounts tailored to meet the needs of every individual. You can Compare Savings Accounts here.

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What is meant by Average Monthly Balance requirement?

This means that you do not have to maintain any minimum balance in your savings account. The balance in your savings 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 financial quarter by the number of days. Thus this provides you added flexibility to use the available funds in your account.

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What all services are available through Net Banking for Savings Account?

You can use the Net Banking for Savings Account for following:

View savings account details
Request for savings account statement or cheque status
Place stop payment instructions
Open a Fixed Deposit and link it to your Savings Account
Transfer funds to third party accounts in other banks
Place a request for issue of BC
View Demat Account details which is linked to your Savings Account
Make payments to utility service providers
Shop online
Online trading of shares
Make or Redeem investments through MF on Net

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In what ways can I track my savings account?

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

Physical account statements sent quarterly (Edge, Pro) or monthly (Ace)
Mini statement through the ATM
Email and Mobile alerts
Account balance enquiry through SMS
View account details & transactions through Net Banking

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Can I make payments to my suppliers at your branch locations through a single cheque book?

Yes, when you open a savings account, you will be issued an at par cheque book, which is payable at all our branches.

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Can I access my account when I am out of town/travelling in India?

Yes, you can check both the balances in your account as well as your transaction history at any of our branches or ATMs.

Moreover you can also apply for our Internet Banking or Phone Banking facility which will give you access to your account balances and other services anytime, anywhere.

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Can I withdraw cash in any other city where I do not have a savings account?

It is possible to withdraw cash using the debit card at any Kotak or any other bank's ATM in India or overseas

(a transaction fee may be applicable for withdrawals from non-Kotak ATMs in India and from any ATM overseas according to current banking policies).

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