Savings Account - Open Bank Account Online in 5 Minutes with 7%* Interest
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors

Savings Account: Open a Bank Account Online


Whether you're saving for a dream vacation or your child's education, or building a safety net, there’s a Kotak Savings Account tailor-made for all your dreams and goals. It takes only 5 minutes to get started with Kotak Savings Account! Experience the convenience of modern banking by opening a Savings Account online in just a few steps. Start today and embark on your financial journey effortlessly.

Features & Benefits of Savings Account

Kotak Bank’s Savings Accounts come with a wide range of features and benefits designed to make banking easy, simple, and rewarding. You’ll find customized benefits that elevate the experience for you at every step, right from the time of opening your Savings Account.

Saving Accounts offers you don’t want to miss!

Eligibility Criteria for Savings Account Opening

Want a savings account in India that gives you diverse benefits beyond just savings? Kotak Bank’s Savings Accounts check this box easily. With the instant account opening facility, it’s now easier than ever to start saving up for your future. But before you open an instant bank account, it’s crucial to know the eligibility criteria in place. These criteria vary based on the type of account you choose.

Broadly, however, you need to meet the following conditions to open a Savings Account with Kotak Bank.

  • Be a resident Indian
  • Be at least 18 years of age


Note: Foreign nationals residing in India, members of Hindu Undivided Families (HUFs), HUFs themselves and minor children can also open certain types of Kotak Savings Accounts.


How to Open a New Bank Account

Opening a new Kotak Savings Account is easy. Here’s what you need to do to kickstart your savings journey with Kotak Bank.


Step 1: Contact Details with your Aadhaar Linked Mobile Number 
Enter your contact details, make sure to use the mobile number linked with your Aadhaar.

Step 2: PAN and Aadhaar Details, OTP verification on Aadhaar linked mobile number

Input your PAN and Aadhaar details for verification. An OTP will be sent to your Aadhaar-linked mobile number. Keep your original PAN Card handy. Kindly do not keep photocopies.

Step 3: Mandatory Profile Information

Fill out all the required profile information. If your communication address differs from what's mentioned on your Aadhaar, please add a communication address to ensure all deliverables reach the correct location.

Step 4: Declarations and Consent
Read through and provide your consent to the bank's terms and conditions.

Step 5: Initial Funding

Deposit the initial amount required to activate your savings account.

Step 6: MPIN Setup (for Mobile Banking)

Set up your MPIN, which will be crucial for securing and accessing your mobile banking functions.

Step 7: Video KYC

Complete the video KYC process to activate your Kotak savings account.


Note: Kindly ensure you have a strong internet connection for due completion of video KYC. Don’t forget to enable live location access for the same. Additionally, keep a plain white paper and a blue/black pen ready to upload your signature during this step.

Savings Account Interest Rates

Savings Bank A/c 
Nature Rate of Interest
For balances upto Rs. 50 lakhs     For balances above Rs. 50 lakhs
A. Domestic (W.e.f. June 13, 2022) 3.50% p.a.
4% p.a.
B. Non Resident (NRE/NRO) 3.50% p.a. 
3.50% p.a.
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year. Note : p.a. is "per annum"


The bank offers floating rate linked savings deposit. For details click here savings account interest rate, or contact your branch/relationship manager.

Kotak Mahindra Bank is registered with DICGC (DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION), know more.

Ready to take the next step?

Frequently Asked Questions

What is a savings account?

A savings account in India is a type of account that you open with a bank. You can deposit money into this account and earn interest on the balance therein. You can also withdraw funds from your savings account based on your financial requirements. With many banks now offering instant account opening facilities, getting an instant bank account has never been easier. Leading banks today also cater to various customer segments, with specific accounts for senior citizens, salaried people, women and even children.

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

The Average Monthly Balance (AMB) for a savings account is calculated by dividing the sum of all the daily closing balances in a month by the number of days in that month. Before you open a bank account online, you must understand how the AMB calculation works. Sample Bank Statement:



Withdrawal (Rs.)

Deposit (Rs.)

Closing Balance (Rs.)

January 1

Opening Balance




January 10

ECS Credit - VD




January 16

Cash Withdrawal




January 25

Cheque Deposit - MICR Clearing




January 28

HPCL Petrol Pump POS 43860000000012




January 30

Cash Deposit Mumbai




January 31

Funds Transfer





AMB Calculation:

Time Period

Number of Days (N)

Closing Balance (B)


(N x B)


EOD Balance from January 1 to January 9



9 x Rs. 10,000

Rs. 90,000

EOD Balance from January 10 to January 15



6 x Rs. 20,000

Rs. 1,20,000

EOD Balance from January 16 to January 24



9 x Rs. 15,000

Rs. 1,35,000

EOD Balance from January 25 to January 27



3 x Rs. 35,000

Rs. 1,05,000

EOD Balance from January 28 to January 29



2 x Rs. 34,000

Rs. 68,000

EOD Balance on January 30



1 x Rs. 43,000

Rs. 43,000

EOD Balance on January 31



1 x Rs. 18,000

Rs. 18,000

Total EOD Balances for the Month January

Rs. 5,79,000

Divide by: Number of Days in January


Average Monthly Balance (AMB)

Rs. 18,677.42


What is the minimum balance required for a savings account?

The minimum balance requirement or the average monthly balance (AMB) for a savings bank account depends on the specific savings account variant you choose. For instance, the minimum monthly balance for a savings account can range from Rs. 10,000 to Rs. 50,000 based on the savings account type. This is why it’s crucial to check the fine print if you are exploring online savings account opening options.

What are the various types of savings accounts?

There are various types of savings accounts offered catering to the needs of different customer segments, which can be opened online in just a few minutes.

Everyday Savings Account– Enjoy offers on Everyday Rupay Debit Card on your everyday spends

Silk Savings Programme – A savings account specifically tailored for women, offering discounts on banking products, shopping benefits and more

Junior Savings Account – An account designed to teach your children about savings while offering privileges across kids’ brands for dining, edutainment and shopping

Grand Savings Programme – An account curated with care for senior citizens, offering priority services, home banking, locker rental discounts, health benefits and more

My Family Savings Account – An account that caters to the entire family’s banking needs, with exclusive family-centric benefits that elevate the experience of banking together

How is the Average Monthly Balance (AMB) calculated?

The Average Monthly Balance (AMB) is the average of all the daily closing balances in a given month. Before opening a bank account, it’s important to understand how your AMB is calculated. The formula for the AMB of a savings account in any given month is as follows:

AMB = Sum of the closing balances of each day in the month ÷ The number of days in the month

Can the holding pattern in linked fixed deposits and savings accounts be different? -

Yes, the holding pattern for savings accounts in India and the linked fixed deposits can be different. For example, with the instant account opening facility at Kotak Mahindra Bank, you can leverage the ActivMoney feature — where a portion of your savings is automatically transferred to a linked fixed deposit. So, you earn higher interest on the deposit, but the funds in your instant bank account are also easily accessible.

Is a PAN card compulsory to open a savings account?

Yes, your PAN card is a mandatory requirement for savings account opening if your annual income is Rs. 5 lakhs or more. However, if your annual income does not exceed Rs. 5 lakhs, you can simply submit your Form 60 instead. That said, it’s always advisable to check all the other documentation required before opening a bank account online or offline.

What are the benefits offered by senior citizens’ savings accounts?

Senior citizens’ savings accounts offer various benefits tailored for people in their 50s or older. If you are interested in opening an account for seniors aged 55 or more, the Kotak Mahindra Grand (Senior Citizen) Savings Account is an excellent option to consider. Its benefits include priority service at branches, home-banking facilities, cashback up to Rs. 4,500 p.a., discounts on locker rentals, overdraft facilities, health care benefits, options to manage bank accounts online and more.

Can I have zero balance in my savings account?

The advantage of maintaining zero balance without attracting non-maintenance charges is typically available only for salary accounts. Most other savings bank accounts come with minimum balance requirements. However, there may be some exceptions. So, when you decide to open a savings account, it is crucial to note the balance requirements.

What are the different ways I can transfer money from one savings account to another?

After you open a savings account, you may want to know how to transfer funds from one savings bank account to another. You can choose from different fund transfer methods like NEFT for scheduled transactions, RTGS for large-value transactions and IMPS for instant money transfers.

How do I add, modify or delete a nominee for my savings account?

You can add, modify or delete a nominee after opening a new account via mobile banking or internet banking. If you’re using mobile banking, navigate to the ‘Service Request’ section, choose ‘Profile’ and then select ‘Nomination Update.’

If you’re on the internet banking portal, begin by selecting the ‘Banking’ option, move to ‘Service Requests', choose ‘New Service Request’ and then click on ‘Nomination Update.’ Additionally, if you want to update the nomination for your savings bank account, you can directly raise a service request using your phone number and date of birth or CRN in the following link:

How do I deposit money into my savings account?

To deposit money after opening a new account, you can visit the nearest bank branch and submit a deposit slip along with the requisite amount of cash or cheque. Alternatively, you can also deposit money into your savings bank account conveniently through an ATM.

When does a savings account become dormant?

A savings bank account becomes dormant if there are no transactions in the account for two years or more. This may happen if you forget to initiate transactions after opening a new account, or if you simply choose not to use your account for a while. Keep in mind that the time limit may vary from one bank to another.

Related Videos

Related Products


Silk Savings Programme

My Junior Account

Junior - The Savings Account for Kids

Savings Account - My Family Savings Account - Kotak Mahindra Bank

My Family Savings Account

Customer Testimonials

Page also available in: हिन्दी - Hindi