Programmes


We know your needs and goals are as unique as you are. That’s why we’ve put together some ready programmes that will suit you best.

 

Junior-Savings-Account

Saving Account

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Saving Account

grand_savings_account

Saving Account

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Savings Account FAQs

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account:

  • Above 1 Lakh and up to 1 Crores the interest rate applicable is 6% p.a
  • Up to 1 Lakh, the interest rate applicable is 5.0% p.a
  • Above 1 Crores, the interest rate applicable is 5.5% p.a

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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 1st, 2012

Opening Balance

 

 

Rs. 10,000/-

2

January 10th, 2012

ECS Credit-VD

 

Rs. 10,000/-

Rs. 20,000/-

3

January 16th, 2012

Cash Withdrawal

Rs. 5,000/-

 

Rs. 15,000/-

4

January 25th, 2012

Cheque Deposit- MICR Clearing

 

Rs. 20,000/-

Rs. 35,000/-

5

January 28th, 2012

HPCL Petrol Pump POS 43860000000012

Rs. 1,000/-

 

Rs. 34,000/-

6

January 30th, 2012

Cash Deposit Mumbai

 

Rs. 9,000/-

Rs. 43,000/-

7

January 31st , 2012

Funds Transfer

Rs. 25,000/-

 

Rs. 18,000/-


AMB Calculation:

Sr. No.

Time Period

Calculation

Amount (Rs.)

1

EOD Balance from January 1st, 2012 to January 9th, 2012

Rs. 10,000/- x 9

Rs. 90,000/-

2

EOD Balance from January 10th, 2012 to January 15th, 2012

Rs. 20,000/- x 6

Rs. 1,20,000/-

3

EOD Balance from January 16th, 2012 to January 24th, 2012

Rs. 15,000/- x 9

Rs. 1,35,000/-

4

EOD Balance from January 25th, 2012 to January 27th, 2012

Rs. 35,000/- x 3

Rs. 1,05,000/-

5

EOD Balance from January 28th, 2012 to January 29th, 2012

Rs. 34,000/- x 2

Rs. 68,000/-

6

EOD Balance for January 30th, 2012

Rs. 43,000/- x 1

Rs. 43,000/-

7

EOD Balance for January 31st , 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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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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*Why Open a Savings Account with Kotak Mahindra Bank?

Kotak Mahindra Bank offers up to 6% interest p.a. on the balance in your savings account which is one of the highest in the banking industry in India. These savings accounts are designed to meet all your banking needs.

Also, with Kotak Mahindra Bank, accessing your savings account is easy and convenient with our wide network of 1300+ branches and ATMs across the country. Your savings account is always at your fingertips with our best in class net banking feature and our award winning mobile banking app

 

Disclaimer - *Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 1 cr. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs. 1 cr. Applicable for Resident Accounts only. Interest rates are subject to change from time to time