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Frequently Asked Questions

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.

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What are the advantages of Ace Savings Account?

It is power packed with lot of features, which are as follows:

  • Average Monthly Balance (AMB) of Rs. 50,000/-
  • Earn up to 6% interest on your savings account balance1
  • Extended Debit Card withdrawal limit of Rs. 2 Lakh per day through ATM / POS.
  • Three NMC waived Edge Savings Accounts for family members2
  • Free Platinum International Debit Card*
  • Free add-on Platinum International Debit Card*
  • Free Net Banking, Mobile Banking and Phone Banking
  •  Free cash withdrawals at other domestic ATMs3
  • Free Home Banking4
  • Free Demand Drafts (unlimited at Kotak Bank locations)
  •  No Annual Maintenance Charges on your Demat Account for the first year
  • Free outstation cheque collection
  • Free multi-city cheque books (at par cheque books)
  • Avail a discount of 15% on Locker Rent5
  • Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
  • Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

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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

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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/-.

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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.





Closing balance


January 1st, 2012

Opening Balance



Rs. 10,000/-


January 10th, 2012

ECS Credit-VD


Rs. 10,000/-

Rs. 20,000/-


January 16th, 2012

Cash Withdrawal

Rs. 5,000/-


Rs. 15,000/-


January 25th, 2012

Cheque Deposit- MICR Clearing


Rs. 20,000/-

Rs. 35,000/-


January 28th, 2012

HPCL Petrol Pump POS 43860000000012

Rs. 1,000/-


Rs. 34,000/-


January 30th, 2012

Cash Deposit Mumbai


Rs. 9,000/-

Rs. 43,000/-


January 31st , 2012

Funds Transfer

Rs. 25,000/-


Rs. 18,000/-

AMB Calculation:

Sr. No.

Time Period


Amount (Rs.)


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

Rs. 10,000/- x 9

Rs. 90,000/-


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

Rs. 20,000/- x 6

Rs. 1,20,000/-


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

Rs. 15,000/- x 9

Rs. 1,35,000/-


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

Rs. 35,000/- x 3

Rs. 1,05,000/-


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

Rs. 34,000/- x 2

Rs. 68,000/-


EOD Balance for January 30th, 2012

Rs. 43,000/- x 1

Rs. 43,000/-


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




Average Monthly Balance (AMB)


Rs. 18677.42/-

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