Ace Savings Account FAQs

Ace Savings Account

A bank account packed with features and benefits to give you an unmatched banking experience.

Savings Account - Ace Savings Account - Kotak Mahindra Bank

Frequently Asked Questions

icon

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 4% interest on your savings account balance1
  • Extended Debit Card withdrawal limit of Rs. 2 Lakh per day through ATM / POS.
  • 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)
  • Free RTGS /NEFT/ IMPS
  •  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

Was this information helpful to you? Yes No

Who are eligible to open an Ace Savings Account?

To apply for Kotak Mahindra Bank savings account you should belong to any one of the below mentioned categories:

◦   Resident Indians (sole or joint account)

◦   Hindu Undivided Families (HUF)

◦   Foreign nationals residing in India1

Was this information helpful to you? Yes No

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/-.

Was this information helpful to you? Yes No

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.

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/-

Was this information helpful to you? Yes No