Ace Savings Account

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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• 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.
• 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

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◦   Resident Indians (sole or joint account)

◦   Hindu Undivided Families (HUF)

◦   Foreign nationals residing in India¹

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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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