Ace Savings Account

Ace Savings Account is a bank account that's packed with features and benefits
to give you an unmatched banking experience.

Savings Account - Ace Savings Account - Kotak Mahindra Bank

Frequently Asked Questions

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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.
  • 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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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

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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.

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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Frequently Asked Questions

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account ( w.e.f. Jun 14, 2019
):

  • 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 4% p.a
  • Above 1 Crores, the interest rate applicable is 5.5% p.a

 Applicable for Resident Accounts only.

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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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How can I upgrade my Savings Account?

You can upgrade your savings account to a higher variant, by following the below steps

Go to Get Help section in Website > Service Request. Select Upgrade Savings Account Variant Request. User to enter Login credentials and the OTP received. User to select the savings account number to be upgraded and the new savings account type.

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How can I know more about fees and charges applicable on my savings account?

You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.

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How do I know what average balance I have maintained in my Savings Account?

You can know your average monthly balance in your savings account by logging in Net Banking section of the website.

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How can I get the details of transactions done in my savings account?

You can get the details of all the transactions done in your savings account by logging in Net banking and downloading the savings account statement for the specified period

You can also get details of last 10 transactions in your savings account by logging in mobile application.

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What are Variants of Kotak Savings Account?

Kotak bank offers variety of Savings Accounts tailored to meet the needs of every individual. You can Compare Savings Accounts here.

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What is meant by Average Monthly Balance requirement?

This means that you do not have to maintain any minimum balance in your savings account. The balance in your savings 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 financial quarter by the number of days. Thus this provides you added flexibility to use the available funds in your account.

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What all services are available through Net Banking for Savings Account?

You can use the Net Banking for Savings Account for following:

  • View savings account details
  • Request for savings account statement or cheque status
  • Place stop payment instructions
  • Open a Fixed Deposit and link it to your Savings Account
  • Transfer funds to third party accounts in other banks
  • Place a request for issue of BC
  • View Demat Account details which is linked to your Savings Account
  • Make payments to utility service providers
  • Shop online
  •  Online trading of shares
  • Make or Redeem investments through MF on Net

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In what ways can I track my savings account?

You have access to a number of channels to track the transactions in your account:

  • Physical account statements sent quarterly (Edge, Pro) or monthly (Ace)
  • Mini statement through the ATM
  • Email and Mobile alerts
  • Account balance enquiry through SMS
  • View account details & transactions through Net Banking

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Can I make payments to my suppliers at your branch locations through a single cheque book?

Yes, when you open a savings account, you will be issued an at par cheque book, which is payable at all our branches.

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Can I access my account when I am out of town/travelling in India?

Yes, you can check both the balances in your account as well as your transaction history at any of our branches or ATMs.

Moreover you can also apply for our Internet Banking or Phone Banking facility which will give you access to your account balances and other services anytime, anywhere.

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Can I withdraw cash in any other city where I do not have a savings account?

It is possible to withdraw cash using the debit card at any Kotak or any other bank's ATM in India or overseas

(a transaction fee may be applicable for withdrawals from non-Kotak ATMs in India and from any ATM overseas according to current banking policies).

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