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

Be it an article you were reading, a product you were exploring or a journey you left unfinished, starting from where you left off is simpler than you can imagine. Just register for ‘Everything Me’ using any of your social media accounts and you are all set.
Please note, this is a soft login and no personal financial data will be saved here for security reasons.
You have logged in to Everything Me successfully
You have logged out from Everything Me successfully
It is power packed with lot of features, which are as follows:
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
The minimum Average Monthly Balance requirement in an Ace Savings Account is Rs. 50,000/-.
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/- |