Ace Savings Account FAQs - Kotak Mahindra Bank

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

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

The minimum Average Monthly Balance requirement in an Ace Savings Account is Rs. 50,000/-.

Was this information helpful to you? Yes No

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 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 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

Showing 4 out of 4 items

of 1

Ace Savings Account