Ace Savings Account FAQs - Kotak Mahindra Bank

Ace Savings Account

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

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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 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

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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 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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