Open Classic Savings Account Online with Priority Banking Services

Classic Savings Account

The Kotak Mahindra Classics Savings Account gives you the benefit of great features, that too at a comfortable balance requirement, so you can enjoy a banking experience that is truly exceptional. And with priority service from your Relationship Manager, you can rest assured that taking care of your banking and investment needs will be made effortless.

Monthly Balance

Average Monthly Balance (AMB)
of Rs. 10,000/-

Attractive Interest Rates

Earn 4%* interest
on your savings account balance¹

Free Platinum International Chip Debit Card (1st year free)

For further details, Please click here

Demand Drafts

Free Demand Draftsof up to Rs 1 lac per month

ATM Cash withdrawals

Free Access to all domestic Visa ATMs. Enjoy Unlimited free Cash withdrawals at our ATMs.
Get up to five free Transactions per month in other Bank ATMs

Cash pick-up/delivery

Free cash pick-up/delivery
Free instrument pick-up/delivery
(5 calls per month)

Kotak ActivMoney

Convert savings account balance
above a certain amount
into Term Deposits

More Features & Benefits

Free NEFT through Netbanking
Free cash withdrawals at other domestic ATMs³

Check your eligibility for the Classic Savings Account.

Explore more savings account options that best suit your needs.

Disclaimer

Nova/Classic Savings Account is available in Semi-urban/rural branches only.

1. W.e.f. Jun 13, 2022, daily balances in Savings Account above Rs. 50 lakhs will earn 4% interest p.a. Daily balances in Savings Account up to Rs. 50 lakhs will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.

2. Per transaction limit is Rs. 10,000/-.

3. In branch location free up to Rs. 1 lac, for other locations free up to Rs. 50,000/- per day.

All benefits are subject to terms, conditions and exclusions.

*Non chip enabled Debit Cards issued on or after December 1 , 2013, cannot be used outside India.

**Year is defined as period of 12 months from 1st January to 31st December for cheque book issuance charges

Frequently Asked Questions

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 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/-