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Frequently Asked Questions

What are the advantages of Classic Savings Account?

It is power packed with lot of features, which are as follows:

  •          Average Monthly Balance (AMB) of Rs. 10,000/-
  •          Earn up to 6% interest on your savings account balance1
  •          One NMC waived Edge Savings Account for your family member2
  •          Free access to all domestic VISA ATMs
  •          Free Platinum International Debit Card for the first year*
  •          Free Net Banking, Mobile Banking and Phone Banking
  •          Free cash pick-up/delivery (5 calls per month)
  •          Free instrument pick-up/delivery (5 calls per month)
  •          Free NEFT through Netbanking
  •          Free cash withdrawals from any Kotak branch across India
  •          Free cash withdrawals at other domestic ATMs3
  •          Free Demand Drafts4
  •          50 % Discount on first year Demat AMC
  •          Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

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In what ways can I track my account?

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

  • Physical account statements are sent quarterly for Edge/Pro/Ace accounts
  • Mini statements through the ATM
  • Email and Mobile alerts
  • Account balance enquiry through SMS
  • View account details & transactions through Net Banking

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What is the rate applicable on the savings account?

Following are the rates:

  • 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 5.0% p.a.
  • Above 1 Crores, the interest rate applicable is 5.5% p.a.

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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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What is the minimum Average Monthly Balance (AMB) requirement for Classic Savings Account?

The minimum Average Monthly Balance requirement in a Classic Savings Account is Rs. 10,000/-.

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