What is Classic Savings Account?
An account packed with great features to provide you a superior banking experience at a very comfortable balance requirement, the Kotak Classic Savings account has everything you need to manage your banking and investment needs.
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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 4% interest on your savings account balance1
- Free access to all domestic VISA ATMs
- Free Classic Debit Card
- 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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Who are eligible to open Classic 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
- Foreign nationals residing in India
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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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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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In what ways can I track my savings account?
You have access to a number of channels to track the transactions in your savings account:
- Physical account statements are sent quarterly for Edge/Pro/Ace savings accounts
- Mini statements through the ATM
- Email and Mobile alerts
- Savings Account balance enquiry through SMS
- View savings account details & transactions through Net Banking
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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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