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Frequently Asked Questions

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account:

  • 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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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 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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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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Who can open a Savings Bank Account

To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories

  • Resident Indian (Sole or Joint Savings Account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India1

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How can I change my Home Branch?

Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.

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How can I upgrade my Savings Account?

You can upgrade your savings account to a higher variant, by following the below steps

Go to Get Help section in Website > Service Request. Select Upgrade Savings Account Variant Request. User to enter Login credentials and the OTP received. User to select the savings account number to be upgraded and the new savings account type.

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How can I know more about fees and charges applicable on my savings account?

You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.

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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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How do I know what average balance I have maintained in my Savings Account?

You can know your average monthly balance in your savings account by logging in Net Banking section of the website.

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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 can I get the details of transactions done in my savings account?

You can get the details of all the transactions done in your savings account by logging in Net banking and downloading the savings account statement for the specified period

You can also get details of last 10 transactions in your savings account by logging in mobile application.

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What is Edge Savings Account?

An Edge Savings Account is a straightforward savings account that combines the best of regular and privileged banking to give you many benefits with limited premium services.

Designed to suit the requirements of the new-age professional, Kotak Edge Savings Account gives you a little bit extra than a regular savings account. So, enjoy free access to all domestic Visa ATMs or carry-out NEFT transactions from your phone, all with one savings account.

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What are the advantages of Edge Savings Account?

The advantages of holding an Edge Savings Account are:

 

  •          Average Monthly Balance (AMB) of Rs. 10,000/-
  •          Earn up to 6% interest on your savings account balance1
  •          Free access to all domestic VISA ATMs, up to five transactions per month2
  •          Classic Debit Card
  •          Free at-par cheque (up to 25 leaves per quarter)
  •          Free Phone Banking, Net Banking and Mobile Banking
  •          Free NEFT (only through Net Banking)
  •          Free cash withdrawals at Kotak Bank ATMs
  •         Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

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Who are eligible to open an Edge 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 minimum Average Monthly Balance (AMB) requirement for an Edge Savings Account?

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

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How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance (AMB) means that you do not have to maintain any minimum balance in your 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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