Edge Savings Account FAQs - Kotak Mahindra Bank

Frequently Asked Questions

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 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 4% 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 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/-

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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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Regular Savings Account with Kotak Edge for Premium Banking

Frequently Asked Questions

What is the ActivMoney facility?

What is Edge Savings Account?

What are the advantages of Edge Savings Account?

Who are eligible to open an Edge Savings Account?

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

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

In what ways can I track my savings account?