Everyday Savings Account
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| Particulars | Details | Everyday Savings Account |
|---|---|---|
| AMB (Average Monthly Balance) | Rs.20,000 (AMB) | |
| Charges for non-maintenance of minimum monthly average balance$ | 6% of the shortfall in required AMB per month (Max upto Rs.600/-) – to be waived, on transacting 30*times during the month | |
| Fund Transfers | NEFT / RTGS / Fund Transfer (Through Net-banking / Mobile Banking) | Nil Charges |
| NEFT / RTGS - Applicable only if done in Branch | NEFT : Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000: | |
| Rs.14; > 2,00,000: Rs. 24 ; RTGS: 2,00,000 to 5,00,000: Rs. 20; > 5,00,000: Rs. 40 | ||
| IMPS | Nil Charges | |
| Cash Transactions | Cash Transaction at Branch / Cash Deposit Machine/Recyclers | Nil Charges up to 5 transactions or 3 lac / month whichever is earlier. Post these limits, charged at Rs 4.5 / 1000 (Minimum Rs 150) |
| Debit Card / ATM Charges | Kotak Bank's ATM - Cash Withdrawal / Non-Financial Transactions | Nil Charges |
| Other Domestic ATMs - Cash Withdrawal / Non-Financial Transactions | 10 transactions free; Rs. 21 for Cash withdrawal and Rs. 8.5 for non financial | |
| Declined Domestic ATM Transactions due to insufficient balance/ Transactions declined at merchant outlets/websites/ATMs, due to insufficient balance(w.e.f April 1,2019) | Rs.25 per transaction | |
| Cash Withdrawal / Non-Financial Transactions at International ATMs + | Rs.150 per cash withdrawal transaction & Rs 25 per non-financial transaction | |
| Cardless cash withdrawal (IMT) | Nil charges up to 1 transaction per month and subsequent transactions will be charged Rs. 10/- per transaction | |
| DD / Cheque Book | DD | Nil Charges upto 100K; Post these limits (Rs.4 / 1000 (Min 50, Max 10,000), for Senior citizen Rs. 3 / 1000) |
| FCY - DD / TT / Cheque Collection / Revalidation / Cancellation / FCY Cheque Deposited and Return | Rs. 500 | |
| At-par Cheque Book Charges | #100 Chq leaves Nil Charges / Year; Thereafter Rs.3 / cheque leaf. | |
| ECS / Cheque Issued & Returned (due to non-availability of funds) | Rs.500 / instance | |
| ECS Mandate Verification | Nil Charges | |
| SI Failure | Rs.200 / instance | |
| Cheque deposited and returned (INR) | Rs.200 / instance | |
| Cheque Issued & Returned for Non-Financial Reason | Rs.50 / instance | |
| Branch Requests | Duplicate Ad-hoc statement, Balance & Interest Statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement; Regeneration of PIN of Net Banking / Phone Banking (sent through courier)/DD Cancellation (INR)/Foreign Inward Remittance Certificate | Rs. 100 |
| DD Cancellation | Rs. 100 | |
| Home Banking | Cash / Instrument Pick Up / Delivery | Nil Charges for 2 Calls / month, thereafter Rs.150 per visit |
| KYC Pickup – Only for senior citizen and differently abled### | Rs. 100 per visit | |
| Family Banking | Applicable as per My Family Banking | |
| Statements & Alerts | Statements | Email Statement (Monthly): Nil Charges ; |
| Other Charges | Value added alerts (Daily / Weekly) | 50p. per SMS (Daily/ Weekly) |
| TOD | TOD: Rs.500; | |
| Account Closure charges: (if closed after 1 month & before 6 months of A/C opening) | Rs.500 | |
| Complimentary Services | Passbook (in lieu of Account Statement), Current Year Balance and interest statement, Signature Verification Certificate, Photo Attestation, Address Confirmation | Nil Charges |
| Debit Card Annual Charges | Every Day Debit Card | 1st year free 2nd year Rs. 259 |
| Replacement of Lost / Stolen Debit Card | Rs. 200 | |
| Other Debit Card Related Charges | Regeneration of PIN (sent through courier) | Nil Charges |
| Issuance Charges | Image Debit Card - Rs. 199 | |
| Forex Card | Particular | |
| Issuance Fee | ||
| Reload Fee | ||
| Foreign Exchange Services (FES) | ||
| Outward Remittances - Individual | Standard Charges | |
| Telegraphic Transfer Charges | INR 1250 + Tax | |
| (other than payment for imports) | ||
| Correspondent Bank Charges (Outward remittance | INR 1000 + Tax | |
| wherein the foreign bank charges are paid by remitter) | ||
| Issue of FCY DD's | INR 750 + Tax | |
| Commission in lieu of exchange | 0.125%; minimum INR 1000 + Tax | |
| (in case of debit from EEFC/RFC/SFC account) | ||
| GST on Foreign Currency Conversion Charges (FCY) ~ | ||
| Value of purchase or sale of Foreign Currency | Value on which GST rate will be applicable | |
| Up to 1,00,000 | 1% of the gross amount of currency exchanges or minimum of Rs. 250 | |
| Above Rs.1,00,000/- to Rs.10,00,000/- | 1000 + 0.50% of the gross amount of currency exchanged less 1,00,000 | |
| Above Rs.10,00,000/- | Rs. 5500 + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of Rs. 60,000 | |
| * Transactions include Cash Deposit/Withdrawal, DD issuance, NEFT/RTGS/IMPS/UPI transactions, 5 ATM transactions (which includes Kotak and Other Bank ATMs),eCOM/Purchase transaction on Debit Card. | ||
| # Year is defined as period of 12 months from 1st January to 31st December for cheque book issuance charges | ||
| As per RBI guidelines, Business / Commercial transactions are not permitted in the Savings Accounts ##Cash withdrawal limit from other Domestic ATM/Micro ATM is Rs. 10000 per transaction.#+ Top 6 Cities –Transactions done in Mumbai,New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad ATM/Micro ATMs. Mandatory Alerts will not be charged. Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent free of charge, even if Daily / weekly Balance SMS alerts facility has not been subscribed. | ||
| Penalty Charges. Charges are exclusive of the Goods and Service Tax (GST) With effect from July 1, 2017 the effective Goods and Service tax rate will be 18% on taxable value. The GST rate is subject to change from time to time.The above charges are subject to revision with a prior intimation of 30 days to all account holders. All Services, where a free limit is specified, usage beyond the free limit will be charged as per the standard charge of the respective service. For detailed information on Savings & Corporate Salary Notes. Visit www.Kotak.com > Fees & Charges (GSFC) > Important Notes of General Schedule Features & Charges - For Savings & Corporate Salary Accounts. Link :https://www.kotak.com/content/dam/Kotak/others/important-notes-of-general-schedule-features.pdf State government taxes / Cess as applicable shall be charged. W.e.f 1st September 2019, TDS at the rate of 2% (plus applicable surcharge and cess) will be deducted on cash withdrawal in excess of one crore rupees in aggregate made during the financial year. | ||
| $ Please note, if your account is currently in dormant status, non-maintenance charges will not be applicable to the same. In order to activate your account, please visit your nearest Kotak Bank branch | ||
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:
Everyday Account is unique product offering with power-packed benefits designed exclusively for the needs of customers who are expecting to save while they spend on their account.
The advantages of holding an Everyday Savings Account are:
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/- |
You have access to a number of channels to track the transactions in your savings account:
