Learn about Everyday Savings Account Fees and Charges | Kotak Mahindra Bank
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Particulars Details Everyday Savings Account
AMB (Average Monthly Balance) Rs. 10,000
Charges for non-maintenance of minimum monthly average balance$ 6% of the shortfall in required AMB per month (Max upto Rs. 500/-)
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 2 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 7 free transactions per month (Financial + Non-Financial), thereafter Rs. 21 per Financial transaction and Rs. 8.5 per Non-Financial transaction
Other Domestic ATMs - Cash Withdrawal / Non-Financial Transactions  7 free transactions per month (Financial + Non-Financial), thereafter Rs. 21 per Financial transaction and Rs. 8.5 per Non-Financial transaction
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.
Transaction Failure 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### NA
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 Account Closure charges: (if closed after 1 month & before 6 months of A/C opening) TOD: Rs.500; Account Closure: 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 Rs. 259 p.a.
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 Standard charges
Issuance Fee 250 (exclusive of GST)
Reload Fee 75 (exclusive of GST)
Foreign Exchange Services (FES) Outward Remittances - Individual Standard Charges
Telegraphic Transfer Charges (other than payment for imports) INR 1250 + Tax
Correspondent Bank Charges (Outward remittance wherein the foreign bank charges are paid by remitter) INR 1000 + Tax
Issue of FCY DD's INR 750 + Tax
Commission in lieu of exchange (in case of debit from EEFC/RFC/SFC account) 0.125 %; minimum INR  1,000 +Tax
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 Rs 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 Customer Induced Cash Deposit/Withdrawal, DD issuance, NEFT/RTGS/IMPS/UPI Debit 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

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Frequently Asked Questions

What is everyday savings account?

Everyday savings account is a one of a kind savings account where you can save while you spend with deals on popular brands such as Zomato, Blinkit, MakeMyTrip, EazyDiner, BookMyShow etc.

What is the interest rate offered by an Everyday Savings Account?

For Everyday Savings Account if daily balances in Savings Account is above Rs. 50 lakhs, it will earn 4% interest p.a. Where if the daily balances in Savings Account is up to Rs. 50 lakhs, it will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.

What are the eligibility criteria to open an Everyday Savings Account?

To apply for Kotak Mahindra Bank Everyday Savings Account, you should belong to any one of the below mentioned categories:

  1. Resident Indian (Sole or Joint Account)
  2. Hindu Undivided Families
  3. Foreign Nationals Residing in India

What documents are required to open an Everyday Savings Account?

The following documents are required to open an Everyday savings account:

  1. Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card
  2. Address Proof - Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank
    Statement, Bank Account Passbook (Updated and no more than 3 months old)
  3. Signature Proof - PAN Card, Driving License, Passport
  4. Latest Passport Size Photographs

Is there any monthly maintenance fee for an Everyday Savings Account?

Yes, the everyday savings account charges 6% of the shortfall in required AMB per month (Max upto Rs.600/-) 

What are the benefits of opening an Everyday Savings Account?

The benefits of everyday savings account are as follows :

  1. Treat yourself to exciting rewards - Transact and earn vouchers worth up to Rs.250* every month
  2. Get a power-packed Debit Card - Enjoy exclusive offers and discounts on popular brands with your Everyday Debit Card
  3. Special offers.on your birthdays and completion of your anniversary with the bank

Convert excess savings to term deposits via Kotak ActivMoney

  • AMB For Metro/Urban Locations – Rs. 15,000
  • AMB For Semi-Urban/Rural – Rs. 10,000