Learn about Everyday Savings Account Fees and Charges | Kotak Mahindra Bank

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

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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.

What is Everyday Savings Account?

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 product offers freedom from AMB maintenance based on usage (transactions). Also, enjoy exclusive offers and discounts on your Everyday Rupay Debit Card, every day of the week on categories like dining, travel, movies, groceries, medicines and more….

What are the advantages of Everyday Savings Account

The advantages of holding an Everyday Savings Account are:

  • Freedom from balance maintenance based on regular usage* (transactions).
  • 20% instant discount on BookMyShow using Everyday Debit Card (capped at Rs. 100 per transaction)
  • 30% off on Eazydiner, up to Rs. 1000 instant discount exclusively on Everyday Debit Card
  • Surprise rewards on achieving transaction milestones during the month
  • Specials Offers on your Birthdays and completion of your anniversary with the bank
  • 1st year free Every Day Rupay Debit Card , with unlimited free ATM transactions on Kotak Bank ATM
  • Earn up to 4*% interest on your savings account balance1
  • Free at-par cheque (up to 100 leaves per year)
  • Free Phone Banking, Net Banking and Mobile Banking
  • Free NEFT (only through Net Banking)
  • Free cash withdrawals at Kotak Bank ATMs
  • Free IMPS transactions
  • Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

Who are eligible to open an Everyday 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

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

Now transact* 30 times a month or maintain Average Monthly Balance (AMB) of Rs. 20,000/- to get Non Maintenance charges (NMC) waived on your Everyday Savings Account

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.





Closing balance


January 1st, 2012

Opening Balance



Rs. 10,000/-


January 10th, 2012

ECS Credit-VD


Rs. 10,000/-

Rs. 20,000/-


January 16th, 2012

Cash Withdrawal

Rs. 5,000/-


Rs. 15,000/-


January 25th, 2012

Cheque Deposit- MICR Clearing


Rs. 20,000/-

Rs. 35,000/-


January 28th, 2012

HPCL Petrol Pump POS 43860000000012

Rs. 1,000/-


Rs. 34,000/-


January 30th, 2012

Cash Deposit Mumbai


Rs. 9,000/-

Rs. 43,000/-


January 31st , 2012

Funds Transfer

Rs. 25,000/-


Rs. 18,000/-

AMB Calculation:

Sr. No.

Time Period


Amount (Rs.)


EOD Balance from January 1st, 2012 to January 9th, 2012

Rs. 10,000/- x 9

Rs. 90,000/-


EOD Balance from January 10th, 2012 to January 15th, 2012

Rs. 20,000/- x 6

Rs. 1,20,000/-


EOD Balance from January 16th, 2012 to January 24th, 2012

Rs. 15,000/- x 9

Rs. 1,35,000/-


EOD Balance from January 25th, 2012 to January 27th, 2012

Rs. 35,000/- x 3

Rs. 1,05,000/-


EOD Balance from January 28th, 2012 to January 29th, 2012

Rs. 34,000/- x 2

Rs. 68,000/-


EOD Balance for January 30th, 2012

Rs. 43,000/- x 1

Rs. 43,000/-


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




Average Monthly Balance (AMB)


Rs. 18677.42/-

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