Grand Savings Account | Senior Citizen Savings Account

Grand Savings Programme

The Kotak Mahindra Bank Grand programme offers new-age senior citizens a plethora of benefits that are guaranteed to make their lives comfortable. You can even enjoy these privileges as early as when you turn 55.

Attractive Interest Rates

Enjoy attractive interest rates up to 4%* on your Grand Savings Account and grow your money faster

Cashback

Cash back up to Rs. 4500² for Grand Savings Account holders

Health Card

Get up to 50% discount on treatments, consultation and procedures using our Priority Card and Indian Health Organisation (IHO) Card³

SMS Alert

Notifications for 15G/H deposition at the quarter beginning and on new FD's booked with our SMS alert services

Kotak ActivMoney

Convert the balance in your Savings Account above a certain amount into Term Deposits with Kotak ActivMoney and earn additional interest

Cash Delivery

Enjoy doorstep banking services like cash pick-up and delivery, cheque/draft delivery, etc. at your home using Kotak Bank's Grand Savings Account

Banking Benefits

4% interest p.a. & ActivMoney

Earn up to 4%* p.a. interest on savings account balance over Rs. 1 lakh
Earn 3.50% p.a interest on savings account balance up to Rs. 1 lakh.
Applicable for Resident Accounts only. Interest rates are subject to change from time to time.

Debit Card

Our Debit Card offers you Purchase Protection up to Rs. 1 Lakh for all consumer durable goods purchased.
For more details please click here.

Easy bill payment

Set up AutoPay and pay bills directly from your account. Now you will never have to worry about missing a payment.

Convenience banking services

Use our new-age user friendly Net Banking and Mobile Banking app to transfer money, pay your bills, recharge your DTH account and even book flight tickets.

Kotak Aqua Credit Card and Overdraft facility

Now forget about having to break a term Deposit and losing out on interest during emergencies. Get money when you need it by:

Opting for Kotak Aqua Credit Card with a credit limit of 80% of your Term Deposit value with us
Alternatively, opt to get an Overdraft of up to 85% on your Term Deposit.

Convenience Features

Home Banking*
Cash or Instrument pickup/delivery service in select locations
*for Pro/Classic 2 calls per month and for Ace 5 calls per month are free, beyond which charges are applicable as per GSFC

Priority Service and first Aid Card
Carry the Grand Priority Card that has all the important details regarding your health status and emergency contacts for easy reference. Not only does this act as a first aid card, but also gets your first preference at our branches. No more standing in long queues.

SMS for a call back
Avoid the hassle of waiting for your turn when you call for assistance. Simply SMS KGRAND to 5676788 and our representative will call you within 30 minutes. This service will be available from Monday to Saturday, between 9:30 am and 6:30 pm

SMS Alerts
Get SMS alerts for your 15G/H deposition at the quarter beginning and when you open a new Term Deposit.

Healthcare Benefits

Health Card by Indian Health Organisation:-

Your health matters to us. Which is why your Kotak Grand Account comes with a free membership of Indian Health Organisation. The various benefits of this membership are as follows:-

Unlimited tele / video consultation with trained doctors
Unlimited diet consultations
2nd opinion from doctors/diet consultants
2 Health check-up vouchers
FREE online pharmacy voucher worth 250/- of Netmeds
Discount on the registered hospitals^

* Member must call at IHO customer care number to know about the partner list and take appointment.

How to avail this offer – A vHealth member can call at IHO call centre 1800 103 4466 from 8AM to 8PM any day (except national holidays) in order to utilize any service of vHealth (Indian Health Organisation)

Validity- 12 months from the date of issue. Up to two members can be added on the card.

Any person availing the services offered by the empanelled doctors under this Offer are advised to consult their own doctor before taking any decisions based on the recommendations/advice given by the empanelled doctors. Kotak Mahindra Bank shall not be responsible for any claims or damages that may be suffered by any person on account of following the recommendations/advice given by the empanelled doctors.

For further details, check - https://vhealth.io/terms

Cash Rewards

Enjoy annual cashback up to Rs 4500/- (as per variant) on your Kotak bank debit card spends. Rewards details are listed below:

Key Features	Edge/Nova	Pro/Classic	Ace
Maximum Cashback per month (Rs.)	100	250	375
Maximum cash back in a year (Rs.)	1200	3000	4500
Minimum spends/month (Rs)	7500	15000	25000

Other Features

Travel Card : 25% waiver on issuance charges

Waiver on Demat AMC for 1st Year

25% discount on locker rental for the first year (applicable for Locker allotment in the financial year of enrolling in Grand Savings Programme)

Lifestyle benefits exclusively for you

Enjoy exclusive offers and deals across travel & shopping brands. For latest offers and terms and conditions, please click here

Check your eligibility for the Grand Savings Account.

Explore more savings account options that best suit your needs.

Key Partners

Disclaimer

1. W.e.f. May 25, 2020, interest rate on daily balances in Savings Account stands revised as follows: Daily balances in excess of Rs. 1 lakh will earn 4% interest p.a. and daily balances up to Rs. 1 lakh will earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.

2. Applicable maximum cashback for Ace Account holders. if the Average Monthly Balance required is maintained and the Debit Card spends criterion is met.

3. Available for Pro, Classic, Ace customers only

Frequently Asked Questions

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 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/-