Can a senior citizen open a savings account?

Yes, a senior citizen can open Grand - Savings Account which is only applicable for Indian residents of age 55 years and above.

What is the minimum balance for senior citizen savings account?

As per account variant selected

Where can I open a senior citizen account?

You can apply online for the senior citizens savings account or visit our nearest branch with all mandatory documents as listed below. Sr. No. Name of the Document (valid) Identity Proof Address Proof 1 Passport Yes Yes 2 Driving Licence Yes Yes 3 Aadhaar (Post e-KYC authentication by Bank) Yes Yes 4 Voter Id Yes Yes 5 Job Card issued by NREGA Yes Yes 6 Letter issued by National Population Register Yes Yes

What is the best savings account for pensioners?

If you are looking for a pensioners savings account, then Grand - Savings Programme is the best type of savings account for the pensioners.

What documents required for senior citizen savings account?

To open a senior citizens savings account, following are the mandatory senior citizens savings account documents as listed below. Sr. No. Name of the Document Identity Proof Address Proof 1 Passport Yes Yes 2 Driving Licence Yes Yes 3 Aadhaar (Post e-KYC authentication by Bank) Yes Yes 4 Voter Id Yes Yes 5 Job Card issued by NREGA Yes Yes 6 Letter issued by National Population Register Yes Yes

Fees & Charges for Grand Senior Citizen's Savings Account

Q: What is the interest rate for senior citizens savings bank account?

Effective April 25,2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 2.75% interest p.a. and above Rs. 50 Lakh will earn 3.25% p.a. respectively. These interest rates are applicable for both Resident and Non Resident Accounts (NRE/ NRO)

Grand Savings Programme

Grand is crafted with utmost care for the golden years of your life. Built with offerings such as flexibility in balance maintenance, Call back facility with an SMS, complimentary one year membership to GetSetUp, Kotak Rewards, discount on locker rentals, exciting offers and more, the Grand account ensures to make life comfortable as soon as you turn 55 years old.

Flexibility in Balance Maintenance

Avail non-maintenance charge waiver by maintaining adequate Average Monthly Balance or holding FD. Click here to know more

SMS for a callback facility

SMS KGRAND to 5676788 for a call back between 9:30 am - 6:30 pm from Monday to Saturday

GetSetUp

One year subscription to GetSetUp – a virtual community for senior citizens hosting over 2000 workshops & classes in the fields of yoga, acting, dancing and much more

Kotak Rewards

Experience Kotak Rewards** feature where you can earn up to 1500 Kotak Reward & get exclusive offers

Discount on locker rentals

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

Attractive Interest Rates

Enjoy attractive interest rates on Fixed Deposits

What are the benefits and privileges of having a Grand Savings Account?

Banking Benefits

Home Banking#
Cash or Instrument pickup/delivery service for you to have a convenient experience.

#For Pro/Classic 2 calls per month and for Ace 5 calls per month are free, beyond which charges are applicable as per GSFC
Kotak ActivMoney
Earn FD like interest rate upto 6.50% with your Grand Savings Programme. Sweep in Sweep out limit as per variant. Click here to know more.
Debit Card
The Debit card offers you Purchase Protection^ up to Rs. 1 lakh for all consumer durable goods purchased.

For further details and benefits of your card please click here.
^ Conditions Apply
Easy Bill Payment
Set up AutoPay and pay bills directly from your account. Now you will never have to worry about missing a bill payment.
Overdraft facility
Forget about having to break a Fixed Deposit and losing out on the interest during emergencies. Get money when you need it by opting to get an Overdraft of up to 85% on your Fixed Deposit.
Net Banking and Mobile Banking
With our world-class digital banking solutions and its 180+ features you can bank with ease 24*7. Transfer money, pay bills, recharge your DTH account, book flight tickets and much more through our new-age, user-friendly Net Banking and Mobile Banking app.

Kotak Rewards

Experience Kotak Rewards** feature where you can earn up to 1500 Kotak Reward Points on purchases carried out through your Debit Card and redeem points across categories like groceries, apparel, hotel, dining, shopping etc. T&C Apply.
Rewards details on Debit Card spends are listed below (w.e.f. 1^stJune 2022)

Below are the details of Reward Points:

Minimum Spends per month	Reward Points per month 1 Kotak Reward point=Rs 0.25
Rs. 7,500 - Rs. 15,000	400
Rs. 15,001 - Rs. 25,000	1000
Rs. 25,001 & above	1500

Rewards are subject to meeting of minimum spends criteria. Spends should be on domestic merchant transactions using Debit Card. The reward points will be credited every month for the previous calendar month in your Kotak Rewards account. Validity of reward points will be 1 year from the date of credit. Details of the same will be communicated through email on registered email id and SMS on registered number. ATM cash withdrawals are not eligible for Rewards. Accrued Reward Points for the last month’s spends will be available in Kotak Rewards Portal latest by 15th of the subsequent month.

Other features

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

* Terms and conditions apply. Locker subject to availability.
Exclusive offers and discounts on shopping, dining, entertainment and much more. Click here to know the terms and conditions. .

Check your eligibility for the Grand Savings Account.

Disclaimer

1. Effective April 25, 2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 2.75% interest p.a. and above Rs. 50 Lakh will earn 3.25% p.a. respectively. These interest rates are applicable for both Resident and Non Resident Accounts (NRE/ NRO).

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

@ Year is defined as period of 12 months from 1st January to 31st December for cheque book issuance charges

To apply for a Grand Account, you need to be an Indian resident of age 55 years or above

Check the documents required for opening the Grand Savings Account.
Explore more savings account options that best suit your needs.

Be ready with following documents while opening this account

Sr. No.	Name of the Document (valid)	Identity Proof	Address Proof
1	Passport	Yes	Yes
2	Driving Licence	Yes	Yes
3	Aadhaar (Post e-KYC authentication by Bank)	Yes	Yes
4	Voter Id	Yes	Yes
5	Job Card issued by NREGA	Yes	Yes
6	Letter issued by National Population Register	Yes	Yes

Check the fees and charges for the Grand Savings Account.

Explore more savings account options that best suit your needs.

Grand Savings Programme customers are eligible to avail non-maintenance charge waiver in their savings account if they meet the below criteria w.e.f 1^st June 2023

Savings Product Balance Requirement (Grand programme customers only)	Balance criteria (one of the below)
	Savings AMB Requirement (Rs)	Term Deposit Value (Rs)
Everyday	10,000	50,000
Nova	5,000	25,000
Edge	10,000	50,000
Classic	10,000	50,000
Pro	20,000	100,000
Ace	50,000	250,000

TD tenor has to be greater than or equal 6 months. Term Deposit includes, Fixed deposit and recurring deposits
The primary holder of the Savings and Term Deposit relationship has to be same.

Explore more savings account options for you and your family.

Click Here to know the fees and charges applicable for respective product scheme opted

Retirement Planning Calculator

Calculate how much you need to save to ensure a smooth and comfortable retired life.

Current Age

Retirement Age

Life Expectancy

Current Monthly Expense

INR

Present Value (Retirement Corpus)

INR

Expected Inflation rate p.a

%

Expected return on investment p.a

%

You need to make a monthly investment of

to accumulate a corpus of

Apply Now

What is retirement planning?

Retirement planning is the process of managing your finances and investments to ensure a smooth transition from your working years into ‘retirement’ life. It involves setting clear financial goals for your retirement, estimating your post-retirement financial needs, and identifying the amount you need to save to maintain your desired lifestyle even after retiring. You must then plan your investments and allocate your assets as needed to build the required retirement corpus.

If you are not sure about how to begin planning for your post-retired life, you can seek expert assistance from financial retirement planners in India. Alternatively, you can use a retirement calculator to get a clearer picture of how much you need to save for life after retirement.

What is a retirement calculator?

A retirement calculator is a handy financial tool that can help you estimate the amount of money you need to save to lead a comfortable life after you retire. It simplifies retirement planning for people from all walks of life and makes it easier to understand the financial requirements of post-retirement life.

The best part is that online retirement calculators are now available to everybody free of charge. You need to input a few basic details into this financial tool, and you can see how much you will have to start saving to build the nest egg required for your post-retirement life.

How does a retirement planning calculator work?

A retirement planning calculator typically has a user-friendly interface, making it suitable even for beginners and those new to retirement planning. You need to enter some basic details like your current age, the age at which you plan to retire and your life expectancy. You then need to submit information about your current income/expenses, how much you have saved for retirement so far, and the expected inflation rate and ROI.

Ensure that you enter realistic and accurate information in the retirement planning calculator. Once you submit the required details, the financial tool will compute the minimum amount you need to save up as your retirement corpus. You can then use this information to create an investment plan accordingly.

Benefits of using a retirement planning calculator

Some of the top benefits of using a retirement planning calculator in India are listed below.

You get a clear estimate of the savings required for life after retirement
It helps you set realistic financial goals for your retirement
You can identify any shortfalls in your current retirement fund and take proactive measures
It allows you to make informed decisions about your investments and asset allocation
You get accurate estimates because factors like inflation and life expectancy are included
It simplifies complex financial calculations into clear and actionable results
It empowers you to save up a sufficient retirement corpus and lead a comfortable life after retirement

How to use the Retirement Fund Calculator from Kotak?

Here is a step-by-step guide to help you use the Retirement Fund Calculator from Kotak easily.

Step 1: Enter your current age.

Step 2: Enter the age at which you wish to retire.

Step 3: Enter your life expectancy. Ensure that you use a realistic estimate.

Step 4: Input your current monthly expenses. This includes your fixed and variable costs, as well as your essential and discretionary expenses.

Step 5: Enter the present value of your retirement corpus. This is essentially the amount you have saved up for retirement to date, if any.

Step 6: Enter the expected annual inflation rate. To use a realistic estimate, you can read the news and check what the current inflation rates are.

Step 7: Enter the expected annual rate of returns on your investment.

Once you enter all these details, the financial tool will show you the amount you need to invest each month to accumulate the required retirement corpus.

The benefits/offers under this programme can only be availed by the Primary Account Holder
Terms and conditions of Kotak Rewards- Rewards are subject to meeting of minimum spends criteria. Spends should be on domestic merchant transactions using Debit Card. The reward points will be credited every month for the previous calendar month in your Kotak Rewards account. Validity of reward points will be 1 year from the date of credit. Details of the same will be communicated through email on registered email id and SMS on registered number. ATM cash withdrawals are not eligible for Rewards. Accrued Reward Points for the last month’s spends will be available in Kotak Rewards Portal latest by 15th of the subsequent month.
Home Banking (HB) : services will start within a month from the date of A/C opening. The date selected for HB can be changed with 30 days prior intimation. Once it is changed, in subsequent month’s cash delivery by Bank would happen on that date. If on the specified date of HB, due to holiday/Sunday/ or any other reason, Bank is unable to execute the transaction, the cash shall be delivered on the next working day. These services are provided on a “No Warranty or Risk” basis, therefore the Bank shall have no liability to the customer or any other parties for any indirect, incidental, punitive or consequential costs, damages or otherwise with respect to the Bank offering these services and the Bank shall not be liable or responsible on account of any misuse of the services and the Bank stands indemnified in this regard. The Bank will on a best-effort basis will execute the HB transaction within the specified duration as mentioned above, and shall not be responsible for delay or non-delivery on the specified date. **This facility is provided once a month and in HB active locations. The charges applicable will be as per standard GSFC and basis the account type. Wherever HB is not available, the customized cash delivery option will be HBNA by default
The Bank also reserves the right with / without notice to extend or terminate the above offers or alter the terms and conditions or modify existing offer or introduce any additional process at any time without assigning any reason whatsoever. The decision of the Bank with respect to this Offer shall be final and binding. General Terms and conditions The terms and conditions related to the Grand Savings Programme will be over and above the standard terms and conditions of the account and the services which shall be deemed to be incorporated herein by reference and apply as the context may require
The discount on locker rent will be applicable for locker allotment in the financial year of enrolling in Grand Savings Programme. Locker discount is not applicable for customers who convert their existing account or open another account to enroll into this programme. Locker allottment is subject to availability. The Bank shall not be liable for any loss or damage arising or resulting from delay in transmission delivery or non-delivery of mailer/ electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message owing to any reason beyond the control of the Bank
For Privy League and Wealth customers enrolling in Grand savings programme, respective GSFC for Privy League/ Wealth savings account shall apply.

Fees & Charges for Grand - Senior Citizen Savings Account