Fees & Charges for Grand - Senior Citizen Savings Account

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

Check the fees and charges for the Grand Savings Account.

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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

• 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.

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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.