Terms & Conditions for Opening Cherry Savings Account with Kotak Mahindra Bank Ltd

  • Any Resident Indian who is citizen of India as per FEMA guidelines & above 18 years provides his/her details in the application form for opening an account offered by Kotak Mahindra Bank Ltd (KMBL) is a Customer.
  • By providing his/her details, customer agrees to the terms and conditions of the Bank as listed in http://www.kotak.com/terms-conditions.html
  • By sharing all the information, customer consents to provide his/her name, contact details and other information on an at will basis with Bank.
  • Bank shall not be liable or responsible for any connectivity/ signal/ data issues leading to non-completion or wrong/incomplete information being provided by the customer leading to the incompletion/non-submission of his/her application.
  • The customer herewith agrees to voluntarily use his/ her Aadhaar details and Valid PAN card number to complete the KYC procedure for opening this Cherry Savings Account. Customer hereby declares that the information given during the Video KYC journey is true and correct to the best of his/ her knowledge. He/she understands that opening an account is subject to correct, complete and accurate information is provided.
  • Customer agrees that the name in the account will be the customer name as per his/her name mentioned on Aadhaar.
  • Customer understands and agrees that this Cherry savings account with KMBL applied through Kotak Cherry platform is a Zero balance savings account and the mode of operation is going to be singly.
  • Customer will receive e-Statement on his/ her registered email id with Kotak Mahindra Bank Ltd. on monthly basis.
  • The customer herewith confirms and agrees to provide the accurate documentation and information as listed in the application for the purpose of account opening. Customer understands and agrees that failure to provide requisite documentation and information shall result in rejection of application by the Bank. The customer agrees that Bank has every right to reject the account opening application, if there is any erroneous, incomplete, wrong, incorrect or misleading information provided by the customer or for any other reason whatsoever with/without assigning any reason or if KYC documents submitted do not comply with the KYC norms of the Bank.
  • This account opening process is not available for existing Kotak Bank customers who have a customer relationship number (CRN) with the bank.
  • This account opening process is also not available for customers who are FATCA reportable. Such customers are requested to approach the branch and to comply with requirement of opening an account.
  • Bank reserves the right to take necessary action, legal or otherwise, if it finds any willful modification/ withholding of information or misrepresentation by the customer.
  • Customers, who would like to deposit funds using the funding facility available while account opening, can do so only from their own bank account and not from a Third Party Bank account. Bank shall be at liberty to refuse to open the accounts funded from a Third Party Bank account at its sole discretion.
  • Customer understands and agrees that interest on the amount funded online will be paid subject to activation of the account and only from the date when the funds has been credited into the account.
  • The customer understands and agrees that Customer shall not be able to enjoy the services provided by the Bank unless the customer onboarding process is complete.
  • Customer declares and confirms that the Bank shall be entitled to rely on all/any communication, information and details provided on the electronic form and all such communications, information and details shall be final and legally binding on the Customer.
  • Customer understands and confirms that the Bank has every right to close/suspend or debit freeze the account, if the details provided by him/her are found to be inaccurate, incorrect, misrepresented or false by the Bank or for any other reason ,whatsoever, as deem fit by the bank and without assigning any reason thereof. In such an event the bank shall not be liable to pay any interest on the amount of deposit & the refund of amount deposited in the account will be refunded to the source account. In such an event, bank will retain the documents / photographs (if any) and any other signed document submitted.
  • This application is available for opening Cherry Savings Account by Resident Indian Individuals only through Kotak Cherry platform.
  • The Bank reserves the right to hold the accounts in Debit Freeze or close the Account even after account activation in case of any discrepancy found as part of regular monitoring and document verification activities.
  • The customer agrees to provide the necessary details (Mobile, Email etc.,) as per his requirement at the time of submission of details through the application. Bank shall not bear any liability for any loss arising out of customer’s failure to do so.
  • The customer herewith agrees to be contacted by the bank to receive information in respect of account maintenance, alerts, payments due, updates on existing and new products, servicing of account for sales, marketing or servicing their relationship with KMBL, its group companies/associates or agents through Telephone/Mobile/SMS/Email etc. Further he/she understands that the consent to receive calls/communications shall be valid and shall prevail over their current or any subsequent registration of their mobile number for NDNC and shall continue to be treated as customer consent/acceptance.
  • The customer authorizes Bank to share his/her mobile number and address with the respective mobile operator to verify customer's address at any point of time.
  • KMBL is not offering Digital Account onboarding facility to certain set of customers (persons operating with thumb impression, sick /incapacitated customers or any other persons, which the bank feels that may require additional controls / diligence to safeguard Bank / Customer interest). Customer may visit our Branch to select other products available. If it is detected that the said persons have opened the Accounts via this digital mode, Bank reserves the right to offer another account and close this Digital account.
  • The customer understands and agrees that in event of rejection of the application , Bank will retain the documents / Photographs and any other signed document submitted by the customer during the account opening process and details on the application or otherwise.
  • The customer confirms that the account is being opened by customer for for his/her own use and that the mobile number, SIM & device used for opening the account belongs to customer only and same have not been shared by customer  with any other individual. The customer further confirms that the customer has not shared his/hercredentials pertaining to the account opening with any other person. In case of any discrepancy, the bank reserves the right to block or close the account without any notice.
  • Customer confirm to have read, understood and agree to/ abide by the Terms and Conditions of account opening and the general terms applicable to account as available on Bank’s website at kotak.com. Once an account is opened, the terms and conditions listed as under shall also apply, as per the product selected by the customer.
  • Customer provides consent to bank to share his/her personal data with the relevant Government / regulatory/ enforcement bodies for safety and security purposes as when and requested by such authorities.
  • The customer confirms that he/ she has read, understood and agree to General Schedule of Features and Chages (GSFC) that are documented in English and available on https://www.kotak.com/en/personal-banking/accounts/savings-account/kotak-cherry.html
  • I understand and confirm that I will abide by the banks General Terms and Conditions available on the banks website www.kotak.com and savings bank rules.
  • I understand and agree that Cherry Savings Account shall be used to route transactions of only non-business/non-commercial nature. I agree that If I carry out any transaction that may be considered as commercial/ suspicious in nature, then the Bank reserves the right to decline/reverse such transactions and freeze/close the Savings Account or any other action which it may deem fit.
  • This savings account shall have Rs. 5 lacs cumulative credit limit for the financial year. In case the threshold is crossed, the account shall be total freeze and customer will need to update his/ her KYC details with the bank for continuing the banking operations.