Savings Account - My Junior Savings Account for Children To Teach Them Savings

Kotak Junior Proposition

Early To Save. Early to Earn
Kotak Junior Account helps inculcate a saving habit in the child and helps parents build a corpus for their child's future. It is a bundled offering which includes:
- Junior Savings Account - NMC^# waived Saving Account (Nova Variant)
- Guardian Savings Account - One of our Savings Account variants designed to give you a worry-free banking experience
Investment in a Recurring Deposit / Systematic Investment Plan with as little as Rs. 2,000^ per month (minimum tenure of 36 months)
^ Rs. 1000 or above for Semi-Urban & Rural Branches
# Non Maintenance Charge.

Recurring Deposit

A Recurring Deposit (RD) allows you to park a pre-defined amount in a long term deposit every month.
You can sign up for an RD with a simple standing instruction and save for your child's future. For e.g.,If you were to invest Rs.10,000/- per month for 10 years at an interest rate of 8.25% p.a.,your child would receive Rs. 18.62 lakhs on deposit maturity.*

Systematic Investment Plan

Seasoned financial planners tell you it is never too late to start investing.What they also tell you that it is better to start early.
So what better way to invest in your child's future than with a Systematic Investment Plan? Choose the amount and the duration that you wish to invest and start building that Ivy League education corpus that your child deserves.

Standalone Junior Account

While we recommend the bundled offering which ensures your child learns to save, Junior Account is also available in our regular Savings Account variants as mentioned below,without the separate Guardian Account and investment options (RD or Mutual fund SIP).
Platina | Ace | Pro | Classic | Edge | Nova
Note:*Conditions apply.NMC waiver is available with Nova variant of Junior Account with RD or SIP and Guardian's Savings Account only.Minimum average monthly balance is not required for Kotak Privy League and Wealth programme customers.Classic and standalone Nova savings account (No linked RD/MF SIP and guardian's savings account) is available in Rural &Semi-Urban branches only.
Learn more about the exclusive privileges of the Junior Savings Account.
Explore more savings account options that best suit your needs.

Be ready with following documents while opening this account

(Original for verification and self-attested copies for submission)

Document	Valid Type
Identity Proof	PAN Card, Driving License, Passport, Voter's ID, Aadhaar Card
Addres Proof	Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
Signature Proof	PAN Card, Driving License, Passport
Latest Passport Size Photographs (4 copies)

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Frequently Asked Questions

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account:

Above 1 Lakh and up to 1 Crores the interest rate applicable is 6% p.a
Up to 1 Lakh, the interest rate applicable is 5.0% p.a
Above 1 Crores, the interest rate applicable is 5.5% p.a

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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/-

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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.

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Who can open a Savings Bank Account

To apply for Kotak Mahindra Bank Pro Savings Account, you should belong to anyone of the following categories

Resident Indian (Sole or Joint Savings Account)
Hindu Undivided Families
Foreign Nationals Residing in India1

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How can I change my Home Branch?

Go to Get Help section in Website > Service Request > View All. Select Change of Home Branch Request. User to enter Login credentials and the OTP received. User can change the Home Branch at CRN level (all savings accounts) or at a savings account level.

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How can I upgrade my Savings Account?

You can upgrade your savings account to a higher variant, by following the below steps

Go to Get Help section in Website > Service Request. Select Upgrade Savings Account Variant Request. User to enter Login credentials and the OTP received. User to select the savings account number to be upgraded and the new savings account type.

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How can I know more about fees and charges applicable on my savings account?

You can get complete details about the fees and charge applicable on your savings account by referring the ‘Fees and Charges’ tab in the savings account section of our website.

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What is the rate applicable on the savings account?

Following are the rates:

Above 1 Lakh and up to 1 Crores the interest rate applicable is 6% p.a.
Up to 1 Lakh, the interest rate applicable is 5.0% p.a.
Above 1 Crores, the interest rate applicable is 5.5% p.a.

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How do I know what average balance I have maintained in my Savings Account?

You can know your average monthly balance in your savings account by logging in Net Banking section of the website.

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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 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.

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How can I get the details of transactions done in my savings account?

You can get the details of all the transactions done in your savings account by logging in Net banking and downloading the savings account statement for the specified period

You can also get details of last 10 transactions in your savings account by logging in mobile application.

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How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance (AMB) means that you do not have to maintain any minimum balance in your savings account.

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/-

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What are the exclusive benefits of Junior Savings Account?

Enjoy offers under shopping, dining, edutainment & more with Junior Account. Here's what your Junior can look forward to Junior Foodie

Junior Day Out
Junior Learner
Junior Angel
Junior Foodie

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What is the minimum Average Monthly Balance (AMB) requirement for a Junior Savings Account?

The minimum Average Monthly Balance requirement in an Junior Savings Account is Rs. 5,000/-.

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What is the interest rate on the Junior Savings Account?

The interest rate on the Junior Savings Account is upto 6%p.a.

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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

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View All

	Junior Foodie Who doesn't deserve a delicious treat once in a while? Junior Foodie provides offers and discounts on all kinds of delicious treats and rewards, including pizza and cookies. Yum!
	Junior Day Out You know what they say about all work and no play. All kids need to enjoy themselves once in a while. Junior's day out gives them a chance to do rare, fun activities, like playing with snow or go karting.
	Junior Shopper Clothes. Toys. Arts & crafts. Footwear. Room Decor. Junior Shopper has offers & discounts on all of these and more. Sometimes, a new pack of crayons makes us all feel better.
	Junior Learner There's so much to learn beyond textbook. Junior learner helps make learning fun, with discounts on subscriptions to BBC Knowledge, National Geographic, Tinkle and more.
	Junior Angel What's more fun than having fun? It's the joy of helping others, doing a good deed and being a good human being. Every time we support a good cause, we become an Angel. Click here to know more about the latest offers Know more about other Kotak Savings Account by clicking here

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Junior Account

Junior - The Savings Account for Kids

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Kotak Junior Proposition

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Be ready with following documents while opening this account

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Frequently Asked Questions

What is the rate applicable on the savings account?

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What is the ActivMoney facility?

Who can open a Savings Bank Account

How can I change my Home Branch?

How can I upgrade my Savings Account?

How can I know more about fees and charges applicable on my savings account?

What is the rate applicable on the savings account?

How do I know what average balance I have maintained in my Savings Account?

What is the ActivMoney facility?

How can I get the details of transactions done in my savings account?

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What are the exclusive benefits of Junior Savings Account?

What is the minimum Average Monthly Balance (AMB) requirement for a Junior Savings Account?

What is the interest rate on the Junior Savings Account?

In what ways can I track my savings account?

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