Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% 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.
#Debit Cards will be issued to children age 10 and above and it will have a daily withdrawal limit of Rs. 5,000/- only.
^NMC waiver is available on bundled offering only (Nova Junior account), as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) of Rs. 5,000/- is to be maintained and standard charges will be debited on non-maintenance of AMB.
The waiver will not be applicable in case of failure in execution of the SI set towards RD/ SIP, due to insufficient funds in the Junior Account.
Learn more about Kotak Junior Proposition of the Junior Savings Account.
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