Junior 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 4% p.a
• Above 1 Crores, the interest rate applicable is 5.5% p.a

 Applicable for Resident Accounts only.

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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 1st, 2012	Opening Balance			Rs. 10,000/-
2	January 10th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1st, 2012 to January 9th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10th, 2012 to January 15th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16th, 2012 to January 24th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25th, 2012 to January 27th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28th, 2012 to January 29th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31st , 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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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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• Resident Indian (Sole or Joint Savings Account)
• Hindu Undivided Families
• Foreign Nationals Residing in India1

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

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Average Monthly Balance is calculated by dividing the sum of all End of Day balances in a financial quarter by the number of days. Thus this provides you added flexibility to use the available funds in your account.

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• View savings account details
• Request for savings account statement or cheque status
  
• Place stop payment instructions
  
• Open a Fixed Deposit and link it to your Savings Account
  
• Transfer funds to third party accounts in other banks
  
• Place a request for issue of BC
  
• View Demat Account details which is linked to your Savings Account
  
• Make payments to utility service providers
  
• Shop online
  
•  Online trading of shares
  
• Make or Redeem investments through MF on Net
  

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• Physical account statements sent quarterly (Edge, Pro) or monthly (Ace)
• Mini statement through the ATM
  
• Email and Mobile alerts
  
• Account balance enquiry through SMS
  
• View account details & transactions through Net Banking
  

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Moreover you can also apply for our Internet Banking or Phone Banking facility which will give you access to your account balances and other services anytime, anywhere.

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(a transaction fee may be applicable for withdrawals from non-Kotak ATMs in India and from any ATM overseas according to current banking policies).

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