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Frequently Asked Questions

What are the advantages of Nova Savings Account?

The advantages of holding Nova Savings Account are:

  • Average Monthly Balance (AMB) of Rs. 5,000/-
  • Earn up to 6% interest on your savings account balance1
  • Free access to all domestic VISA ATMs, up to five transactions per month2
  • Free Classic Debit Card for the first year
  • Free at-par cheque (up to 25 leaves per quarter)
  • Free Phone Banking, Net Banking and Mobile Banking
  • Free NEFT (only through Net Banking)
  • Free IMPS
  • Free cash withdrawals at Kotak Bank ATMs
  • Kotak ActivMoney – Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest


Nova/Classic Savings Account is available in Semi-urban/rural branches only.

1Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 1 cr. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs. 1 cr. Applicable for Resident Accounts only. Interest rates are subject to change from time to time.
2Limits apply.
All benefits are subject to terms, conditions and exclusions.

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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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What is Nova Savings Account?

A complete financial package customized to meet regular banking needs, Kotak Nova Savings Account ensures faster and secure access with convenience banking.

Let your personal banking experience move a step closer to you with an account that gives you exactly what you want! Invest in market instruments, shop online, pay utility bills and do much through your phone, on mobile, Internet, ATM or branch.

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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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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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