Nova 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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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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• 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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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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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 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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• 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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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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• 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

Disclaimers:

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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• Resident Indians (sole or joint account)
• Hindu Undivided Families
• Foreign nationals residing in India¹

Disclaimers:

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

¹ Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.

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