Frequently Asked Questions


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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How is the Average Monthly Balance (AMB) requirement calculated for 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.





Closing balance


January 1st, 2012

Opening Balance



Rs. 10,000/-


January 10th, 2012

ECS Credit-VD


Rs. 10,000/-

Rs. 20,000/-


January 16th, 2012

Cash Withdrawal

Rs. 5,000/-


Rs. 15,000/-


January 25th, 2012

Cheque Deposit- MICR Clearing


Rs. 20,000/-

Rs. 35,000/-


January 28th, 2012

HPCL Petrol Pump POS 43860000000012

Rs. 1,000/-


Rs. 34,000/-


January 30th, 2012

Cash Deposit Mumbai


Rs. 9,000/-

Rs. 43,000/-


January 31st , 2012

Funds Transfer

Rs. 25,000/-


Rs. 18,000/-

AMB Calculation:

Sr. No.

Time Period


Amount (Rs.)


EOD Balance from January 1st, 2012 to January 9th, 2012

Rs. 10,000/- x 9

Rs. 90,000/-


EOD Balance from January 10th, 2012 to January 15th, 2012

Rs. 20,000/- x 6

Rs. 1,20,000/-


EOD Balance from January 16th, 2012 to January 24th, 2012

Rs. 15,000/- x 9

Rs. 1,35,000/-


EOD Balance from January 25th, 2012 to January 27th, 2012

Rs. 35,000/- x 3

Rs. 1,05,000/-


EOD Balance from January 28th, 2012 to January 29th, 2012

Rs. 34,000/- x 2

Rs. 68,000/-


EOD Balance for January 30th, 2012

Rs. 43,000/- x 1

Rs. 43,000/-


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




Average Monthly Balance (AMB)


Rs. 18677.42/-

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

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

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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 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 4% 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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Who are eligible to open Nova Savings Account?

To apply for Kotak Mahindra Bank Savings Account you should belong to any one of the below mentioned categories:

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


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

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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