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Presenting Sankalp Savings Account for Rural India
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Revision in General Schedule of Features & Charges for Savings and Salary Accounts w.e.f 1st May 2024. Click here to know more.
| Particulars | Kotak Sankalp Savings Account | ||||
|---|---|---|---|---|---|
| Balance Requirement | Average Quarterly balance (AQB) Rs. 2500 OR *Term Deposit of Rs.25000 (minimum 365 days) |
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| Non Maintenance Charge (NMC) - Monthly | Charges for non maintenance of minimum monthly average balance | 6% of the shortfall in required AQB per quarter (Max upto Rs. 125/-) |
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| Fund Transfers | NEFT / RTGS / Fund Transfer (Through Netbanking / Mobile Banking) | Nil Charges | |||
| NEFT / RTGS - Applicable only if done in Branch | NEFT : Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000: Rs.14; > 2,00,000: Rs. 24 ; RTGS: 2,00,000 to 5,00,000: Rs. 20; > 5,00,000: Rs. 40 |
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| IMPS | Up to 10,000: Rs. 5; 10,001 to 1,00,000: Rs. 5; 1,00,001 to 5,00,000: Rs. 15 |
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| Cash Transactions | Cash Transaction at Branch / Cash Deposit Machine (CDM) (Deposit or withdrawal) |
Nil charges up to 24,00,000/ year cumulative. Post these limits, charged at Rs 4.5 / 1000 (Minimum Rs. 150) | |||
| Cash withdrawal via UPI at Merchant Locations (Max Rs. 1000/day) | 1% of Withdrawal amount (Max Rs.10) | ||||
| Debit Card / ATM Charges | Kotak Bank's ATM Cash Withdrawal / Non Financial Transactions |
Nil Charges | |||
| Other Domestic ATMs - Cash Withdrawal / Non Financial Transactions ## | Nil Charges upto 3 txns(In Top 6 Cities#+) & 5 Txn (Non-Top Cities) per month thereafter Rs. 21 per cash withdrawal & Rs. 8.5 per non-financial Txn |
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| Transactions declined at merchant outlets/ websites/ATMs, due to insufficient balance <> | Rs.25 / Transaction | ||||
| Cash Withdrawal / Non-Financial Transactions at International ATMs + | Rs. 150 per cash withdrawal transaction & Rs. 25 per non-financial transaction | ||||
| Cardless cash withdrawal (IMT) | Nil charges up to 1 transaction per month and subsequent transactions will be charged Rs. 10/- per transaction | ||||
| DD / Cheque Book | DD | Rs. 4 / 1000 (Min Rs. 50, Max Rs. 10,000), for Senior citizen Rs. 3 / 1000 | |||
| FCY DD / TT / Cheque Collection / Revalidation / Cancellation / FCY Cheque Deposited and Return | Rs. 500 / instance | ||||
| At-par Cheque Book Charges | Free upto 10 Cheque leaves per year thereafter Rs.3 / cheque leaf |
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| ECS / Cheque Issued & Returned (due to non availability of funds) | Rs. 500 / instance | ||||
| ECS Mandate Verification | Rs. 50 / instance | ||||
| SI Failure | Rs. 200 / instance | ||||
| Cheque deposited and returned (INR) | Rs. 200 / instance | ||||
| Cheque Issued & Returned for Non-Financial Reason | Rs.50 / instance | ||||
| Branch Requests | Duplicate Ad-hoc statement, Balance & Interest Statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement; Regeneration of PIN of Net Banking / Phone Banking (sent through courier) | Rs.100 / Request For senior citizens: Rs. 75 / Request |
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| DD Cancellation (INR) | Rs.100/Request, for senior citizens:Nil | ||||
| Foreign Inward Remittance Certificate | Rs.100/Request | ||||
| Home Banking | Cash / Instrument Pick Up / Delivery | NA | |||
| KYC Pickup – Only for senior citizen and differently abled### | NA | ||||
| MyFamily Savings Programme | NA | ||||
| Family Banking for Salaried Customers | NA | NA | |||
| Statements & Alerts | Statements | Email Statement (Monthly): Nil charges; Physical Statement (Quarterly): Nil charges | |||
| Value added alerts (Daily / Weekly) | Daily & Weekly: 50 Paise /SMS | ||||
| Other Charges | TOD Account Closure charges: (if closed after 1 month & before 6 months of A/C opening) |
TOD: Rs.500 Account Closure charges: Rs. 500 |
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| Complimentary Services | Passbook (in lieu of Account Statement) Current Year Balance and interest statement Signature Verification Certificate Photo Attestation Address Confirmation | Nil Charges | |||
| Debit Card Annual Charges | Classic Debit Card | Nil charges for 1st year, thereafter Rs. 199 p.a | |||
| Silk Classic / Platinum | NA | ||||
| Gold Debit Card | Rs. 500 | ||||
| Platinum / My World Debit Card | Rs. 750 | ||||
| World / World Exclusive Debit Card | Rs. 750 | ||||
| Kotak PVR Debit Card | Rs. 499 | ||||
| Visa Signature Debit Card | Rs. 750 | ||||
| Default Card | Classic Debit card (Visa #Payshopmore) | ||||
| Other Debit Card Related Charges | Replacement of Lost / Stolen Debit Card | Rs. 200 | |||
| Issuance Charges | Image Debit Card - Rs. 199 | ||||
| Regeneration of PIN (sent through courier) | Rs 50 per request | ||||
| GST on Foreign Currency Conversion Charges (FCY) ~ | |||||
| Value of purchase or sale of Foreign Currency | Value on which GST rate will be applicable | ||||
| Up to Rs 1,00,000 | 1% of the gross amount of currency exchanges or minimum of Rs.250/- | ||||
| Above Rs.1,00,000/- to Rs.10,00,000/- | 1000 + 0.50% of the gross amount of currency exchanged less 1,00,000. | ||||
| Above Rs.10,00,000/- | Rs.5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of Rs.60,000/- | ||||
| Forex Card | Particular | Standard charges | |||
| Issuance Fee | 250 (exclusive of GST) | ||||
| Reload Fee | 75 (exclusive of GST) | ||||
| Foreign Exchange Services (FES) | |||||
| Foreign Exchange Services (FES) | |||||
| Outward Remittances - Individual | Standard Charges | ||||
| Telegraphic Transfer Charges (other than payment for imports) | INR 1250 + Tax | ||||
| Correspondent Bank Charges (Outward remittance wherein the foreign bank charges are paid by remitter) | INR 1000 + Tax | ||||
| Issue of FCY DD's | INR 750 + Tax | ||||
| Commission in lieu of exchange (in case of debit from EEFC/RFC/SFC account) | 0.125 %; minimum INR 1,000 +Tax | ||||
| ##Cash withdrawal limit from other Domestic ATM is Rs. 10000 per transaction. | |||||
| #+ Top 6 Cities Transactions done in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad ATMs. | |||||
| Mandatory Alerts will not be charged. Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent free of charge, even if Daily / weekly Balance SMS alerts facility has not been subscribed. | |||||
| **Indo - Nepal Remittance Scheme (NEFT Charges): | |||||
| If Beneficiary maintains an Account with Nepal SBI Bank Ltd. (NSBL): Rs. 25 per txn (incl all taxes). | |||||
| If Beneficiary does not maintain an Account with Nepal SBI Bank Ltd (NSBL): Upto Rs. 5000 Rs. 75 per txn. & beyond Rs. 5000 Rs. 100 per txn. (incl all taxes). | |||||
| All Services, where a free limit is specified, usage beyond the free limit will be charged as per the standard charge of the respective service. | |||||
| For all value figures k = 1000 | |||||
| <> In the event of a default in maintenance of Average Monthly Balance or regular salary credits as agreed between the bank and customer for the month (referred as ‘Default Month’), the bank will notify the customer clearly of the default and that either salary credit to be sighted or Average Monthly Balance for the account has to be met in the subsequent month (referred to as ‘Notice Month’) else the NMC (Non Maintenance Charges) for both the ‘Default Month’ and ‘Notice Month’ will be recovered. The bank may choose to notify by SMS / email / letter. It will be the responsibility of the customer to have a valid email id ,mobile number and address updated with the bank at all times, failing which, customer may not receive the notification/s. The NMC charges will be based on the shortfall observed in the AMB and as specified in the slabs in GSFC. | |||||
| Charges applicable for Silk debit card will be same as Classic Debit card. Monthly physical statements will be issued free to account holders on them personally visiting the home branch for the same. | |||||
| The Bank will charge cross-currency mark-up charge of 3.5% on foreign currency transactions carried out on Debit Cards. The exchange rate used will be the VISA / Master Card wholesale exchange rate prevailing at the time of transaction. | |||||
| A charge of 1% on the transaction amount + GST will be applicable on cash withdrawal transactions done at merchant outlets (Cash@PoS) [w.e.f April 1,2019] | |||||
| Any rejections in applications made through ASBA mode due to insufficient funds will attract charges of Rs. 350/- per rejection <> | |||||
| As per RBI guidelines, Business / Commercial transactions are not permitted in the Savings Accounts. | |||||
| +Additional charges levied by another bank on international ATM transactions will also have to be borne by the card holder. | |||||
| The above charges are subject to revision with a prior intimation of 30 days to all account holders. Closure of account due to revision of charges will not be subject to account closure charges. | |||||
| Family Savings Account will enjoy waiver of NMC till such time the linked principal Salary account receive monthly salary credits or maintains the required product AMB. In the event of Principal salary account not receiving salary credit or maintaining the required AMB, the linked Family Savings account should maintain AMB of Rs. 10000. Failing which standard charges of edge account (CS EDGE) would apply in the Family Savings Account. | |||||
| <> Penalty Charges. Not applicable once the account becomes inoperative/ dormant. | |||||
| Transaction and Value Added SMS alerts would be sent free to the customers who have subscribed for Daily / Weekly Balance Alerts facility. | |||||
| Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent free of charge, even if Daily / weekly Balance SMS alerts facility has not been subscribed. | |||||
| ¶ Debit Card charges are subject to salary credit. If salary credit not credited for 3 consecutive months, accounts with > 5 free transactions at other bank ATMs will be downgraded to only 5 transactions irrespective of the corporate offering. Program customers will be excluded from this exercise. | |||||
| Non-financial transactions are Balance Enquiry, Mini Statement & PIN Change | |||||
| Debit Card Annual Charges for Junior, Youth and Maestro Debit Cards will be same as Classic Debit card. | |||||
| Please note that the Cash Pickup/ Delivery charges pertain to the “ Cash Pick-up/ Delivery” service offered to the customer. Additional charges for cash transactions shall be levied basis the Cash Transaction limits offered under the respective variant. The Cash pick-up amount shall be a part of the overall Cash transaction limits offered under the variant. | |||||
| For Corporate salary account with S2W SELECT offering, the zero balance feature in your account is subject to regular monthly salary credit OR single credit transaction of minimum Rs.10,000 per month in Edge account through NEFT/RTGS only (Cash deposit, Cheque deposit and fund transfer from any other Kotak Bank account will not be considered). In case salary/funds are not credited, you are required to maintain Average Monthly Balance (AMB) as per the product variant to continue with account features and avoid non maintenance charges. The bank may choose to notify by SMS / email / letter. It will be the responsibility of the customer to have a valid email id ,mobile number and address updated with the bank at all times, failing which, customer may not receive the notification/s. The NMC charges will be based on the shortfall observed in the AMB and as specified in the slabs in GSFC. | |||||
| *Term Deposit opened through Sweep-in facility is applicable in Fixed Deposit balance, on Maintenance of above eligibility criteria, NMC to be waived. | |||||
| Charges are exclusive of the Goods and Service Tax (GST). | |||||
| With effect from July 1, 2017 the effective Goods and Service tax rate will be 18% on taxable value. The GST rate is subject to change from time to time. | |||||
| State government taxes/ Cess as applicable shall be charged | |||||
| W.e.f 1st July,2020; threshold as well as Rate of TDS applicable for CASH withdrawal will dependent on submission of proof of Income Tax Return filed. Revised TDS rates will be as under : | |||||
| Aggregate Cash Withdrawals in all accounts in a Financial Year | Income tax Return copy Submitted to Bank | Income tax Return copy NOT Submitted to Bank | |||
| Upto Rs.20 Lakhs | Nil | Nil | |||
| Rs.20 lakhs to Rs. 1 crore | Nil | 2%@ | |||
| In Excess of Rs. 1 crore | 2%@ | 5%@ | |||
| .@If PAN is not updated in the account then the TDS deduction at the rate 20% as per section 206AA of the Income Tax Act will apply. For foreign companies, foreign partnership firms, Non-residents additional surcharge and health & education cess will be applicable as per Income Tax law. | |||||
| ###https://www.india.gov.in/spotlight/unique-disability-id | |||||
With the Sankalp Savings Account, you can be in charge of your money. Avail low maintenance fees and many more benefits. It is an account designed to meet the financial needs of Emerging India.
The benefits of sankalp savings account are as follows:
1) Higher cash Deposit/Withdrawal Facility - Now deposit or withdraw charge free cash up to Rs. 24 lakhs per annum.
2) Say goodbye to Non-Maintenance Charges - Avoid non-maintenance charges by maintaining average quarterly balance of Rs. 2500 or on booking a Term Deposit of Rs. 25,000.
3)Attractive Interest Rates - Earn FD like interest in your Savings Account with ActivMoney.
4) Special Pricing on Loans - Avail preferential pricing on Gold Loan, Two Wheeler Loan and Tractor Finance.
5) Complimentary Talk time - Enjoy complimentary talk time offer from Jio. 6)#Payshopmore Debit Card - Get #Payshopmore debit card with our Sankalp Savings Account and save while you spend on shopping.
Sankalp Savings Account is only available in select branches. Explore and pick the best option as per your needs. The eligibility criteria for sankalp savings account is that you should be a resident of India (sole or joint account) OR A member of Hindu Undivided Family (HUF)
Click here to know the eligibility criteria for sankalp savings account
The minimum balance requirement for sankalp savings account is Average Quarterly balance (AQB) of Rs. 2500 OR a Term Deposit of Rs.25000 (minimum 365 days). Whereas the charges for non maintenance of minimum average balance is 6% of the shortfall in required AQB
per quarter (Max upto Rs. 125/-)
Sankalp Savings Account documents required for account opening are as follows:
1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card
2) Address Proof - Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Latest Passport Size Photographs
The sankalp savings account fees and charges for cash deposit and withdrawls is Nil up to 24,00,000/ year cumulative. Post these limits, charged at Rs 4.5 / 1000 (Minimum Rs. 150)
