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Here's how an everyday savings account is best suited for you
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Many open savings account online or offline owing to its liquidity and security features. However, opting for any offline or online savings account may not fetch you the desired results. You must ensure to choose the correct type of savings account to reap maximum benefits from the same. This is where an everyday savings account comes into play.
Reasons why you need to have an everyday savings account by Kotak
Most savings bank accounts need you to maintain a minimum average balance. In case you fail to meet the requirement, a penalty is generally charged. However, with Kotak’s everyday savings account, you get the option to have this charge waived off subject to certain conditions.
Transacting through this everyday savings account can help you earn some attractive offers and discounts on dining, groceries, travel, movies, and medicines, to name a few. Such tie-ups with distinct platforms across different categories can be advantageous if you are a frequent service user. If you can manage your savings account AMB requirements or other pre-set conditions, then you can opt for this account to get exclusive deals, offers and discounts to save on your overall buying costs. An important benefit to be noted here is that such deals are not limited to festivals but are also offered on your special days – be it your birthday or some anniversary.
If you are fond of some retail therapy or splurging once in a while on yourself, the debit card that comes with this account offers some sweet deals on your favourite brands, every day of the week. The card also grants higher daily transaction and withdrawal limits so that nothing can be of hindrance when you are in need of money or need to make important transactions.
How to open an everyday savings account?
When it comes to opening any type of savings account with Kotak, there is a set of eligibility criteria that you need to meet, and an everyday savings account is no different. To be eligible to open this account, you must belong to any one of these categories –
Apart from this, you would also need to provide valid documents as proof of your identity and address. Here are the documents you need to open this type of savings account with Kotak –
Ending note
Holding an everyday savings account that matches your needs not just allows you to save in the form of cashbacks and discounts but even endows you access to higher reward points and various other benefits. However, an essential point to remember when opting for any type of savings account is to check the fees and charges associated with it.
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