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How to Open a Savings Bank Account?
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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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Opening a Savings Account with Kotak Bank is simple and easier. Thanks to the Aadhaar-based OTP verification process approved by the RBI, you can now open a Savings Account without hassle. The bank’s simplified and structured process requires minimal paperwork, allowing you to open a Savings Account quickly.
Steps to Open a Savings Bank Account
By following the steps outlined below and preparing accordingly, you can easily open a Kotak Bank Savings Account and enjoy the convenience of modern banking personalised for your needs.
1. Check Your Eligibility:
You must be a resident Indian citizen and at least 18 years old to be eligible for opening a Savings Account.
2. Gather Your Documents:
To proceed, you will need your PAN card and Aadhaar number. Ensure these documents are valid and up-to-date to avoid delays in the account opening process.
3. Fill Out the Application Form:
Visit your nearest Kotak Bank branch. Fill out the application form with your personal details, including your PAN and Aadhaar number for KYC.
4. Complete the OTP Verification:
You'll receive a One-Time Password on your registered mobile number linked to your Aadhaar. Enter the OTP to verify your identity and proceed with the account opening.
5. Start Using Your Account:
After verification, your Kotak Bank Savings Account will be opened in a few days. Once activated, you can start making transactions, setting up direct debits, and more.
5 Features of Opening A Bank Account
Paperless Process
You can visit the Kotak Bank branch to open your Savings Account. All you need to do is to provide your Aadhaar number, PAN and other details.
MAB Requirements
The MAB, or Monthly Average Balance, is the average amount that must be present in your account at the end of each month. The MAB of Kotak Bank Savings Accounts can range up to Rs.10,000.
Debit Card
The Kotak Bank Debit Card allows you to withdraw cash from ATMs, make online payments, and pay for purchases at malls or supermarkets.
Online Transactions
Kotak Bank Savings Accounts offer multiple ways to transfer money online, such as UPI, Mobile Banking, Net Banking, WhatsApp Banking, and Scan and Pay.
Attractive Interest Rate
Kotak Bank Savings Account Holders can earn interest of up to 7% per annum on their deposits with the ActivMoney feature.
Benefits of Savings Accounts
Here are the top three benefits of Savings Accounts:
Instant account opening
Gone are the days when people had to wait longer to open a Savings Account. Now, you can open one in a few days. Just keep your PAN number, Aadhaar number and Aadhaar registered mobile number handy when opening Savings Account. Once your account is open, you can deposit money into it and start making transactions.
Different product offerings
Savings Accounts offer different banking products and solutions such as Fixed Deposits (FD), Recurring Deposits (RD), Sovereign Gold Bond and more. You can book Fixed Deposits (FD) and open Recurring Deposits (RD) to earn a higher interest rate and save money for emergencies or financial goals.
Auto sweep facility
Kotak Bank provides an auto sweep facility to its customers. Under this facility, funds above a specific limit are converted into a fixed deposit automatically. As a result, money lying idle in the Savings Account can earn a higher interest rate than the regular Savings Account. The auto sweep facility is liquid and the bank can transfer your money into your Savings Account whenever you need it.
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FAQs
How do I withdraw money from my Savings Account?
You can withdraw money from your Savings Account through your debit card, chequebook, or cardless withdrawal facility and transfer money online. You can also visit the bank branch to withdraw cash.
How can I add money to a Savings Account?
You or anyone else can transfer money to your Savings Account using your account number, IFSC code, or UPI address. These details are included in the email sent to your registered email address and on the mobile banking app.
What is the minimum balance requirement for a Savings Account?
The minimum balance requirement varies by the account type. At Kotak Bank, you can open a Savings Account with a Monthly Average Balance of Rs. 10,000.
How do I choose a Savings Account?
Many Savings Accounts are available these days. Keep the points shared below in consideration when you’re choosing a Savings Account for yourself:
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