Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank is popularly known for providing its customers with a wide range of financial products and services. And out of all those products and services, perhaps the most famous is the Kotak Savings Account.

Saving Account in Kotak Mahindra Bank

The Kotak Mahindra Bank Savings Account is offered by the Kotak Mahindra Bank and is extremely popular as it comes with a variety of options. Some of the options that are provided by the Kotak Mahindra Bank are:

• Both basic and regular Kotak Mahindra savings account are available
• The Kotak 811 savings account can be opened through both offline and online modes
• The Kotak Savings account opening can also be done for children and senior citizens

If you are planning to open a Kotak savings account, then you should also learn about the Kotak Savings account minimum balance. This will ensure that you are able to maintain a minimum balance in your account. Beyond this, it is also a good idea to put aside a little of your monthly income from your savings account.

Choosing the right Kotak Mahindra Bank savings account can be a good option to accumulate your money. If you want to generate sizable yields with marginal effort and little risk, then opening a savings account with a high-interest rate can also be the answer that you are seeking.

Interest Rates on Kotak Mahindra Bank Savings Bank Deposits

Features and Benefits of Opening a Kotak Mahindra Bank Savings Account

The key features and benefits that are associated with a Kotak Mahindra Bank savings account are mentioned below.

• Individuals can earn a high-interest rate of up to 4% per annum on the money that is present in their bank accounts
• One can access several banking facilities by using net banking and mobile banking facilities
• One can choose to set utility bill payments and pay those bills automatically without any hassle
• No volatility is involved which makes this form of investment completely safe
• Individuals have easy access to their money due to the presence of Kotak Bank ATMs that are located all across the country
• Customers are provided with debit cards and credit cards at no additional costs

The Types of Savings Accounts with Kotak Mahindra Bank

Let’s now look at the different types of savings accounts that customers can open with Kotak Mahindra Bank. These types of savings accounts are mentioned below.

• Sanman Savings Account: In this type of savings account, an average quarterly balance of INR 2,000 must be maintained. Customers can make cash withdrawals at all Kotak Bank ATMs for free and the daily cash withdrawal limit is INR 50,000. There is also a daily purchase limit of INR 1.5 lakh.

• Grand Savings Programme for the 55+: Senior citizens can get a cashback of INR 4,500 with this account. In these accounts, branches provide priority service and first aid cards. This is provided at a preference. Customized cash delivery is also available in these accounts.

• Ace Savings Account: In the case of an Ace Savings account, a best compliments card is issued to the customers. Under this, customers can get a discount of 25%. A platinum international chip card is also provided free of cost. The card comes with a daily withdrawal limit of INR 2 lakh and the daily purchase limit associated with the account is INR 2 lakh.The Demant account further does not come with any annual maintenance charges. This is only applicable for the first year. The average monthly balance that should be maintained in this account is INR 50,000.

• Pro Savings Account: Under a pro savings account, customers can get premium banking services for free. There are many other benefits that are associated with this high-end savings account, including digital banking services and free home banking facilities.With this type of savings account, customers can get a platinum international chip card for free. The card has a daily withdrawal limit of INR 50,000 and the daily purchase limit of the card is INR 2 lakh. The average monthly balance (AMB) that must be maintained with this card is INR 20,000.

• Classic Savings Account: A classic savings account is available in only rural and semi-urban locations. One can earn an interest of up to 4% per annum on the balance that is available within this account. With this account, customers will get a classic debit card for free.This card has a daily purchase limit and withdrawal limit of INR 1.5 lakh and INR 50,000, respectively. The average monthly balance that one must maintain with this account is INR 10,000.