Kotak Mahindra Bank gives you lots of options for savings accounts that fit your needs. Whether you want something premium, basic, online, or offline, they have you covered. They even have special accounts for kids and seniors, so you can choose what works best for you.
Additionally, the interest rates on Kotak Mahindra Bank savings accounts are quite competitive, currently reaching up to 3.50%. This rate is higher compared to what many other banks offer. Now, let's explore the different types of Kotak Savings Accounts available and what they guarantee. The eligibility criteria for most Kotak Mahindra Bank savings accounts are generally the same, as outlined in the account details below.
| Table of Contents | ||
|---|---|---|
| Kotak Mahindra Bank Savings Account Interest Rate, 2024 | ||
| Types of Kotak Mahindra Bank Savings Account | ||
| Documents Required for Opening a Savings Account with Kotak Mahindra Bank | ||
| Kotak Mahindra Bank Savings Account Balance | Rate of Interest* |
|---|---|
| Balance up to Rs. 50 lakh | 3.50% p.a. |
| Balance above Rs. 50 lakh and up to Rs. 100 crore | 4.00% p.a. |
Kotak Mahindra Bank Savings account interest rates are subject to renewal on the basis of the bank’s policy.
Kotak Mahindra Bank lets you open a savings account in two easy ways – online and offline. We've sorted the savings accounts they offer into these two categories for simplicity.
| Types of Kotak Mahindra Bank Savings Account | Primary Features |
|---|---|
| Online Savings Account | |
| Kotak 811 Digital Bank Account |
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| Kotak 811 Edge Digital Bank Account |
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| Offline Savings Account | |
| Edge Savings Account |
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| Junior – The Savings Account for Kids |
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| Pro Savings Account |
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| My Family Savings Account |
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| Classic Savings Account |
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| Sanman Savings Account |
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| Ace Savings Account |
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| Grand – Savings Account |
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| Alpha – The Savings & Investment Programme |
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| Nova Savings Account |
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| Silk Women’s Savings Account |
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| BSBDA/Small Accounts |
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1. Kotak 811 Digital Bank Account
| Kotak 811 Savings Account | Features |
|---|---|
| Minimum Balance Requirement | Zero Balance Savings Account |
| Debit Card | Virtual Debit Card |
| Interest Rate | Up to 3.50% |
| Auto Sweep Facility | Yes |
| Eligibility Criteria | Resident Indian above 18 years of age |
Kotak 811 is a savings account that doesn't require any minimum balance. It's designed for easy and convenient digital banking on your mobile. You can open this account in less than 5 minutes, right from your home or office. The goal of introducing Kotak 811 is to provide you with all the banking features, making shopping, traveling, and entertainment seamless, all from your mobile, and without needing to maintain a minimum balance.
Features & Benefits of Kotak 811 Savings Account
Here are some features and benefits of Kotak 811 Savings Account:
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Open a savings account quickly with Kotak 811. Just fill in your details and enjoy easy mobile banking. Benefits:
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Kotak Mahindra Bank provides different versions of the 811 account, including the 811 Edge Savings Account, to meet various customer needs. Even if you don't have a PAN or Aadhaar number, you can still apply for the Kotak 811 Edge account.
2. Kotak 811 Edge Digital Bank Account
Kotak 811 Edge is a savings account that combines the features of both Kotak 811 and Kotak's regular savings accounts. To maintain this account, a minimum balance of Rs. 10,000 is required.
| Kotak 811 Edge Digital Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs.10000 |
| Debit Card | Platinum Chip Debit Card |
| Interest Rate | Up to 3.50% |
| Net Banking & Mobile Banking | Free |
| Eligibility Criteria | Resident Indian above 18 years of age |
Kotak introduces a fully digital banking experience with the 811 Edge Savings Account. This savings account from Kotak allows paperless account opening, and the minimum balance requirement for the account is Rs. 10,000.
Features & Benefits of Kotak 811 Edge Digital Account
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Here are some features and benefits of Kotak 811 Edge Savings Account:
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Eligibility Criteria
Documents Required
To open a Kotak 811 or 811 Edge savings account, you need:
Fees & Charges
Review the fees and charges associated with The Kotak 811 Savings Account.
| Particulars | Kotak 811 Limited KYC | Kotak 811 Lite | Kotak 811 Full KYC Account | Kotak 811 Edge |
|---|---|---|---|---|
| Average Monthly Balance | Nil | Nil | Nil | Rs. 10,000 |
| Funds Transfer (NEFT/RTGS/IMPS) |
NEFT / IMPS: Nil (RTGS: Not available) |
Outward fund transfer is not available | Nil Charges | Nil Charges |
| Debit Card / ATM Charges (Virtual Debit Card) (Issuance / Annual Fee / Replacement) | Nil | Virtual Prepaid Card with Nil Charges | Nil | Not Available |
| Debit Card / ATM Charges (with Physical Debit Card) | Rs 199 p.a. | Not available | Rs 199 p.a. | Rs. 150 p.a. |
| Cash Transactions (Deposit or Withdrawal) |
Nil charges for 1 Deposit/month up to Rs. 10,000 (whichever is earlier). Thereafter, charged at Rs. 4.5 / 1000 with minimum Rs. 50. (Cash Withdrawal: Not available) |
Nil charges for 1 Deposit/month up to Rs. 10,000 (whichever is earlier). Thereafter, charged at Rs. 4.5 / 1000 with minimum Rs. 50. (Cash Withdrawal: Not available) |
Nil charges for 1 Transaction (Deposit/withdrawal) / month up to Rs. 10,000 (whichever is earlier). Thereafter, charged at Rs. 4.5 / 1000 with minimum Rs. 50. | Free up to Rs. 2 lakh or 4 transactions a month. Thereafter, charged at Rs. 4.5/1000 (min. Rs. 150) |
1. Edge Savings Account
| Kotak Edge Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs.10000 |
| Interest Rate | Up to 3.50% |
| Eligibility Criteria | Resident Indians, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
| Withdrawal Limit / Purchase Limit | ATM Withdrawal Limit Rs. 50,000 / Daily Purchase Limit Rs.1.5 lakh |
| Debit Card | Classic Debit Card |
2. Junior Account
The Kotak Mahindra Junior savings account is made just for kids, It comes with the following features and benefits:
| Kotak Junior Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Zero Balance Savings Account |
| Interest Rate | Up to 3.50% |
| Eligibility Criteria | Children below 18 years of age |
| ATM Withdrawal Limit | Rs. 5,000 |
| Debit Card | Personalized Junior Debit Card |
*Debit Cards will be issued to children above the age of 10 years.
3. Pro Savings Account
| Kotak Pro Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs. 20,000 |
| Withdrawal Limit / Purchase Limit | ATM Withdrawal Limit Rs. 50,000 / Daily Purchase Limit Rs. 2 lakh |
| Debit Card | Platinum International Chip Card |
| Interest Rate | Up to 3.50% |
| Eligibility Criteria | Resident Indians, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
4. My Family Savings Account
Kotak My Family Savings Account takes care of all your family's banking needs, offering the following features and advantages:
| Kotak My Family Savings Account | Features |
|---|---|
| Net Banking & Mobile Banking | Available |
| ATM Transaction Charges | Free ATM usage for Pro and Ace savings account holders |
| Eligibility Criteria | Resident Indians, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
| Debit Card | Classic or Platinum Debit Card |
| Interest Rate | Up to 3.50% |
5. Classic Savings Account
| Kotak Classic Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs. 10,000 |
| Eligibility Criteria | Resident Indians, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
| Debit Card | Free Classic Debit Card |
| Interest Rate | Up to 3.50% |
| Withdrawal Limit / Purchase Limit | ATM Withdrawal Limit Rs. 50,000 / Daily Purchase Limit Rs.1.5 lakh |
6. Sanman Savings Account
The Sanman Savings Account from Kotak Mahindra Bank provides secure access to all your banking needs with low maintenance fees. Here are the features and benefits of the Sanman Account:
| Kotak Sanman Savings Account | Features |
|---|---|
| Average Quarterly Balance (AQB) | Rs. 2,000 |
| Eligibility Criteria | Resident Indians, Hindu Undivided Families (HUFs) |
| Interest Rate | Up to 3.50% |
| ATM Cash Withdrawal Charges | Free (at Kotak Bank ATMs) |
| Withdrawal Limit / Purchase Limit | ATM Withdrawal Limit Rs. 50,000 / Daily Purchase Limit Rs.1.5 lakh |
7. Ace Savings Account
| Kotak Ace Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs. 50,000 |
| Eligibility Criteria | Resident Indian, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
| Interest Rate | Up to 3.50% |
| Auto Sweep Facility | Available |
| Debit Card | Free Platinum International Debit Card |
8. Grand Savings Account
The Grand Savings Programme by Kotak Mahindra Bank is designed for individuals aged 55 years or more, offering privilege banking benefits. Here are the features and benefits:
| Kotak Grand Savings Programme | Features |
|---|---|
| Overdraft Facility | Available |
| Eligibility Criteria | Benefits available to Indian residents aged 55 years or above |
| Interest Rate | Up to 3.50% |
| Auto Sweep Facility | Available |
| Credit Card | Kotak Aqua Credit Card |
9. Alpha – The Savings & Investment Programme
| Alpha – The Savings & Investment Programme | Features |
|---|---|
| Non-maintenance charges | No Charges (waived) |
| Debit Card | Available |
| Locker rentals | 15% discount with Ace |
| Annual Charges of Investment Account | No Annual Chargs (Waived) |
*As of now, the Kotak Mahindra Bank savings account provides an annual interest rate of 3.50% on balances up to and exceeding Rs. 1 lakh.
10. Nova Savings Account
| Kotak Nova Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Rs. 5,000 |
| Auto Sweep Facility | Available |
| Eligibility Criteria | Resident Indian, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India |
| Interest Rate | Up to 3.50% |
| Debit Card | Classic Debit Card |
11. Silk Women’s Savings Account
| Kotak Silk Women’s Savings Account | Features |
|---|---|
| Silk ATM Withdrawal limit |
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| Silk POS Limit | Rs.2 lakh |
| Eligibility Criteria | Resident Indian Women en above 18 years of age (Sole or Joint Account) |
| Interest Rate | Up to 3.50% |
| Debit Card | Kotak Silk Debit Card |
12. BSBDA/Small Account
| Kotak BSBDA/Small Savings Account | Features |
|---|---|
| Average Monthly Balance (AMB) | Zero Balance Savings Account |
| Interest Rate | Up to 3.50% |
| Debit Card | Classic Debit Card |
| Fund Transfer | Up to 4 withdrawals in a month – Free |
To open a Kotak Mahindra Bank savings account, you'll need the following documents. Remember to bring the latest passport-size photographs, photocopies of the documents (along with the originals) when submitting the account opening form.
Proof of Identity (Any one or two):
Proof of Address (Any one or two):
Documents required for account of minor
If the guardian of the minor is appointed by the court, you will need the court order for the same. If the guardian is illiterate, a birth date certificate of the minor from a competent authority is required.
Foundations and trusts
For Foundations and Trusts, the required documentation includes: