Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd, the group’s flagship company, to carry on banking business. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, general insurance, life insurance, and wealth management.
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Kotak Mahindra Bank Savings Account Interest Rates
Kotak Mahindra Bank has a network of 1,369 branches across 689 locations and 2,163 ATMs in the country. In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.
|Particulars||Rate of Interest|
|Saving Deposits Balance upto Rs. 1 lakh.||5% p.a|
|Saving Deposits Between Rs. 1 lakh and Rs. 1 crore.||6% p.a|
|Saving Deposits Between Rs. 1 crore and Rs. 5 crore.||5.5% p.a|
Types of Savings Account with Kotak Mahindra Bank
Kotak Mahindra Bank Platina Savings Account
This account requires and Average Monthly Balance (AMB) of minimum INR 100,000. You can earn up to six percent interest per annum on the money remaining in your account. You also get a larger debit card withdrawal limit of INR 2 lakhs per day via ATM.
Kotak Mahindra Bank Jifi Saver
You can make up to six percent interest on your balance and get a complimentary JIFI Platinum Chip Debit Card for the initial year. You will belong to the Jifi Loyalty club and are assured handsome rewards when you share or transfer funds.
Kotak Mahindra Bank Sanman Savings Account
You must retain an Average Quarterly Balance (AQB) of INR 2000 in a Jifi Saver Savings Account, which will fetch you six percent interest on your balance.
Kotak Mahindra Bank Grand Savings Programme for the 55+:
With this Savings Account, you can avail up to six percent interest on the outstanding amount in your account as well as money back up to INR 4500. You are also eligible for premium service and a first aid card.
Kotak Mahindra Bank Ace Savings Account
With an Average Monthly Balance (AMB) of INR 50,000, you can make up to six percent interest on the remaining sum in your account. This without counting the whopping debit card withdrawal limit of INR 2 lakhs via ATM.
Kotak Mahindra Bank Edge Savings Account
You should maintain an Average Quarterly Balance (AQB) of INR 10,000 in your Edge Savings Account, which will bring you six percent interest on your balance.
Kotak Mahindra Bank Pro Savings Account
Keeping an Average Monthly Balance (AMB) of INR 20,000 will accrue six percent of interest on your account balance every year.
Kotak Mahindra Bank Classic Savings Account
Keep an Average Monthly Balance (AMB) of INR 10,000 and you will get returns at the rate of six percent interest.
Kotak Mahindra Bank Nova Savings Account
Accumulate cash at the rate of six percent interest by maintaining an Average Monthly Balance (AMB) of INR 5000 in your account.
Kotak Mahindra Bank Silk – The Savings Programme for Women
You can get awesome rewards such as free film tickets when you spend using your Kotak Silk Debit Card, not to mention privileges such as rebates on locker rentals, 50 percent waiver in Best Compliments Card issuance charges and more.
Kotak Mahindra Bank Junior – The Savings Account for Kids
Not counting attractive rebates across major kids’ brands, you get a personalized Junior Debit Card and ID Card. Junior debit card will be provided to kids above age 10 only.
Kotak Mahindra Bank Saving Account for JIFI Neo
The Kotak Mahindra JIFI Neo is your essential savings account which comes loaded with a ton of features. With the Kotak JIFI Neo you get up to 6% interest on your account balance (conditions apply). On opening a JIFI Neo account, you get a Classic Debit Card which is available at a nominal fee of only Rs. 199 per year.
This debit card offers you a high daily purchase limit of Rs. 1,50,000, along with a daily ATM cash withdrawal limit of Rs. 25,000. Enjoy the convenience of cashless banking by making quick and secure online fund transfers via NEFT, RTGS or IMPS. You can also carry out one cash deposit and one cash withdrawal transaction per month from your home branch, free of charge.
Kotak Mahindra Bank Saving Account for JIFI Pro
Enjoy the best of digital and branch banking with the advanced JIFI Pro savings account. There are many benefits which this account offers, which include a chance to earn up to 6% interest on account deposits and the facility to carry out secure online fund transfers via NEFT RTGS and IMPS, free of charge.
Account holders will receive a Platinum International Chip Debit Card which offers a high daily transaction limit of Rs. 2 lakh and a daily ATM withdrawal limit of Rs. 50,000. Other benefits offered under this account include a Loyalty Rewards on card transactions, free 5 cash pick-up and delivery per month, charge-free cash withdrawals from any Kotak Mahindra branch in India, facility to make service requests via a tweet with Hashtag Banking and the option to earn higher interest by converting Saving Account balance to Term Deposit with Kotak ActiveMoney.
Kotak Mahindra Bank Ace Savings Account
The Kotak Mahindra Ace Savings Account comes packed with a number of banking related benefits and offers you access to several premium services which are offered exclusively with this account. Earn interest up to the rate of 6% on your Ace SA balance and enjoy the convenience of cashless shopping with the Platinum International Chip debit card which carries an enhanced daily transaction and ATM cash withdrawal limit of Rs 2 lakh.
There are several facilities and services which you get to avail free of charge such as net banking, mobile banking, phone banking, home banking, cash withdrawals at non-Kotak domestic ATMs, demand draft facility, electronic fund transfer via NEFT/RTGS/IMPS, outstation cheque collection and multicity cheque books. Account holders get a 15% discount on Locker Rent and a 25% discount on issuance of gift cards.
Kotak Mahindra Bank Saving Account for Family
A unique savings account which offers many of the benefits offered by other Kotak Mahindra Bank Saving accounts along with several other benefits which are specially designed to provide added convenience. This account too offers interest up to the rate of 6% on account balances along with the convenience of online and mobile banking services and electronic fund transfer via NEFT, RTGS and IMPS.
Account holders also enjoy a 25% discount on issuance charges of the Travel Card and a 15% discount on locker rent. Kotak Mahindra will provide My Family Savings Account holders with a dedicated relationship manager.
Kotak Mahindra Bank Alpha Savings Account
Kotak Mahindra introduces the Alpha savings account which is a unique account combining the benefits of insurance and investment with channels such as mutual funds, Recurring Deposits or NPS. This savings account has been designed specially for those aged between 18 years to 54 years allow them to not only get into the habit of saving but also make hassle-free investments simultaneously.
Under this special program, account holders get a chance to earn up to 6% interest on their account balance along with a bunch of other benefits such as saving on debit card transactions with up to Rs 4,500 cash back per year, chance to invest in a selection of pre-chosen investment options such as SIP, RD and NPS.
The insurance aspect of this program includes a life cover worth Rs 20 lakhs that you can take for your family at a very nominal monthly premium of Rs. 300.
Other Products from Kotak Mahindra Bank
- Kotak Mahindra Bank Car Loan
- Kotak Mahindra Bank Car Loan Interest Rates
- Kotak Mahindra Bank Car Loan Eligibility Calculator
- Kotak Mahindra Bank Personal Loan
- Kotak Mahindra Bank Personal Loan Interest Rates
- Kotak Mahindra Bank Personal Loan Eligibility
- Kotak Mahindra Bank Branches in India
- Kotak Mahindra Bank IFSC Code