For centuries and centuries, people have been saving money for their future. As future is uncertain, nobody lies what is in there for him/her in future. Saving money is a good habit and for decades, the savings account has been playing a major role in the Indian Banking.
Similarly, Kotak Mahindra is one such example. Today, in the article we are going to talk about the Kotak Mahindra’s Savings Account, its types and how to open the savings account online.
If you are able to put aside a little of your monthly income inconsistently, you will better off starting a savings account. Choosing a right kind of savings account in Kotak Mahindra can be a frugal option. A high-interest savings account can be an answer to generate sizeable yields with a marginal effort and little risk.
How to Open a Kotak Mahindra Bank Savings Account Online
To open a Kotak Mahindra Savings Bank Account Online you need to follow the following steps:
Visit the official website of Kotak Mahindra Bank- www.kotak.com
Now when you reach the homepage, go to the explore products section and select the savings account option.
Now enter the basic details and click next to go further
Then complete the Aadhaar verification and enter the personal details.
Set the PIN and at the end confirm the details.
The savings account of the Kotak Mahindra will then connect with the applicant to continue the further step. The users can also check the status through SMS alerts and e-mails.
Interest Rates on Kotak Mahindra Bank Savings Account
Rate of Interest
Savings Deposit Balance up to Rs 1 Lakh
5% per annum
Savings Deposits Between Rs 1 Lakh and Rs 1 Crore
6% per annum
Savings Deposit Between Rs 1 Crore and Rs 5 Crore
5.5% per annum
Types of Savings Account of Kotak Mahindra Bank
1. Platina Savings Account:
This account requires a Monthly Average Balance (AMB) of Rs 100, 000. In this account, you can earn up to 6% of interest per annum on the money remaining in your account. A larger debit card with a withdrawal limit of Rs 2 Lakhs limit per day is provided with the account.
2. Jifi Saver:
In this account, up to six percent of interest in available on your balance and you also get a complimentary JIFI Platinum Chip Debit Card for the initial year. The account holder will belong to the Jifi Loyalty Club and will receive assured rewards when you share or transfer funds.
3. Sanman Savings Account:
You must retain an average quarterly balance of Rs 2000 in a Jifi Saver Savings Account, which will fetch you a rate of interest of 6% on your balance.
4. Grand Savings Programme for the 55+:
With this type of savings account, you can avail up to 6% interest on the outstanding amount present in your account as well as a money back up to Rs 4500. Along with this, you are also provided with a premium service and a first aid card.
5. Ace Savings Account:
This account requires a Monthly Average Balance of Rs 50, 000 and you can make up to 6% of interest on the remaining sum in your account. This account provides a withdrawal limit of Rs 2 Lakhs via ATM.
6. Edge Savings Account:
This account requires an Average Quarterly Balance of Rs 10, 000, doing this will bring you a six percent of interest on your account balance every year.
7. Pro-Savings Account:
This account requires an average monthly balance of Rs 20, 000 and will provide you a six percent of interest in your account balance every year.
8. Classic Savings Account:
Requires an Average Monthly Balance of Rs 10, 000 and will provide you returns at six percent.
9. Nova Savings Account:
This account accumulates cash at the rate of six percent interest by maintaining an Average Monthly Balance of Rs 5000 in your account.
10. Silk- The Savings Programme for Women:
In this account, you will receive attractive rewards like free movie tickets when you spend using Kotak Silk Debit Card. You will also get rebates on the Locker Rentals, 50% waiver in Best Compliments Cards issuance charges and more.
11. Junior- The Savings Accounts for Kids:
For the kids above the age 10 are provided with a personalized Junior Debit Card and ID Card.
12. JIFI Neo Savings Account:
The Kotak Mahindra JIFI Neo Account is an essential savings account which consists of a lot of features. Through this account you receive, a 6% interest on your account balance, along with that you also get a Classic Debit Card which is available for a nominal fee of only Rs 199 per year. The debit card offers a purchasing limit of Rs 1, 50,000 along with a daily ATM cash withdrawal limit of Rs 25, 000. Provides cashless banking by making quick and secure online fund transfers via NEFT, RTGS or IMPS. You can also carry out one cash deposit ad one cash withdrawal transaction per month from your home branch, free of charge.
13. JIFI Pro Savings Account:
Through JIFI Pro Savings Account you can enjoy both Digital and Branch Banking. There are many other benefits that the account offers. Some of these include the chance of earning 6% of interest on the account deposits and the facility to carry out secure online fund transfers via NEFT, RTGS and IMPS free of charge. The account holders 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. The other benefits offered from this account are the Loyalty Rewards on the cash transactions, free 5 cash – pickups and delivery per month, charge free cash withdrawals from any Kotak Mahindra Bank anywhere in India and much more. Banking and the option to earn to earn higher interest by converting Saving Account Balance to Term Deposit with Kotak ActivMoney.
14. Ace Savings Account:
The Kotak Mahindra Ace Savings Account offers a wide number of benefits. It also offers access to many premium services which are linked exclusively to the account. You can earn interest up to 6% and can enjoy cashless shopping with Platinum International Chip Debit Card which carries a daily transaction and an ATM withdrawal limit up to Rs 2 Lakhs. This account provides several facilities such as Net Banking, Mobile Banking, Phone Banking, Home Banking, and Cash Withdrawals at Non-Kotak ATMs, demand draft facility, and electronic fund transfer via NEFT/RTGS/IMPS, outstation cheque collection, and multicity cheque books. The Account Holders will receive a 15% discount on Locker Rent and 25% discount on issuance of gift cards.
15. My Family Savings Account:
My Family Savings Account is a unique savings account which offers many benefits. It also offers an interest rate of 6% on account balances along with the mobile banking services and electronic fund transfer via NEFT, RTGS and IMPS. The Account Holders enjoy an additional 25% discount on the issuance charges of the Travel Card and a 15% discount on the Locker Rent. The Bank also provides a dedicated relationship manager with My Family Savings Account.
16. Alpha Savings Account:
The Alpha Savings Account is a unique account which combines the benefit of both Insurance as well as Investment with channels such as the Mutual Funds, Recurring Deposits or NPS. This account is specially designed for an age limit between 18 years to 54 years, the savings account not only provides savings but also provides investment simultaneously. Under this account, the holders earn an interest up to 6% on their account balance and other benefits such as savings on debit card transactions with up to Rs 4, 500 cashback per year. It also provides a chance to invest on different investment programs such as SIP, RD, and NPS. The insurance aspect of this program includes a life cover of Rs 20 Lakhs for your family with a nominal monthly premium of Rs 300.
Through this article, we got to know the different types of the savings account of Kotak Mahindra Bank. So, therefore, before you choose to open a savings account, choose wisely.