Product Details
Bank Name
Kotak Mahindra Bank
Account Name
Kotak Classic Savings Account
Account Type
Saving
Interest Rate
For balance upto INR 50 Lakhs: 2.75%. For balance between INR 50 Lakh and INR 300 Crore: 3.25% Account holders can earn up to 6.5% interest with ActivMoney (sweep-in FD).
Free Debit Card
Free Platinum International Chip Debit Card (for 1st Year)
Account Opening Fees
0
Annual Maintenance Fees
Up to 10,000 450
Above 10,000 Nil
Minimum Account Balance
Average Monthly Balance (AMB) 10000/-
Debit Card Charges
Free for 1st year.
NEFT Charges
NIL
IMPS Charges
NIL
Fees and Charges
Kotak Classic Savings Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free NEFT through Netbanking.
Free cash withdrawals at other domestic ATMs.
Free Platinum International Chip Debit card.
Free Demand drafts upto 1 lac. per month.
Free access to all domestic Visa ATMs.
Cons
Account comes with limited value add features.
The money below the ActivMoney threshold earns low interest.
Kotak Classic Savings Account
The account offers quite low interest rate. However, the account comes loaded with a number of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Check Eligibility:Age: Be at least 18 years old.
Residency: Be a resident Indian citizen.
Gather Documents:Identity Proof: Aadhaar card, PAN card, passport, driver's license, or voter ID.
Address Proof: Passport, driver's license, voter ID, utility bills, or bank statements.
Photographs: Two recent passport-sized photographs.
Choose Application Method:Online: Visit the Kotak Mahindra Bank website or use their mobile app.
Branch Visit: Go to the nearest Kotak Mahindra Bank branch.
Complete the Application:Fill Out the Form: Provide your personal and financial details in the application form.
KYC Verification: Submit the required documents for Know Your Customer (KYC) verification.
Initial Deposit: Make the required initial deposit (if any).
Account Activation:Approval: Once your application is approved, your Kotak Classic Savings Account will be activated.
Welcome Kit: You may receive a welcome kit with details about your account and its benefits.