Product Details
Bank Name
Kotak Mahindra Bank
Account Name
Kotak Edge 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
No
Account Opening Fees
0
Annual Maintenance Fees
Up to 10,000 500
Above 10,000 Nil
Minimum Account Balance
Average Monthly Balance (AMB) 10000/-
Debit Card Charges
Annual Charge of Rs. 199
NEFT Charges
Free if done online or moblie banking.
IMPS Charges
Up to 10,000: Rs. 5;
10,001 to 1,00,000: Rs. 5;
1,00,001 to 5,00,000: Rs. 15
Fees and Charges
Kotak Edge Savings Account
Special Features
In app features using Kaymall. Shop, book movie and flight tickets without downloading other apps.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free NEFT/RTGS when you transact through Net Banking.
Free upto 25 free cheque leaves per Year
ActivMoney Facility - Convert savings account balance above a certain amount into Term Deposits and earn interest at the rate of 6.5%.
Pay for instore purchase using Scan & Pay In app features using Kaymall. Shop, book movie and flight tickets without downloading other apps
Unlimited free cash withdrawals at Kotak Mahindra banks' ATM
Cons
Interest on amount not covered under ActivMoney will earn low interest.
Debit card is not free.
Kotak Edge Savings Account Review
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package 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:High Net Worth/Income: You typically need to meet certain financial criteria, such as having a high net worth or income.
Contact Kotak Bank: Reach out to Kotak Mahindra Bank directly (via their website, app, or customer service) to inquire about the specific eligibility requirements for the Kotak Edge Savings Account.
Gather Documents:ID 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.
Choose Application Method:Online: Apply through the Kotak Mahindra Bank website or mobile app.
Branch Visit: Visit a nearby Kotak Mahindra Bank branch and submit an application form.
Complete the Application:Provide Information: Fill out the application form with your personal and financial details.
KYC Verification: Undergo Know Your Customer (KYC) verification by providing necessary documents.
Account Opening:Approval: Once your application is approved, your Kotak Edge Savings Account will be opened.
Welcome Kit: You may receive a welcome kit with details about your account and its benefits.