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Product Details
Bank Name

Kotak Mahindra Bank

Account Name

Everyday 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

Yes

Everyday Savings Account
Account Opening Fees

0

Annual Maintenance Fees

​

Minimum Account Balance

20000 (Average Monthly Balance)

Debit Card Charges

1st year free 2nd year Rs. 259, Replacement of Lost / Stolen Debit Card Rs. 200

NEFT Charges

NEFT / RTGS - Applicable only if done in Branch NEFT : Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000:

IMPS Charges

Free

Fees and Charges

Everyday Savings Account

80
Special Features
Transact* 30 times a month or maintain Average Monthly Balance of Rs. 20,000/- to get Non Maintenance charges (NMC) waived off
Eligibility Criteria
Resident Indian (Sole or Joint Account) Hindu Undivided Families Foreign Nationals Residing in India
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros

  • Utility bills can be scheduled and paid automatically. 

  • Debit and credit cards are offered at no cost.

  • It is a risk-free investment because there is no volatility involved. 

  • Many Kotak Bank ATMs are located around the country, making it easier to access your money.

Cons
Low intreast rate
Kotak Everyday Savings Account Review

The account comes with low interest rate and offers average 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?
Application Procedure
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