Product Details
Bank Name
Kotak Mahindra Bank
Account Name
Kotak Nova 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%
Free Debit Card
Classic Debit Card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
5000
Debit Card Charges
Nil charges for 1st year, thereafter Rs. 199 p.a
NEFT Charges
Free through Netbanking
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 Nova Savings Account
Special Features
Eligibility Criteria
For Resident Indians (Sole or joint account) ,Hindi Undivided Families (HUF) and Foreign Nationals Residing in India.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free access to all domestic VISA ATMs .
Free cash withdrawals at any Kotak Bank ATMs.
Enjoy upto 25 cheque leaves free per Year using Kotak Bank's Nova account.
Free Phone banking and Mobile Banking .
Convert savings account balance above a certain amount into Term Deposits with Kotak ActiMoney,.
Cons
Kotak Nova 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