Kotak Mahindra Bank Classic Savings Account
The Kotak Classic Savings Account is an account with amazing features that offers the account-holder an enjoyable banking experience at a balance requirement which is comfortable. The Relationship Manager at Kotak offers priority services and takes care of the banking and investment requirements of a customer.
Features of a Kotak Classic Savings Account:
The average monthly balance of this savings account needs to be Rs. 10,000.
6% per annum interest is applicable for savings account that has balance of more than rupees 1 lakh and until rupees 5 crores.
The rate of interest is 5% per annum on the savings account with balance to Rs. 1 lakh and 5.5% per annum on a savings account balance over Rs. 5 crores. These rates of interest are confined to resident accounts only.
A NMC (Non-Maintenance Charge) waived Edge Savings Account is available for the account-holder's family member. The NMC waiver is available only if the principal Classics Savings Account meets the requirements of the stipulated average monthly balance.
An account-holder enjoys free access to every domestic VISA ATM.
A free Platinum International Debit Card is offered for the 1st year. However, non chip enabled debit cards that have been issued on or after December 1, 2013, cannot be utilized abroad.
The savings account comes with facilities like free internet banking, phone banking, and mobile banking.
Facilities of free cash delivery or pick-up can be availed. 5 calls can be made each month.
Facilities of free instrument delivery or pick-up can be enjoyed, 5 calls can be made every month.
The account-holder can enjoy free NEFT services via internet banking.
Cash Withdrawals can be done free of charge from any Kotak branch, all over India.
Free cash withdrawals are allowed at all domestic ATMs. However, the "per transaction limit" is Rs 10,000.
Free demand drafts can be availed at branch locations up to Rs. 1 lakh and at other locations up to Rs. 50,000, per day.
50% discount is available to account-holders on the first year of Demat AMC.
Account-holders can avail facilities of Kotak ActivMoney that converts a savings account balance over a particular sum into term deposits so that the account-holders can earn a higher rate of interest.
The Classic Savings Account is available only in rural or semi-urban branches
Each and every benefit is subject to exclusions, conditions, and terms
Resident Indians are eligible for having a Classic Savings Account, irrespective of whether it is a sole or joint account. Foreign nationals residing in India and Hindu Undivided Families are also eligible.
Documents needed for opening a Classic Savings Account are Identity Proof, Signature Proof, Address Proof, and recent passport-size photographs.