Kotak Mahindra Bank Classic Savings Account

Kotak Classic Savings Account Details
Average Monthly Balance Rs. 10,000
Interest Rate
  • 3.50% on balance up to Rs. 1 lakh and over Rs. 1 crore
  • 4% on end-day balance above Rs. 1 lakh and up to Rs. 1 crore
Debit Card Platinum International Chip Debit Card

Kotak Mahindra Bank Classic Savings Account gives access to effortless banking. The interest on the daily balance is between 3.50% and 4%. The minimum average monthly balance requirement is Rs. 10,000. You will receive a free cheque book with 100-leaf. Services include internet/phone/SMS banking, fund transfer, Debit Card, Demand Draft, home banking, etc. You will also get priority service from the Relationship Manager. The personnel will take care of investment and savings bank (SB) account needs.

In this post, we will discuss Kotak Bank Classic Savings Account features, interest rates, eligibility criteria, documents required, fees and charges, and FAQs.

Features of Kotak Mahindra Bank Classic Savings Account

Here are the features:

  • Average Monthly Balance

    The requirement for AMB is Rs. 10,000.

  • Interest Rate

    Get up to 4% returns on the savings amount.

  • Kotak ActivMoney

    You can convert the balance over a certain limit from the savings account into Term Deposits.

  • Debit Card

    Receive a free Platinum International Chip Debit Card.

  • ATM Cash Withdrawals

    Withdraw cash for free from any Kotak branch in India. Also, get free access to all VISA ATMs (domestic). The cash withdrawal limit (per transaction) from other Domestic ATMs is Rs. 10,000.

  • DDs

    Free Demand Drafts.

  • Pick-up/Delivery of Cash

    Free pick-up and delivery of cash as well as free pick-up and delivery of instruments (5 calls in a month).

Eligibility Criteria for Classic Savings Account Kotak Bank

Here are the eligible applicants:

  • Resident Indian (Sole or Joint Account)
  • HUFs or Hindu Undivided Families
  • Foreign Nationals Residing in India as per undertaking in form QA 22

Kotak Mahindra Bank Classic Savings Account Interest Rates

Here are the Kotak Bank Interest Rates for Classic Savings Account:

  • Interest is earned on the daily balance (calculated at the end of the day) of the SB account
  • The rate of interest is 3.50% per annum on the daily balance of up to Rs. 1 lakh
  • Interest rate is 4% per annum on the daily balance of over Rs. 1 lakh and up to Rs. 1 crore
  • Interest earned is 3.50% annum on a daily balance of over Rs. 1 crore
  • These conditions are for resident accounts only

Documents Required for Kotak Bank Classic Savings Account

You need to submit the self-attested copies of KYC documents. Submit the original copy for verification as well:

  • Proof of Identity: Aadhaar Card/Passport/Driving Licence/Voter’s ID
  • Proof of Signature: Driving Licence/PAN Card/Passport
  • Proof of Address: Driving Licence/Passport/Aadhaar Card/Voter ID Card/Bank Statement/Utility Bill/Updated Bank Account Passbook not older than 3 months
  • Photographs: Latest passport-size photographs

Fees and Charges forKotak Mahindra Bank Classic Savings Account

Here are details of charges and fees:

Kotak Classic SB Account Particulars Fees and Charges
Non-maintenance of AMB 5% of the shortfall per month
Cash through Deposit Machine/Cash transaction at branch/General withdrawal or deposit
  • Up to 5 transactions, there are no charges or Rs. 3 lakh/month, whichever happens, sooner
  • After this limit, the charges are Rs. 4.5 per Rs. 1,000 - subject to a minimum of Rs. 150
TOD Cheque purchase and closure of account (if after 1 month and before 6 months from the account opening)
  • TOD: Rs.500; Cheque Purchase
  • Charges are Rs. 0.5/Rs. 1,000
  • This is subject to minimum and maximum Rs. 50 and Rs. 10,000, respectively
  • Rs. 600 costs for account closure
At-par Cheque Book Charges
  • No charges for 100-leaf for a quarter
  • After which, the charge is Rs. 3 per cheque leaf
If the ECS/Cheque (issued and returned) due to insufficient balance Per instance: Rs. 500
In INR, cheque deposited and returned Per instance: Rs. 100
Failure of Standing Instruction Per instance: Rs. 100
Declined domestic ATM transactions because of lack of balance/Declined transactions at websites, merchant outlets, ATMs Per transaction: Rs. 25
Non-financial transaction/Cash withdrawal at international ATMs
  • Per instance of cash withdrawal: Rs. 150
  • Per non-financial transaction: Rs. 25
Loss/Replacement of Debit Card Rs. 200 per instance
Issuance Charges
  • Rs. 100 for image debit card
  • Rs. 599 for MyTeam image debit card
Demand Draft

After free limit:

  • Rs. 4 per DD of Rs. ,1000 (Min Rs. 50, Max Rs. 10,000)
  • Rs. 3 per DD of Rs. 1,000 for senior citizens
Cardless Cash Withdrawal (IMT) After free limit: Per transaction will cost Rs. 10
Daily/weekly balances value-added alerts through SMS/email Rs. 50p. per message
Pick-up/delivery of instrument or cash
  • No charges for 2 calls per month
  • After which each visit will cost Rs. 150
FCY/Cheque Collection/DD/FCY Cheque Deposited and Return/TT/Revalidation/Cancellation Rs. 500
World Exclusive Debit Card Rs. 750
My World Debit Card No charges for 1st year, after which annual charges are Rs. 250
Gold Debit Card No charges for 1st year, after which annual charges are Rs. 250
Silk Classic/Platinum Debit Card Rs. 150

FAQs on Kotak Mahindra Bank Classic Savings Account

Here are the Kotak Classic SB Account FAQs:

The Kotak Bank Classic SB account is available in rural/semi-urban branches only.

The per transaction limit is Rs. 10,000. Also, per day in a branch, the free limit is up to Rs. 1 lakh, and for other locations, the free limit is up to Rs. 50,000.

The rate is between 3.50% and 4% on end-balance in the savings account. For instance, if the end-day balance is Rs. 1,50,000, then 3.50% will apply on Rs. 1 lakh. The remaining balance of Rs. 50,000 will earn 4% per annum.

KYC pickup is valid for differently-abled persons and senior citizens. Fees are Rs. 100 per visit.

There are no charges applicable on:

  • Fund transfer through mobile banking/net banking
  • Classic Debit Card
  • Cash withdrawal/non-financial transactions on ATM Card
  • ECS mandate verification
  • Cardless cash withdrawal up to 1 transaction every month
  • Demand Draft up to Rs. 100k
  • Balance and Interest Statement
  • Duplicate Passbook
  • A physical copy of Monthly Statement/Annual Combined Statement
  • Duplicate Ad-hoc statement
  • Regeneration of PIN of Phone Banking/Net Banking sent through courier
  • TDS Certificate through branch
  • Current Year Balance and interest statement
  • Signature Verification Certificate
  • Stop Payment (Single /range of cheques through a branch)
  • Photo Attestation Address Confirmation
  • DD Revalidation; PO/BC Revalidation/Cancellation
  • Passbook (instead of Account Statement)

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