Kotak Mahindra Bank Edge Savings Account

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

Kotak Mahindra Bank Edge Savings Account is a regular banking account with several special facilities. These include net banking, phone banking, fund transfer, cash withdrawal/deposit, shopping, home banking, Debit Card, access to domestic VISA ATMs, Demand Draft, and a lot more. The interest rate is between 3.50% and 4.00% per annum. The minimum average balance to maintain is Rs. 10,000. HUFs, resident Indians, and eligible foreign nationals staying in India can open this account.

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

Features of Kotak Mahindra Bank Edge Savings Account

Here are the features:

  • Use the ActivMoney facility and convert the balance over a certain limit in the SB account to a Term Deposit.
  • The monthly average balance requirement is Rs. 10,000.
  • Per quarter, get a free cheque book of 25-leaf.
  • Get #PayShopMore Classic International Chip Debit Card.
  • Free access to all VISA ATMs (domestic) and enjoy up to 5 transactions for free per month.
  • The interest rate per annum is up to 4% on the end-day balance.
  • Free NEFT/RTGS on transactions through net banking.
  • Free mobile/internet/phone banking.
  • Use a Scan and Pay facility to pay for in-store purchases.
  • Get in-app features with Kaymall. You can book flight tickets and movie tickets.
  • Book travel tickets on Goibibo, movie tickets with PVR, and online shopping at Flipkart.

Eligibility Criteria for Edge 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 Edge Savings Account Interest Rates

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

  • You will earn interest on the end-day balance on the SB account.
  • The rate of internet per annum is 3.50% for a daily balance up to Rs. 1 lakh.
  • The rate is 4% for an amount above Rs. 1 lakh and up to Rs. 1 crore.
  • The interest rate per year is 3.50% for account balance above Rs. 1 crore.
  • The terms and conditions are for the accounts of resident Indians only.

Documents Required for Kotak Bank Classic Savings Account

Carry the original copy of all the documents during the application for the SB account. But you must submit only the self-attested copies of the required documents:

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

Fees and charges for Kotak Edge Savings Account

Here are the charges applicable for Edge Savings Account Kotak Mahindra Bank:

Kotak Classic SB Account Particulars Fees and Charges
Average Monthly Balance Rs. 10,000
Non-maintenance of AMB 5% fees apply on the amount by which the balance falls short of AMB
IMPS
  • Rs. 5 for up to Rs. 1 lakh
  • Rs. 15 for Rs. 1,00,001 to Rs. 2 lakhs
NEFT/RTGS if done in Branch

NEFT:

  • Rs. 2 for up to Rs. 10,000
  • Rs. 4 for Rs. 10,001 to Rs. 1 lakh
  • Rs. 14 for Rs. 1,00,001 to Rs. 2 lakhs
  • Rs. 24 for any amount over Rs. 2 lakhs

RTGS:

  • Rs. 20 for Rs. 2 lakhs to Rs. 5 lakhs
  • Rs. 40 for any amount over Rs. 5 lakhs
Cash through Deposit Machine/Cash transaction at branch/General withdrawal or deposit
  • No charges up to 4 transactions or up to Rs. 2 lakhs per month, whichever occurs the first
  • After this limit, the charges are Rs. 4.5 per Rs. 1,000 - subject to a minimum of Rs. 150
Monthly Physical Statement,Balance & Interest Statement,Annual Combined Statement-Physical, DD Revalidation; PO/BC revalidation/ cancellation, Duplicate Ad-hoc statement, Regeneration of PIN of phone banking/netbanking sent through courier, Duplicate Passbook,Record retrieval, TDS certificate at the branch, Stop payment – single/Range of cheque through the branch,
  • For senior citizens: Rs. 75 per request
  • For other customers: Rs. 100 per request
Charges on Debit Card for withdrawal from other ATMs (cash or non-financial transaction)
  • In the top 6 cities, no charges for up to 3 transactions, and in non-top cities up to 5 free transactions
  • After this, per month Rs. 8.5 for non-financial transactions and Rs. 20 per cash withdrawal
Foreign Inward Remittance Certificate Rs. 100 per request
DD Cancellation (INR)
  • No charges for senior citizens
  • For other customers: Rs. 100 per request
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 25-leaf for a quarter
  • After which, the charge is Rs. 3 per cheque leaf
ECS mandate verification Per instance: Rs. 50
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
Daily/weekly balances value-added alerts through SMS/email 50 paise per message
FCY/Cheque Collection/DD/FCY Cheque Deposited and Return/TT/Revalidation/Cancellation Rs. 500
Cardless cash withdrawal (IMT)
  • No charges per month for 1 transaction
  • Subsequent transactions cost is Rs. 10 per instance
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. 199 for image debit card
  • Rs. 599 for MyTeam image debit card
Regeneration of PIN through courier Per request: Rs. 10
Pick-up/delivery of instrument or cash
  • No charges for 2 calls per month
  • After which each visit will cost Rs. 150
World/World Exclusive Debit Card Rs. 750
Classic Debit Card Rs. 150
Platinum/My World Debit Card Rs. 750
Gold Debit Card Rs. 500
Silk Classic/Platinum Debit Card Rs. 150

Frequently Asked Questions about Kotak Edge Savings Account

Here are Kotak Mahindra Bank Edge Savings Account FAQs:

Rs. 150 is chargeable for a home visit to pick cash/instrument/banking service for senior citizens and differently abled people.

You can track Edge savings account transaction in the following ways:

  • View Kotak savings account details and transactions on internet banking
  • Mini statements from ATMs
  • Quarterly physical account statements
  • Mobile and email alerts
  • Inquiry for account balance through SMS

You can calculate the average monthly balance by dividing the total of the ‘end of the day’ balance for a month by the number of days for that month.

The fee is Rs.100 per instance of Standing Instruction failure.

Here are charges for DD:

  • 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