Kotak Mahindra BankKotak Mahindra Bank Edge Savings Account

The Kotak Mahindra Edge Savings account offers you the best of standard and privileged banking, thus enabling many benefits with low premium services. It is capable of suiting varying needs of the modern-day professionals, providing something more than normal savings accounts i.e. free access to all VISA ATMs in the country or engaging in NEFT transactions via your phone with just a single savings account.

Features of Kotak Mahindra Edge Savings Account:
  • Average monthly balance or AMB of Rs 10,000
  • The rate of interest is 6% of the account balance
  • Free access to countrywide VISA ATMs, the limit being 5 transactions a month
  • Availability of Classic Debit Card that has an increased daily purchase limit of Rs. 1,50,000 and a daily cash withdrawal (from ATM) limit of Rs. 50,000.
  • Free facilities: NEFT services (only through internet banking), mobile banking, cash withdrawals at Kotal Bank ATMs, phone banking, and online banking, at-par chequebook up to 25 leaves every quarter.
  • KotakActivMoney converts a savings account balance over a particular sum into term deposits so that the account-holder can earn a higher interest rate.
Eligibility:

Resident Indians (for sole as well as joint accounts), Hindu Undivided Families, and foreign nationals living in India are eligible for Kotak Mahindra Edge Savings Account.

Disclaimer:

Foreign nationals residing in India need to procure an undertaking in Form QA 22 duly signed by every individual, irrespective of citizenship, authorized to operate the accounts. Fresh declarations are needed if there is an addition to the list of people authorized to operate the accounts. Form QA 22 may not be essential in following cases:

(i) Foreign nationals of non-Indian birth, permanently residing in India

(ii) Foreign nationals of Indian birth (except those who reside in India for an employment of a specified duration, irrespective of its length, or for a particular assignment or job, the tenure of which is not more than 3 years)

(iii) Foreign-origin wives of Indian nationals and of people of Indian origin residing in India.

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