Kotak Mahindra Bank Grand Savings Account
The Kotak Grand Programme has been created for the seniors of today. It offers a wide range of benefits that are bound to help them enjoy a grand life. This savings account acknowledges their experience and age, thus allowing them to have full control over their finances. These privileges come their way from the early age of 55.
Features of Kotak Grand Savings Account:
The rate of interest is up to 6% per annum, provided the balance is between Rs 1 lakh and Rs. 5 crores. The rate of interest becomes 5% per annum for an account balance within Rs 1 lakh while it is 5.5% per annum for an account balance over Rs. 5 crores. These rates are applicable only for resident accounts.
An account-holder can get cash back up to Rs. 4500. The maximum cash back is applicable for Platina and Ace account-holders, if the necessary monthly balance (average) is maintained and the expenditure criterion is fulfilled.
The account-holder is eligible for a first-aid card and priority service.
Customized cash delivery is provided to all account-holders.
Those in need of speaking to the customer care executives just have to send a SMS in order to get a call from them.
Account-holders receive SMS alerts for 15G or 15H deposition at the beginning of a quarter and also when new FDs are booked.
The Pro, Ace, and Platina account-holders are eligible for a health card from IHO.
Customers enjoy the benefit of Kotak ActivMoney that converts a savings account balance over a particular sum into term deposits, thus offering customers a higher interest rate.
Cash Rewards - Principal Features:
The maximum cash back per month for Edge and Nova account-holders is Rs.100 while it is Rs 250 for Pro and Classic account-holders. Platina and Ace customers are eligible for a maximum cash back (per month) of Rs 375.
The maximum cash back in a year for Edge and Nova customers in Rs 1200 while it is Rs 3000 for Pro and Classic account-holders. The maximum annual cash back is Rs 4500 for Ace and Platina customers.
The minimum expenditure for Edge and Nova customers needs to be Rs 7500 per month. The minimum spend per month for Pro and Classic customers needs to be Rs 15000 while it needs to be Rs 25000 for Ace and Platina customers.
All these limits are subject to fulfilling the average monthly balance criterion.
IHO (Indian Health Organization) and its Health Card:
Kotak values the health of its customers and hence provides them with an IHO card that enables them to get up to 50% discount on medical consultation, procedures, and treatments. Those who need to know more regarding the discounts available can call the IHO customer care unit at 011 – 49394470. Emails can be sent to CorporateHelpDesk@IHOMail.com
Other Notable Points:
Customers can avail a Travel Card with a 25% waiver on the issuance charges.
The preferential rate on MF charges is 1.25% via Investment Account.
Customers are eligible for a waiver on Demat AMC for the first year.
Customers also get up to 35% discount on locker rentals for the first year, provided the locker allotment has taken place in the Financial Year in which the Grand Savings Account has been opened.