Kotak Mahindra Bank Jifi Saver Savings Account
Kotak Mahindra bank allows every Indian resident above the age of 18 years to have a solo or joint Kotak Jifi Saver Account, provided there is an average monthly balance of Rs. 10,000.
Features of Kotak Jifi Saver Account:
- The rate of interest is up to 6% per annum on the savings account balance.
- The Jifi Saver Account offers its customers a JIFI Platinum Chip Debit card that is free for the 1st year.
- Account monitoring is made easy with monthly or quarterly statements that are sent physically as well as through e-mails.
- Account-holders can opt for a Kotak MoneyWatch Platinum Subscription that helps in tracking expenses. The feature comes free for the 1st year.
- One can know their credit bureau score by just making one click of the mouse.
- Account-holders are eligible for a Rewards Programme through which rewards can be earned by referring friends. Loyalty Club guarantees reward whether one transacts or shares. Extra transaction points can be earned by transacting through the JIFI Platinum Chip Debit Card on the website kotakrewards.com.
- Free Bureau Score allows customers to avail offers on lending products and transactions.
- Kotak ActivMoney converts the customer's savings account balance into term deposits, thus enabling the customer to earn higher interest. However, conversion is allowed up to a certain limit.
Services Offered to Kotak Jifi Saver Account-Holders:
- Account-holders can make free online transaction, IMPS or NEFT facilities through internet banking, cash withdrawal from the home branch.
- Hashtag Banking is allowed, thus enabling customers to make requests for cheque books, account updates, and DTH or Mobile recharge by tweeting.
- Customers get a default cheque book, only payable at-par. They get 10 free cheque leaves. Rs. 5 is charged for every additional cheque leaf.
- In case of cash withdrawal from a non-home branch, withdrawal of up to Rs. 50,000 per day is free. Standard charges apply if cash withdrawal from a non-home branch is more than Rs. 50,000 per day.
Charges and Fees for Kotak Jifi Saver Account:
- The issuance charge for a JIFI Platinum Chip Debit Card or its Add-On Card is free. The annual charge of the Debit card and its Add-On is free for the 1st year. After that, the charge is Rs. 199 per year.
- The charge of fund transfer is free for an account-holder.
- The charge for RTGS, through bank branch, for Rs 2 Lakhs to Rs 5 Lakhs is Rs. 25 per transaction. The charge of RTGS, through bank branch, above Rs 5 Lakhs is Rs 50 per transaction.
- Cash deposit at home branch is free up to a sum of Rs 7.5 lakhs every month. Standard charges apply for deposit of more than Rs. 7.5 lakhs per month at non-home branches.
- Cash withdrawal from Kotak ATMs is free. Cash withdrawal from other domestic VISA ATMs is free for the first 5 transactions. After that, Rs 20 is charged for every cash withdrawal from a domestic VISA non-Kotak ATM.
- Balance enquiry at other VISA domestic ATMs are free for the first five transactions. After that, the charge is Rs. 8.50 per enquiry. Balance enquiry at international plus other VISA ATMs costs Rs 25 per enquiry.
- Cash withdrawal from international plus other VISA ATMs is Rs 150 per transaction.
- While replacement of a damaged Debit Card is free, replacement of a lost card costs Rs 200.
- Annual combined statement (physical) costs Rs 85, if obtained via branch. The cost of the same is Rs 110, if procured via phone banking. It is free, if and when obtained via internet banking.
- Quarterly account statement (physical), monthly account statement via email, and balance statement for the current year are free.
- Balance statement for previous year costs Rs. 100.
- Verification of signature costs Rs 25 while confirmation of address and attestation of photograph cost Rs 50 each.
- Issuance, or revalidation, or cancellation of foreign currency DD costs Rs 500.
- BC or DD revalidation or cancellation costs Rs 100.
- Account closure, inoperative account, and activation of inoperative account are free.
- The "stop payment" procedure is free via internet banking, while it costs Rs 100 when other methods are used.
Documentation Needed for a Kotak Jifi Saver Account:
- Valid Driver's License and Passport: It acts as an ID proof, signature proof, and residence proof. A passport also serves all these purposes.
- PAN Card: It acts as an ID Proof and Signature Proof.
- Voter ID card: This acts as an ID proof and residence proof.
- Ration Card: This acts as a residence proof and signature proof.
- College ID Card: A college ID Card that has a photograph, signature, and address included acts as an address proof, ID proof, and signature proof, provided the card has been issued by a college that is affiliated to an University. College ID card is applicable only in case of a joint account-holder with a parent or guardian.
- Marriage Certificate: Applicable only for married women who will be single, joint, or primary account-holders, a marriage certificate serves as a residence proof, ID proof, and signature proof, if the certificate includes a photograph, address, and signature of the applicant.
- Utility Bill: If not more than 3 months old, a utility bill acts as a residence proof.
- Bank Statement: A signed and stamped bank statement (or a statement with the printed logo of the bank) of an active account serves as a residence proof.
- Sale Deed: A sale deed acts as a residence proof.
- Postal certificate: A postal certificate with a photograph, signature, and address serves as an ID proof, residence proof, and signature proof.
- Tax Assessment Order: An Income Tax, Service Tax, Sales Tax, or Wealth Tax Assessment Order, that is not more than 6 months old, serves as a residence proof.
- Introductory Reference: Introductory reference by an existing customer of the bank (must be a customer for more than 6 months) acts as an ID proof, provided the introducer knows the customer for a minimum of 1 year and the account conduct of the introducer is satisfactory.
Significant Points to Remember:
- Cash is not accepted as the first payment while opening an account.
- Original documents need to be submitted with the photocopies that must be self-attested by the applicant.
- The form should be filled only in capital letters and black ink.
- Any overwriting or alteration needs to be countersigned.
- Site Verification Report is essential for opening an account.
- Nomination facility can be used.
- The address of the applicant must include State, City, and Pin Code.
- All relevant boxes in the account-opening form must be ticked.