Kotak Mahindra Bank Nova Savings Account

Kotak Mahindra Bank Nova Savings Account
Average Monthly Balance Rs. 5,000
Interest Rate 3.50% per annum
Debit Card Classic Debit Card

Kotak Mahindra Bank Nova Savings Account offers special banking facilities to semi-urban and rural areas. You can pay utility bills, invest in market instruments, the bank through ATM, internet, mobile, or branch, and shop online. There are several free facilities like 25 cheque leaves every quarter, NEFT/RTGS through net banking and a lot more. You will receive a Classic Debit Card, which is free for the first year. Eligible applicants include resident individuals, Hindu Undivided Families, and foreign nationals residing in India as per the RBI norms.

In this post, we will discuss Kotak Mahindra Bank Nova Savings Account features, eligibility criteria, interest rates, documents required, fees and charges, and frequently asked questions.

Features of Kotak Mahindra Bank Nova Savings Account

Here are the features of this Kotak Mahindra Savings Account:

  • You have to maintain an average monthly balance of Rs. 5,000
  • Free cash withdrawals at the ATMs of Kotak Mahindra Bank
  • Free phone banking, net banking, and mobile banking
  • Every quarter, receive 25 cheque leaves at no cost
  • Free access to all VISA ATMs (domestic)
  • Free RTGS/NEFT through net banking
  • Free Instant Money Transfer (IMPS)
  • Get the facility to convert the balance of a certain amount from the SB account to Term Deposits through ActivMoney
  • Get a Classic Debit Card and transact easily anywhere. No fees for the first year

Eligibility Criteria for Kotak Mahindra Bank Nova Savings Account

Here are the eligibility norms:

  • Sole or joint accounts for resident Indians
  • HUF or Hindu Undivided Families
  • Foreign nationals living in India

NOTE: Do remember that Classic/Nova Savings Account is for rural/semi-urban branches only.

Kotak Mahindra Bank Nova Savings Account Interest Rates

Here are the details:

  • Accounts with daily balances of up to Rs. 1 lakh will earn a 3.50% interest rate per annum
  • The same rate is applicable for daily balance over Rs. 1 lakh
  • This interest rate is for resident accounts only

Documents Required for Kotak Mahindra Bank Nova Savings Account

Here is the list of documents (any of the following for specific documentation) you need to open this Kotak Mahindra Bank Savings Account:

  • Signature Proof: Passport, PAN Card, Driving Licence
  • Identity Proof: Passport, Driving Licence, Aadhaar Card, Voter’s ID
  • Address Proof: Driving Licence, Passport, Aadhaar Card, Voter’s ID, Bank Statement, Utility Boll, latest Bank Account Passbook of any of the last 3 months
  • PAN Card/Form 60 is mandatory
  • Latest passport-size photographs

Kotak Mahindra Bank Nova Savings Account Fees and Charges

Here are the charges on this Kotak Mahindra Savings Account:

Types of Charges   Details
Non-Maintenance Charge (NMC) - Monthly Charges for not maintaining the AMB of Rs. 5,000 5% of the shortfall in required AMB per month
NEFT / RTGS - Applicable only if done in Branch Rs. 2 for NEFT up to Rs. 10,000
Rs. 4 for that done from Rs. 10,001 to Rs. 1 lakh
Rs. 14 for NEFT from Rs. 1,00,001 to Rs. 2 lakhs
Rs. 24 for NEFT over Rs. 2 lakhs
For RTGS, Rs. 20 for transactions between Rs. 2 lakhs and Rs. 5 lakhs. Rs. 50 for transactions over Rs. 5 lakhs
For RTGS, Rs. 20 for transactions between Rs. 2 lakhs and Rs. 5 lakhs. Rs. 50 for transactions over Rs. 5 lakhs
IMPS Rs. 5 for IMPS up to Rs. 10,000
Rs. 5 for transaction between Rs. 10,001 and Rs. 1 lakh
Rs. 15 for IMPS from Rs. 1,00,001 to Rs. 5 lakhs
Cash Transactions Cash Transaction at Branch / Cash Deposit Machine Up to 4 transactions in a month or Rs. 2 lakhs in a month will apply no charges, whichever is earlier
(CDM) (Deposit or withdrawal) Beyond this limit, Rs. 4.5, subject to minimum Rs. 150 will apply on every Rs. 1,000
Debit Card / ATM Charges Debit Card Charges  
Other Domestic ATMs - Cash Withdrawal / Non-Financial Transactions In the top 6 cities, there are no charges for up to 3 transactions and 5 transactions for non-top cities per month
After this limit, Rs. 8.5 and Rs. 25 is charged per non-financial transaction and cash withdrawal, respectively
Declined Domestic ATM Transactions because of inadequate balance Rs.25 per transaction
Transactions declined at merchant outlets/websites/ATM because of inadequate balance
Non-Financial Transactions/Cash Withdrawal at International ATMs Rs 25 per non-financial transaction
Rs.150 per cash withdrawal transaction
Cardless cash withdrawal (IMT) 1 transaction every month is free
For transactions beyond this limit, Rs. 10 is chargeable per transaction
DD / Cheque Book DD Rs. 4 per Rs. 1,000, subject to a minimum of Rs. 50 and a maximum of Rs. 10,000
The charge is Rs. 3 per Rs. 1,000 for senior citizens
FCY DD / Cheque Collection/ TT / Revalidation / Cancellation / FCY Cheque Return and Deposited Rs. 500
At-par Cheque Book Charges 25 Chq leaves Nil Charges / Qtr; Thereafter Rs.3 / cheque leaf.
ECS Mandate Verification Rs.50 per instance
ECS / Cheque Issued and Returned (due to insufficient funds) Rs.500 per instance
Cheque deposited and returned (INR) Rs.100 per instance
SI Failure Rs.100 per instance
Branch Requests Duplicate Ad-hoc statement, Balance & Interest Statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement; Regeneration of PIN of Net Banking / Phone Banking (sent through courier) For senior citizens, it is Rs. 75 per request
For other customers, it is Rs. 100 per request
DD Cancellation (INR) No charges for senior citizens
For others, it is Rs. 100/request
Foreign Inward Remittance Certificate Rs.100 per request
Statements and Alerts Statements No charges for quarterly physical statement and monthly email statement
Balances Value-added alerts (Daily / Weekly) Rs. 50 paise per SMS
TOD and Account Closure Term of Deposit and Account Closure (if closed after 1 month from the date of opening and before 6 months) TOD: Rs.500
Account Closure: Rs. 500
Debit Card Annual Charges Classic Debit Card Rs. 199
Gold Debit Card Rs. 500
Silk Classic / Platinum Rs. 199
World / World Exclusive Debit Card 750
Platinum / My World Debit Card 750
Kotak PVR Debit Card 499
Other Debit Card Related Charges Theft/Replacement of Lost Card Rs. 200
Issuance Charges Rs. 199
Regeneration of PIN (sent through courier) Rs. 50 per request

Frequently Asked Questions about Kotak Mahindra Nova Savings Account

Here are these Kotak Mahindra Savings Account FAQs:

You can track your savings account through mobile and email alerts. Or depend on balance inquiry through SMS, mini statements through the ATM, or physical account statements quarterly. You can also view transaction details, and savings account information through net banking.

Yes, home banking for cash/delivery/instrument pick-up costs Rs. 150 per visit. The same charge applies for KYC pickup (for differently-abled and senior citizens only).

Visit the official website of the bank. Go to the Help section, click service request, and proceed to ‘View All’. Select ‘Change of Home Branch Request’. You will have to provide your login credentials. Then you will receive the OTP on your registered contact channel. You can change the home branch for all savings accounts at the CRN level or the level of savings account.

The cross-currency mark up of 3.5% will apply to foreign currency transactions done on International Debit Cards. The bank will take an account of the current exchange rate of VISA/MasterCard at the time of transaction.

Rs. 1250 + tax for telegraphic transfer other than import payments. Rs. 750 + tax for the issue of FCY DDs. Rs. 1,000 + tax as correspondent bank charges for outward remittance where the remitter pays the foreign bank charges. 0.125%, subject to a minimum of Rs. 1,000 + tax as commission for exchange for debits from RFC/EEFC/SFC account.

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