Kotak Mahindra Bank Nova Savings Account
Kotak Nova Savings Account has been specially crafted to cater to all standard financial and banking needs. It is a unique account that provides every premium banking facility at a comfortable AMB or Average Balance Requirement. Kotak Nova offers utmost benefits to customers.
The minimum balance requirement or the average monthly balance needed is Rs. 5000.
The rate of interest is up to 6% on the savings account balance.
The account-holder gets a Classic Debit Card.
Eligibility and Documentation:
Any resident Indian, HUF or Hindu Undivided Family, and foreign national living in India can open a Kotak Nova Savings Account.
The documents needed are KYC documents like ID proof and address proof. Signature proof is also needed.
Documents that serve as ID proof and residence proof are PAN Card, passport, voter ID, ration card, and other valid photo identification issued by government bodies. Documents that serve as signature proof are all valid documents that bear the signature of the applicant, such as PAN Card and Passport.
Services Offered to a Nova Savings Account-Holder:
The account-holder gets free at par cheques, free internet banking, free phone banking, and free mobile banking.
Free cash withdrawals are offered at Kotak bank ATMs.
The ATM withdrawal limit is Rs. 50,000, while the purchase limit is Rs. 1.5 lakh, per day.
The account-holder is benefited by Kotak ActivMoney that converts a savings account balance over a particular amount into term deposits at higher rates of interest.
Charges and Fees:
NEFT, if done online, is free. Standard charges apply if it is done through the bank branch.
Local cheque clearing and cash withdrawal from home locations are free.
Debit Card issuance charge and charge for a cheque issued and returned due to some technical reason are free.
At par cheque book is free up to 25 leaves per quarter.
Replacement of Debit Card is free.
Add-On Debit Card charges is not applicable.
VISA debit assist charges are not applicable.
5 transactions are free per month, in case of cash withdrawal from other banks' domestic ATMs.
If the average monthly balance is more than 50% (but less than the required amount), the non-maintenance charge is Rs. 350. If the AMB is less than 50%, the charge is Rs. 450.