Kotak Mahindra Bank Pro Savings Account
Kotak Pro Savings Account offers multiple benefits along with free premium banking facilities that are usually offered by a top-grade savings account. Kotak Pro, however, comes at a much lower Average Monthly Balance. Kotak Pro allows an account-holder to do more with his bank account, every day, by simply maintaining an AMB of Rs. 20,000.
Benefits of Kotak Pro Savings Account:
The rate of interest is 6% on the savings account balance, provided the balance is between 1 lakh and 5 crores. The interest rate is 5% per annum if the balance is less than 1 lakh, while it is 5.5% per annum if the balance is above 5 crores.
Access to all domestic ATMs, internet banking, phone banking, and mobile banking , cash withdrawals from non-home domestic ATMs, NEFT through internet banking, cash withdrawals from all Kotak branches, demand drafts are free.
The account-holder gets a NMC-waived Edge Savings Account for a family member.
The account-holder gets a Demat account at no extra cost and enjoys a 50% discount on the first year.
A Platinum International Debit Card is free for the 1st year.
Cash pickup and delivery are free up to 5 calls each month.
Instrument pickup and delivery are free up to 5 calls a month.
Account-holder gets benefited by Kotak ActivMoney that converts a savings account balance over a particular amount into term deposits, thus enabling him to earn a higher interest rate.
Resident Indians (for sole as well as joint account), Hindu Undivided Families, and foreign nationals living in India are eligible for a Kotak Pro Savings Account.
Documents required include identity proof, signature proof, address proof, and recent passport-size photographs.
Points to remember while Applying:
Applicants need to self-attest photocopies, and these have to be submitted along original documents.
The applicant has to countersign documents in case of overwriting or alterations
Report of site verification is necessary
Address should contain PIN code, state, city
Name of the applicant must be same as that on original documents
Black ink must be used to fill the application form. The same must be filled in capital letters.