|Kotak Mahindra Bank Pro Savings Account|
|Monthly Average Balance (MAB)||Rs. 20,000|
|Interest Rate||3.50% to 4.00%|
|Debit Card||Platinum International Debit Card|
Kotak Mahindra Bank Pro Savings Account offers premium banking services to customers. Home banking for pickup and delivery of instruments is available. At an AMB as low as Rs. 20,000, you can access high-end facilities. Resident Indians, foreign nationals residing in India, and HUFs can open this savings bank (SB) account. Opt for auto sweep-in of SB account balance, and earn higher interest on Term Deposit funds. Get maximum cash transaction benefits and a lot more.
In this post, we will discuss Kotak Mahindra Bank Pro Savings Account features, interest rate, eligibility criteria, documents required, fees and charges, and frequently asked questions.
Here are the features of this Kotak Mahindra Bank Savings Account:
The Kotak Mahindra Bank Pro Savings Account Interest Rate is 3.50% to 4.00% per annum. Here are more details about it:
Here is a brief illustration of Kotak Mahindra Bank Savings Account interest rate applicability:
Here are the ones eligible to apply for Kotak Bank Savings Account:
Here are the documents required to open the SB account:
Here are the fees and charges for this Kotak Mahindra Bank Savings Account:
|Kotak Mahindra Bank Pro Savings Account Fees||Details|
|Non-maintenance of AMB||
|At-par cheque book||
|Demand Draft/Cheque Book||
|Cheque deposited but returned||Rs. 100 per instance|
|Standing Instruction failure||Rs. 100 per instance|
|Cardless cash withdrawal||
|ATM transaction decline||If due to insufficient balance, then Rs. 25 chargeable per transaction|
|Cash /instrument delivery or pickup at home||
|Debit Card Cash withdrawal/non-financial transaction at international ATMs||
|KYC pickup at home for differently-abled and senior citizens||Rs. 100 per instance|
|Return of ECS / Cheque issues because of lack of funds||Rs. 500 per instance|
|Lost/stolen Debit Card replacement||Rs. 200|
|MyTeam Image Debit Card issuance||Rs. 599|
|Image Debit Card issuance||Rs. 199|
|Daily/weekly valued-added alerts||50 paise per SMS|
|FCY DD /TT/cheque revalidation/cancellation/collection/FCY deposited cheque returned||Rs. 500|
|Account Closure charges: (if closed after 1 month & before 6 months of A/C opening)||Rs. 500 if you close the account after 1 to 6 months of the account opening|
Here are the frequently asked questions:
If you have a balance over a threshold limit in the savings account, then you can transfer it automatically to a Term Deposit. In case of a fall in AMB of savings account, an equivalent amount is transferred back from the deposit to the SB account. So, the swept in an amount in the TD earns a higher interest rate. It also helps to fulfil AMB needs if required, making the funds more liquid.
You can keep a track of your SB account through email and mobile alerts. Or, mini statements from the ATM are available. The bank will send a physical account statement every quarter. You can view the account details and perform transactions through internet banking. Also, balance enquiry is possible through SMS.
A beneficiary may have an account with NSBL (Nepal SBI Bank Ltd.). In this case, Rs. 25 per transaction is chargeable in this case. If there is no account in NSBL, then, in this case, Rs. 75 per transaction will apply for an amount up to Rs. 5,000. Rs. 100 will apply on an amount over Rs. 5,000.
The threshold and TDS rate for cash withdrawal depends on the submission of proof of the ITR filed for the FY. There are no charges for withdrawals up to Rs. 20 lakhs in the FY. If you do not submit ITR filing proof, then 2% applies on withdrawals over Rs. 20 lakhs and under Rs. 1 crore. If the withdrawal is over Rs. 1 crore then 2% TDS applies if you submit an ITR copy to the bank. If you do not submit the proof in this case, then 5% TDS applies.
The cross-currency mark-up is 3.50% on foreign currency transactions made on the Debit Card. At the time of the transaction, the VISA/Master Card wholesale exchange rate will apply.
1% charge on the transaction amount + GST applies at merchant outlets on cash withdrawal transactions.