Kotak Mahindra Bank Pro Savings Account

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.

Features of Kotak Mahindra Bank Pro Savings Account

Here are the features of this Kotak Mahindra Bank Savings Account:

  • Get waiver the first year on annual maintenance charges for Platinum International Debit Card
  • Free facility for home banking and cash withdrawal from any Kotak branch in India
  • Earn up to 4% interest on the account balance
  • Free cash withdrawals from other domestic ATMs
  • Rs. 20,000 is the average monthly balance (AMB)
  • Get a 50% discount on the annual maintenance charges the first year of the Demat account
  • Free mobile banking, net banking, and phone bank
  • You can use Kotak ActivMoney to convert account balance over a limit to Term Deposits
  • Access domestic VISA ATMs free of cost
  • The free limit for a transaction is 4 in-branch locations up to Rs. 1 lakh. But Rs. 50,000 per day is allowed for other locations for free.
  • The cash withdrawal limit Is Rs. 10,000 per transaction from other Domestic ATMs
  • Free demand drafts, also no cost for NEFT through net banking

Kotak Mahindra Bank Pro Savings Account Interest Rate

The Kotak Mahindra Bank Pro Savings Account Interest Rate is 3.50% to 4.00% per annum. Here are more details about it:

  • Daily balance up to Rs. 1 lakh will earn 3.50% interest
  • For balance over Rs. 1 lakh and up to Rs. 50 lakhs, 4% interest will apply
  • For daily balance over Rs. 50 lakhs the interest rate is 3.50%
  • These rates are for resident accounts only

Here is a brief illustration of Kotak Mahindra Bank Savings Account interest rate applicability:

  • Your daily balance at the end of the day is Rs. 1,50,000
  • The initial Rs. 1 lakh will earn 3.50% per annum
  • The remaining balance is over Rs. 1 lakh i.e. Rs. 50,000 will earn 4% per annum

Kotak Mahindra Bank Pro Savings Account Eligibility Criteria

Here are the ones eligible to apply for Kotak Bank Savings Account:

  • Resident Indians can open the account individually or jointly
  • HUF (Hindu Undivided Family)
  • Foreign nationals living currently in India

Documents for Kotak Mahindra Bank Pro Savings Account

Here are the documents required to open the SB account:

  • Latest passport-size photographs of the applicant/s
  • Identity proof such as Passport/Driving License/Aadhaar Card/Voter ID Card
  • Address proof such as Driving Licence/Passport/Voter ID Card/Utility Bill/Aadhaar Card/Bank Account Passbook or Bank Statement of the last 3 months
  • Signature proof such as Driving Licence/Passport/PAN Card

Kotak Mahindra Bank Pro Savings Account Fees and Charges

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
  • AMB requirement is Rs. 20,000
  • On non-maintenance, 5% of the shortfall is chargeable
  • The maximum penalty is Rs. 600
At-par cheque book
  • Free of cost 100 cheque leaves per quarter
  • Over this limit, per leaf costs Rs. 3
Cash transactions
  • No charges up to Rs. 3 lakhs or 5 transactions per month, whichever is earlier
  • After this, Rs. 4.5 is chargeable per Rs. 1,000 with a minimum fee of Rs. 150 applicable
Demand Draft/Cheque Book
  • No charges for up to Rs. 1 lakh
  • After this, Rs. 4 is chargeable for every Rs. 1,000
  • Over the limit, Rs. 3 is chargeable for every Rs. 1,000 for senior citizens
  • The minimum and maximum fees are Rs. 50 and Rs. 10,000, respectively
Cheque deposited but returned Rs. 100 per instance
Standing Instruction failure Rs. 100 per instance
Debit Card
  • Classic Debit Card: No charges
  • Platinum/My World Debit Card: No fees for 1st year, after this Rs. 250 per annum
  • Silk Classic/Platinum: Rs. 150
  • World/World Exclusive Debit Card: Rs. 750
  • Gold Debit Card: No fees for 1st year, after this Rs. 250 per annum
Cardless cash withdrawal
  • 1 transaction every month attracts no fee
  • After this, every transaction will cost Rs. 10
ATM transaction decline If due to insufficient balance, then Rs. 25 chargeable per transaction
Cash /instrument delivery or pickup at home
  • No fees for 2 calls per month
  • After this limit, Rs. 150 per visit
Debit Card Cash withdrawal/non-financial transaction at international ATMs
  • Rs. 25 per non-financial transaction
  • Rs. 150 per cash withdrawal transaction
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

Kotak Mahindra Bank Pro Savings Account FAQs

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.

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