Kotak Mahindra Bank Savings Account
Selecting an appropriate Kotak Savings Account can be an intelligent option of saving your money. Such high-interest savings accounts generate considerable yields with little risk and minimum effort. Savings Account has always been very popular as it has been fetching loads of returns for account-holders as well as private sector banks over the decades. A savings account is, thus, an indispensible part of the "deposit mobilization programme" in non-urban India and is an integral part of banks such as Kotak Mahindra.
Kotak Mahindra Bank Savings Account Interest Rate
An account-holder can earn interest at the rate of 6% per annum on the balance amount in his savings account.
Types of Savings Accounts offered by Kotak Mahindra Bank:
- Platina Savings Account: This account needs an AMB or Average Monthly Balance of a minimum of Rs 100,000. One can earn an interest up to 6% per annum on the balance in his account. The account-holder also gets a debit card with an enhanced withdrawal limit of Rs 2 lakhs via ATM per day.
- Sanman Savings Account: An average quarterly balance (AQB) of Rs 2000 needs to be maintained in a Sanman Savings Account that fetches the account-holder a 6% interest on his balance.
- Grand-Savings Programme for those above 55 years of age: This savings account enables one to earn interest at the rate of 6% per year on the balance in his account. The account-holders can also get money back up to a sum of Rs 4500. They are also eligible for a first-aid card and various premium services.
- Jifi Saver: The account-holder earns interest at 6% on his balance and gets a complimentary Platinum Chip Debit Card for the first year. He belongs to the prestigious Jifi Loyalty Club and is assured abundant rewards when he transfers or shares funds.
- Edge Savings Account: An average quarterly balance or AQB of Rs 10,000 needs to be maintained. This account helps in earning 6% interest on the account balance.
- Junior – A Savings Account for Children: Account-holders get an ID Card and a personalized Junior Debit Card, besides innumerable attractive discounts across all major brands for children. However, the debit card is offered only to children above the age of 10.
- Ace Savings Account: An AMB or average monthly balance of Rs 50,000 needs to be maintained while the account-holder earns interest up to 6% on the account balance. The debit card withdrawal limit offered is as high as Rs 2 lakhs via ATM.
- Classic Savings Account: The average monthly balance needs to be Rs 10,000 and the rate of interest is 6%.
- Pro Savings Account: On maintaining an average monthly balance of Rs 20,000, an account-holder earns 6% of interest on his account balance per annum.
- Silk – A Savings Programme for Women: This savings account offers discounts on locker rent, 50% waiver on the issuance charges of the Best Compliments Card, to name a few privileges. On using the Kotak Silk Debit Card, one can get amazing offers like free movie tickets, etc.
- Nova Savings Account: The account-holder gets to earn interest at the rate of 6% p.a. on maintaining an average monthly balance of Rs 5000 in the account.