Kotak Mahindra Bank Nova Savings Account
| Kotak Mahindra Bank Nova Savings Account | |
|---|---|
| Average Monthly Balance | Rs. 5,000 |
| Interest Rate | 3.50% per annum |
| Debit Card | Classic Debit Card |
Kotak Mahindra Bank Nova Savings Account offers special banking facilities to semi-urban and rural areas. You can pay utility bills, invest in market instruments, the bank through ATM, internet, mobile, or branch, and shop online. There are several free facilities like 25 cheque leaves every quarter, NEFT/RTGS through net banking and a lot more. You will receive a Classic Debit Card, which is free for the first year. Eligible applicants include resident individuals, Hindu Undivided Families, and foreign nationals residing in India as per the RBI norms.
In this post, we will discuss Kotak Mahindra Bank Nova Savings Account features, eligibility criteria, interest rates, documents required, fees and charges, and frequently asked questions.
Features of Kotak Mahindra Bank Nova Savings Account
Here are the features of this Kotak Mahindra Savings Account:
- You have to maintain an average monthly balance of Rs. 5,000
- Free cash withdrawals at the ATMs of Kotak Mahindra Bank
- Free phone banking, net banking, and mobile banking
- Every quarter, receive 25 cheque leaves at no cost
- Free access to all VISA ATMs (domestic)
- Free RTGS/NEFT through net banking
- Free Instant Money Transfer (IMPS)
- Get the facility to convert the balance of a certain amount from the SB account to Term Deposits through ActivMoney
- Get a Classic Debit Card and transact easily anywhere. No fees for the first year
Eligibility Criteria for Kotak Mahindra Bank Nova Savings Account
Here are the eligibility norms:
- Sole or joint accounts for resident Indians
- HUF or Hindu Undivided Families
- Foreign nationals living in India
NOTE: Do remember that Classic/Nova Savings Account is for rural/semi-urban branches only.
Kotak Mahindra Bank Nova Savings Account Interest Rates
Here are the details:
- Accounts with daily balances of up to Rs. 1 lakh will earn a 3.50% interest rate per annum
- The same rate is applicable for daily balance over Rs. 1 lakh
- This interest rate is for resident accounts only
Documents Required for Kotak Mahindra Bank Nova Savings Account
Here is the list of documents (any of the following for specific documentation) you need to open this Kotak Mahindra Bank Savings Account:
- Signature Proof: Passport, PAN Card, Driving Licence
- Identity Proof: Passport, Driving Licence, Aadhaar Card, Voter’s ID
- Address Proof: Driving Licence, Passport, Aadhaar Card, Voter’s ID, Bank Statement, Utility Boll, latest Bank Account Passbook of any of the last 3 months
- PAN Card/Form 60 is mandatory
- Latest passport-size photographs
Kotak Mahindra Bank Nova Savings Account Fees and Charges
Here are the charges on this Kotak Mahindra Savings Account:
| Types of Charges | Details | ||
| Non-Maintenance Charge (NMC) - Monthly | Charges for not maintaining the AMB of Rs. 5,000 | 5% of the shortfall in required AMB per month | |
| NEFT / RTGS - Applicable only if done in Branch | Rs. 2 for NEFT up to Rs. 10,000 | ||
| Rs. 4 for that done from Rs. 10,001 to Rs. 1 lakh | |||
| Rs. 14 for NEFT from Rs. 1,00,001 to Rs. 2 lakhs | |||
| Rs. 24 for NEFT over Rs. 2 lakhs | |||
| For RTGS, Rs. 20 for transactions between Rs. 2 lakhs and Rs. 5 lakhs. Rs. 50 for transactions over Rs. 5 lakhs | |||
| For RTGS, Rs. 20 for transactions between Rs. 2 lakhs and Rs. 5 lakhs. Rs. 50 for transactions over Rs. 5 lakhs | |||
| IMPS | Rs. 5 for IMPS up to Rs. 10,000 | ||
| Rs. 5 for transaction between Rs. 10,001 and Rs. 1 lakh | |||
| Rs. 15 for IMPS from Rs. 1,00,001 to Rs. 5 lakhs | |||
| Cash Transactions | Cash Transaction at Branch / Cash Deposit Machine | Up to 4 transactions in a month or Rs. 2 lakhs in a month will apply no charges, whichever is earlier | |
| (CDM) (Deposit or withdrawal) | Beyond this limit, Rs. 4.5, subject to minimum Rs. 150 will apply on every Rs. 1,000 | ||
| Debit Card / ATM Charges | Debit Card Charges | ||
| Other Domestic ATMs - Cash Withdrawal / Non-Financial Transactions | In the top 6 cities, there are no charges for up to 3 transactions and 5 transactions for non-top cities per month | ||
| After this limit, Rs. 8.5 and Rs. 25 is charged per non-financial transaction and cash withdrawal, respectively | |||
| Declined Domestic ATM Transactions because of inadequate balance | Rs.25 per transaction | ||
| Transactions declined at merchant outlets/websites/ATM because of inadequate balance | |||
| Non-Financial Transactions/Cash Withdrawal at International ATMs | Rs 25 per non-financial transaction | ||
| Rs.150 per cash withdrawal transaction | |||
| Cardless cash withdrawal (IMT) | 1 transaction every month is free | ||
| For transactions beyond this limit, Rs. 10 is chargeable per transaction | |||
| DD / Cheque Book | DD | Rs. 4 per Rs. 1,000, subject to a minimum of Rs. 50 and a maximum of Rs. 10,000 | |
| The charge is Rs. 3 per Rs. 1,000 for senior citizens | |||
| FCY DD / Cheque Collection/ TT / Revalidation / Cancellation / FCY Cheque Return and Deposited | Rs. 500 | ||
| At-par Cheque Book Charges | 25 Chq leaves Nil Charges / Qtr; Thereafter Rs.3 / cheque leaf. | ||
| ECS Mandate Verification | Rs.50 per instance | ||
| ECS / Cheque Issued and Returned (due to insufficient funds) | Rs.500 per instance | ||
| Cheque deposited and returned (INR) | Rs.100 per instance | ||
| SI Failure | Rs.100 per instance | ||
| Branch Requests | Duplicate Ad-hoc statement, Balance & Interest Statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement; Regeneration of PIN of Net Banking / Phone Banking (sent through courier) | For senior citizens, it is Rs. 75 per request | |
| For other customers, it is Rs. 100 per request | |||
| DD Cancellation (INR) | No charges for senior citizens | ||
| For others, it is Rs. 100/request | |||
| Foreign Inward Remittance Certificate | Rs.100 per request | ||
| Statements and Alerts | Statements | No charges for quarterly physical statement and monthly email statement | |
| Balances Value-added alerts (Daily / Weekly) | Rs. 50 paise per SMS | ||
| TOD and Account Closure | Term of Deposit and Account Closure (if closed after 1 month from the date of opening and before 6 months) | TOD: Rs.500 | |
| Account Closure: Rs. 500 | |||
| Debit Card Annual Charges | Classic Debit Card | Rs. 199 | |
| Gold Debit Card | Rs. 500 | ||
| Silk Classic / Platinum | Rs. 199 | ||
| World / World Exclusive Debit Card | 750 | ||
| Platinum / My World Debit Card | 750 | ||
| Kotak PVR Debit Card | 499 | ||
| Other Debit Card Related Charges | Theft/Replacement of Lost Card | Rs. 200 | |
| Issuance Charges | Rs. 199 | ||
| Regeneration of PIN (sent through courier) | Rs. 50 per request | ||
Frequently Asked Questions about Kotak Mahindra Nova Savings Account
Here are these Kotak Mahindra Savings Account FAQs:
1. How to Keep a Track of your Savings Account?
You can track your savings account through mobile and email alerts. Or depend on balance inquiry through SMS, mini statements through the ATM, or physical account statements quarterly. You can also view transaction details, and savings account information through net banking.
2. Is Home Banking Service Available?
Yes, home banking for cash/delivery/instrument pick-up costs Rs. 150 per visit. The same charge applies for KYC pickup (for differently-abled and senior citizens only).
3. How to Change the Home Branch?
Visit the official website of the bank. Go to the Help section, click service request, and proceed to ‘View All’. Select ‘Change of Home Branch Request’. You will have to provide your login credentials. Then you will receive the OTP on your registered contact channel. You can change the home branch for all savings accounts at the CRN level or the level of savings account.
4. What is the Cross-Currency Mark-Up Charge?
The cross-currency mark up of 3.5% will apply to foreign currency transactions done on International Debit Cards. The bank will take an account of the current exchange rate of VISA/MasterCard at the time of transaction.
5. What Are the Other Charges for Foreign Exchange Services?
Rs. 1250 + tax for telegraphic transfer other than import payments. Rs. 750 + tax for the issue of FCY DDs. Rs. 1,000 + tax as correspondent bank charges for outward remittance where the remitter pays the foreign bank charges. 0.125%, subject to a minimum of Rs. 1,000 + tax as commission for exchange for debits from RFC/EEFC/SFC account.