| Kotak Classic Savings Account | Details |
|---|---|
| Average Monthly Balance | Rs. 10,000 |
| Interest Rate |
|
| Debit Card | Platinum International Chip Debit Card |
Kotak Mahindra Bank Classic Savings Account gives access to effortless banking. The interest on the daily balance is between 3.50% and 4%. The minimum average monthly balance requirement is Rs. 10,000. You will receive a free cheque book with 100-leaf. Services include internet/phone/SMS banking, fund transfer, Debit Card, Demand Draft, home banking, etc. You will also get priority service from the Relationship Manager. The personnel will take care of investment and savings bank (SB) account needs.
In this post, we will discuss Kotak Bank Classic Savings Account features, interest rates, eligibility criteria, documents required, fees and charges, and FAQs.
Here are the features:
The requirement for AMB is Rs. 10,000.
Get up to 4% returns on the savings amount.
You can convert the balance over a certain limit from the savings account into Term Deposits.
Receive a free Platinum International Chip Debit Card.
Withdraw cash for free from any Kotak branch in India. Also, get free access to all VISA ATMs (domestic). The cash withdrawal limit (per transaction) from other Domestic ATMs is Rs. 10,000.
Free Demand Drafts.
Free pick-up and delivery of cash as well as free pick-up and delivery of instruments (5 calls in a month).
Here are the eligible applicants:
Here are the Kotak Bank Interest Rates for Classic Savings Account:
You need to submit the self-attested copies of KYC documents. Submit the original copy for verification as well:
Here are details of charges and fees:
| Kotak Classic SB Account Particulars | Fees and Charges |
|---|---|
| Non-maintenance of AMB | 5% of the shortfall per month |
| Cash through Deposit Machine/Cash transaction at branch/General withdrawal or deposit |
|
| TOD Cheque purchase and closure of account (if after 1 month and before 6 months from the account opening) |
|
| At-par Cheque Book Charges |
|
| If the ECS/Cheque (issued and returned) due to insufficient balance | Per instance: Rs. 500 |
| In INR, cheque deposited and returned | Per instance: Rs. 100 |
| Failure of Standing Instruction | Per instance: Rs. 100 |
| Declined domestic ATM transactions because of lack of balance/Declined transactions at websites, merchant outlets, ATMs | Per transaction: Rs. 25 |
| Non-financial transaction/Cash withdrawal at international ATMs |
|
| Loss/Replacement of Debit Card | Rs. 200 per instance |
| Issuance Charges |
|
| Demand Draft |
After free limit:
|
| Cardless Cash Withdrawal (IMT) | After free limit: Per transaction will cost Rs. 10 |
| Daily/weekly balances value-added alerts through SMS/email | Rs. 50p. per message |
| Pick-up/delivery of instrument or cash |
|
| FCY/Cheque Collection/DD/FCY Cheque Deposited and Return/TT/Revalidation/Cancellation | Rs. 500 |
| World Exclusive Debit Card | Rs. 750 |
| My World Debit Card | No charges for 1st year, after which annual charges are Rs. 250 |
| Gold Debit Card | No charges for 1st year, after which annual charges are Rs. 250 |
| Silk Classic/Platinum Debit Card | Rs. 150 |
Here are the Kotak Classic SB Account FAQs:
The Kotak Bank Classic SB account is available in rural/semi-urban branches only.
The per transaction limit is Rs. 10,000. Also, per day in a branch, the free limit is up to Rs. 1 lakh, and for other locations, the free limit is up to Rs. 50,000.
The rate is between 3.50% and 4% on end-balance in the savings account. For instance, if the end-day balance is Rs. 1,50,000, then 3.50% will apply on Rs. 1 lakh. The remaining balance of Rs. 50,000 will earn 4% per annum.
KYC pickup is valid for differently-abled persons and senior citizens. Fees are Rs. 100 per visit.
There are no charges applicable on:
