Kotak Savings Account Review| North Loop Official Blog
North Loop Logo
North Loop
11 Sep 2020

Kotak Savings Account Review

thumbnail for Kotak Savings Account Review
Credit: North Loop

Kotak Mahindra Background and Overview –

Kotak Mahindra is a popular Indian private sector bank offering a variety of banking products and financial services in the areas of personal finance, investment banking, life insurance and wealth management. Headquartered in Mumbai, India, it caters to millions of people such as retail customers, commercial enterprises and corporates.

With 1600 branches and 2500+ ATMs all over the country, it is the second-largest Indian private sector bank by market capitalization.

Let us take a look at some of the different Kotak savings account products and their primary features –

Edge Savings Account – The minimum balance required to open the Edge Savings Account is Rs.10000. You get a classic debit card with a purchase limit of Rs.150000 and withdrawal limit of Rs.50000 with this account as well as five free ATM cash withdrawals per month.

Pro Savings Account – The minimum balance required to open this Kotak Mahindra account is Rs.20000. You get a Platinum International chip card with a purchase limit of Rs.200000 and withdrawal limit of Rs.50000. You also get free access to all ATMs in India and a 50% offer on Demat charges for the first year with this account.

Ace Savings Account – This account requires a minimum deposit of Rs.50000. You get offered home banking facility, free Demat maintenance, free demand draft facility, auto sweep-in facility, and a Platinum International chip debit card with this account.

Silk Women’s Savings Account – This account is specially designed for women and offers a Kotak Silk Debit Card with special offers. It also provides easy bill payment facility and a 35% offer on locker rent.

Junior Saving Account for Kids – This account is for children below the age of 18 years and offers discounts on various food outlets and gaming stores.

Classic Savings Account – The minimum balance required to open this Kotak Mahindra account is Rs.10000. It offers a classic debit card with a purchase limit of Rs.150000 and withdrawals up to Rs.50000.

Start investing for free with North Loop and get personalized recommendations

Kotak Mahindra Bank savings account interest rates –

The Kotak Mahinda Bank savings account interest rates vary with the type of account you have opted for and are subject to change by Kotak Mahindra at any time. The interest is calculated on the daily minimum average balance maintained in the account and is credited every quarter. The current interest rates on its various savings account products are as follows -

  • Edge Savings Account – 3.00 to 4.00 %
  • Pro Savings Account – 3.50 to 4.00 %
  • Ace Savings Account – 3.50 to 4.00 %
  • Silk Women’s Savings Account – 3.50 to 4.00 %
  • Junior Saving Account for Kids – 3.50 to 4.00 %
  • Classic Savings Account – 3.50 to 4.00 %

To avail a higher interest rate, you can opt for a North Loop savings account. It is a digital banking service provider offering high-interest rates on both its savings (6%) and fixed deposit account (7.5%) along with additional benefits like 100% online bank account application, quick sign-up facility, 24*7 customer-assistance as well as the availability of other services like home loans, insurance, education loans etc.

Eligibility criteria –

To open an SBI savings account, you need to meet certain criteria like –

  • You should be a citizen of India
  • You should be 18 years or older (for a non-minor account)
  • You should have a valid proof of identity and address
  • Undertaking on Form QA 22 (for NRI)

Documents required –

  • Proof of identity
  • Proof of address
  • Passport-sized photographs
  • PAN card
  • Form 16

Kotak Mahindra Bank Account Opening Process –

Kotak Mahindra bank account opening can be done in several ways. One of the most common ways to opt for the Kotak bank account opening is by physically visiting the bank branch. In this method, you are required to take the necessary documents mentioned above to a bank branch for KYC verification and the submission of your Kotak application form. The other way to opt for Kotak Mahindra bank account opening is by visiting its website, downloading the application form and filling in the necessary details. This process involves creating an account on its webpage and using the Kotak bank login ID and password. The Kotak Mahindra login helps you sign in and access all your account related information easily. It also helps you carry out Kotak net banking. However, you might face some issues while using the Kotak net banking facility as many customers have complained of the same issue. However, if you face any trouble signing in using the Kotak Mahindra login details, you can even contact their customer care. The online application process with the Kotak bank login method also involves visiting the Kotak Mahindra bank branch with the necessary KYC documents to complete the verification process. While the Kotak Mahindra net banking is popular among its customers because of its user-friendly interface, the Kotak bank account opening process is not as seamless and can get quite exasperating.

To simplify this process, North Loop offers a 100% digital banking experience with a quick sign-up facility, minimal documentation and a completely online savings account application process.

To sign up with North Loop, click here.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.