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Kotak Junior Savings Account

Kotak Bank offers its customers a wide variety of product offerings in savings account in addition to cash back and discount offers. One such product is Kotak Junior Account aimed to inculcate the habit of saving money among kids. 

Kotak Junior Account

kotak junior savings account

Kotak Junior Account is specifically designed for children under the age of 18 years to cultivate the habit of banking regularly and to provide with a platform that helps children grow their savings to support their future. It gives a rate of return of up to 6% p.a. on the deposits. Apart from that, it offers specially curated offers and rewards for the young account holders.

Why Open a Kotak Junior Account?

Kids are highly impressionable in their formative years and develop habits very easily. Hence, imparting financial knowledge to your children from an early age and helping your kids develop the habit of regular banking will help them become responsible adults.

With Kotak Junior Account, take the first steps towards a brighter future for your kids.

Read: Children’s Day Special: Simple Ways to Inculcate Saving Habits

How to Open a Kotak Junior Account?

Applying for a Kids Savings Account with any bank at onlineaccountopen.in involves three simple steps:

Step 1: Go on the “Kids Savings Account” Tab and compare banks before you decide on one. You can also click on the “More Info” button to make an informed decision.

Step 2: Once you’ve chosen Kotak Mahindra Bank as the bank of your choosing then click on the “Apply Now” button.

Step 3: You then get directed to Kotak Mahindra Bank’s relevant page to take further steps towards opening a Kotak Junior Account. 

Features of Kotak Junior Account

  • The customers get up to and 6% p.a. on Junior Account and Guardian’s Savings Account.
  • Junior account holders enjoy exclusive discounts and privileges.
  • Customers get a personalised debit card with Junior Savings Account.
  • Rs. 5000 is the Average Monthly Balance to be maintained.
  • The junior account can be converted to zero balance account and non maintenance charges are waived. It is available with Nova Junior account and if the customer has an active Recurring Deposit or Systematic Investment Plan (SIP).
  • The daily withdrawal limit is set at Rs. 5000.
  • Junior account is also available in the regular savings account variants without the separate Guardian Account and investment options, namely Platina, Ace, Pro, Classic, Edge, and Nova.
  • The age limit of Kotak Junior Account is 18 years.

Here are the five features of the Kotak Mahindra Bank Junior Account are:

1.Zero Balance Savings Account

Although the account has a minimum average balance of Rs.5,000, it can be converted into a zero balance account. The non-maintenance charges of the account is waived off if the customer is Nova Junior Account and has an active recurring deposits(RD) or a Systematic Investment Plan (SIP). If there is no ongoing RD or SIP, minimum average balance will be applicable. Non maintenance charges are waived on a minimum monthly RD and SIP of Rs. 2,000 for a minimum tenure of 36 months. The amount is Rs.1,000 for rural areas.

2. Personalized Junior Debit Card

The Personalized Junior Debit Card is issued to children above the age of 10 years with a daily ATM withdrawal limit of Rs. 5000. The maintenance of the kids bank account with a debit card makes a child more responsible and inculcates the habit of withdrawing the correct amount as and when required.

3. Attractive interest rates

The Bank provides up to 6% per annum for the Junior and the Guardian Account respectively.

The interest rate for the kids bank account is:

  • 4% per annum interest on savings account balance up to Rs. 1 lakh
  • 6% per annum interest on balances over Rs.1 lakh and up to Rs.10 lakh.
  • 5.5% per annum interest on balance above Rs. 10 Lakh.

4.Discounts and Privileges

Junior accountholders also get a host of privileges and offers on dining, edutainment and shopping on kids’ brands.

In addition to the above features Kotak Mahindra Bank has also added the two ways of investing through Recurring Deposits and Systematic Investment Plans

a. Recurring Deposit

A Recurring Deposit (RD) allows you to park a pre-defined amount in a long term deposit every month. The minimum investment in a Recurring Deposit can be Rs. 2,000 per month. The minimum investment for Semi-Urban & Rural Branches is Rs. 1000. The minimum tenure for a Recurring Deposit is 36 months. Kotak Bank provides an interest rate of 6.50%.

b. Systematic Investment Plan (SIP)

Guardians can set up systematic investment plans(SIP) in mutual funds for their kid’s future. SIP allows customers to invest a certain sum of money at regular intervals. This helps to fulfill the long term financial goals.

5. Types of Kotak Junior Account

The Kotak Junior Account is available in the regular Savings Account variants namely Platina, Ace, Pro, Classic and Edge Nova which comes without the separate Guardian Account and saving and investing options of RD and SIP.

Documents Required For Opening A Kotak Kids Account

The following documents are required in order to complete the KYC purposes for opening a Kotak Junior Account:

1. Identity Proof

As identity proof, Kotak Mahindra Bank accepts the following documents:

  • PAN Card
  • Driving License
  • Passport
  • Voter ID
  • Aadhaar Card

2. Address Proof

As address proof, Kotak Mahindra Bank accepts the following documents:

  • Passport
  • Driving License
  • Voter’s ID
  • Aadhaar Card
  • Utility Bill
  • Bank Statement
  • Bank Account Passbook (updated upto the previous 3 months)

3. Signature Proof

As signature proof, Kotak Mahindra Bank accepts the following documents:

  • PAN Card
  • Driving License
  • Passport
  • Latest Passport Size Photographs (4 copies)

Click here to apply online for Kotak Junior Account.


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