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Junior Savings Accouont - Kotak Mahindra Bank

Kotak Mahindra Overview

Kotak Mahindra Bank has always been the flag bearer of disruptive innovation in India in the sphere of banking.

Kotak Mahindra Bank, through its products, is slowly transforming the way Indians bank!

Kotak has always believed in understanding the needs of the customers and providing customized solutions (best suited to their problems) across all platforms.

For Kotak, every customer is equal and only deserves the best from the bank.

Which is why 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!

Kotak Junior 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.

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 accountholders also get a host of privileges and offers.
  • Rs. 5000 is the Average Monthly Balance to be maintained.
  •     A Personalized junior debit card is issued to kids above the age of 10 years
  • The daily withdrawal limit is set at Rs. 5000.

Kotak Junior Proposition

  • Kotak Junior Account helps parents create a reserve for their child’s future and also inculcate the virtue of regular saving.
  • You can sign up for Recurring Deposit and save for your child’s future with an interest rate of 8.25% p.a.
  • It always better to start investing early and what better way to do so than by investing in a Systematic Investment Plan. Choose the amount and duration and start building that reserve dedicated to your child’s future.
  • While the bank recommends the bundled offering, 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.

Document requirement for opening a Kotak Junior Account  

At the time of opening a Kotak Junior Account, the bank requires certain documents for KYC purposes.

 Latest Passport Size Photographs 

 Identity Proof:

  • PAN Card
  • Voter’s ID
  • Driving License
  • Aadhaar Card
  • Passport
  1. Address Proof:
  • Passport
  • Driving License
  • Aadhaar Card
  • Voter's ID
  • Bank Account Passbook (Updated and no more than 3 months old)
  • Utility Bill
  • Bank Statement
  1. Signature Proof:
  • PAN Card
  • Passport
  • Driving License

 

 

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