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Kotak Bank Savings Account – Features, Interest Rate, Minimum Average Balance

Kotak Bank offers different types of savings account such as zero balance savings accounts, premium account. Kotak Bank gives an interest rate of up to 4%.

Kotak Mahindra Bank offers different types of savings account to customers. It offers zero balance savings accounts to a premium savings account, individual savings account to a family savings account.

Also, the interest rate on the Kotak savings account is higher than the interest rate on other bank savings account.    


Interest Rate

Kotak Mahindra Bank savings account offers attractive interest rates to its customers. The interest rate on the savings account is calculated on the daily closing balance and is credited to the account quarterly. Bank revise the interest rate from time to time and it is applicable only on resident accounts.

BalanceInterest Rate
Balance up to Rs. 1 lakh3.50%
Balance above Rs.1 lakh and up to Rs.1 crore4%
Kotak savings account interest rate

Read: How is interest rate on savings account calculated?

Kotak Bank Saving Account Minimum Balance

Different types of Kotak Savings account have different minimum average balance. The monthly minimum average balance of the Kotak savings account can range between Rs.5,000 to Rs.50,000. There is a zero balance savings account. Kotak811 is a zero balance digital savings where you don’t have to keep any minimum average balance. The bank calculates the minimum average on the daily closing balance. To arrive at the minimum average balance, it divides the sum of all the closing balances by the total number of days in the month.


Monthly Average Balance or MAB = Sum of all the closing balance in a month / Number of days in the month  

A penalty is charged if you don’t maintain the required minimum balance. In Kotak savings account, a penalty of 5% of the shortfall of the required minimum average balance is charged.

Read: You Don’t Have to Keep the Minimum Balance Daily

Different ways to open bank account

Customers can open Kotak savings account online and offline. Customers can open a Kotak811 account online or through the video KYC process. To open other types of Kotak savings account, customers need to visit the bank branch or fill up a form after which you will get a call from the bank representative.

To open Kotak 811 account online, you can download the Kotak mobile banking app or through the bank’s website. Kotak 811 account opening process is online.

Eligibility to open Kotak811 account:

  • Individual needs to be above 18 years of age
  • It is only available for Indian citizens
  • Existing Kotak customers can not open Kotak 811 account
  • PAN and Aadhaar is required

Kotak was the first bank to introduce an account opening process through video KYC for new Kotak 811 customers. After filling up the account opening form online, customers can complete the KYC process by verifying the documents through a video call with the bank representative.     

To open a bank account offline, customers need to submit a PAN card or Form 16, identity and address proof and two latest passport photographs. The applicant needs to fill up a physical form of nomination details.

Types of Kotak Savings Account

Kotak Bank offers several types of savings account to their customers. These savings accounts are meant for different sections of customers such as women, kids, senior citizens, etc. Currently, Kotak Bank has 13 types of savings account.

Type of Savings AccountFeaturesMinimum Average Balance (Monthly)
811 Digital Bank AccountOnline Instant Account Opening through Aadhaar and PAN Free online transactions  Nil
811 Edge Digital Bank AccountFree online transfer using NEFT, RTGS and IMPSPlatinum chip debit cardRs.10,000  
Edge Savings AccountUse Kotak ActivMoney to convert idle funds lying in a savings account to term deposits and get higher returns. Avail free phone banking, net banking and mobile banking.Rs.10,000
Sanman Savings AccountWithdraw cash from Kotak Bank ATMs with no charge. Low maintenance chargesRs.2,000 (Quarterly)
Junior – The Savings Account for KidsGet personalised debit card Avail exclusive discounts and offers on kids brands.Non-maintenance charges are waived off.
Pro Savings AccountFree platinum international debit card for the 1st year free Home Banking Facility  Rs.20,000
Classic Savings AccountFree Cash pick-up and delivery fee platinum international debit card for the 1st yearRs.10,000
Silk Women’s Savings AccountAvail 35% discount on locker rentals for the first year Get cashback, special offers, privileges and lifestyle benefits by transacting through Kotak Silk Debit Card.  Rs.10,000
Ace Savings AccountFree outstation cheque collection. Free Platinum international chip debit card.Rs.50,000
Grand – Savings ProgrammeSavings account for individuals above 55 yearsGet priority service & first preference at Kotak branches get up to 50% discount on treatments, consultation and procedures through the priority card and Indian Health Organisation card. Grand savings account is available in Edge/Nova, Pro/Classic and Ace variants.  Depending on the variant
Nova Savings AccountAvailable for individuals residing in semi-urban and rural locations.Free 25 cheques per quarter  Rs.5,000
My Family Savings AccountMaintain required balance in one savings account or spread it across multiple accounts get a dedicated relationship manager for the entire family  Rs.50,000 to Rs.1 lakhs
Alpha – The Savings & Investment ProgrammeInvest in Recurring Deposits, NPS, Fixed Deposits, Mutual Fund etc. in one place. Annual charges on an investment account are waived offThe monthly balance charge is waived off subject to conditions
Different types of savings account

FAQs on Kotak Bank Savings Account

What is the minimum balance in Kotak Mahindra Bank Savings Account?

The minimum balance in the savings account varies from 0 to Rs.50,000. Kotak811 is a zero balance account that customers can open online by downloading the Kotak mobile banking app.

 How can I open a savings account in Kotak Mahindra Bank?

There are three ways to open a savings account in Kotak Bank. You can open Kotak811 online or through the video KYC process. Just fill-up the required details such as PAN, Aadhaar number and other details.
In the case of a video KYC account, the account is verified by the bank agent through a video call.

In the case of another savings account, the customer has to visit the bank branch and submit the filled form, along with the KYC documents and two passport-sized photographs.

Is Kotak811 a zero balance account?

Yes, Kotak811 is a zero balance account.

Is a PAN card mandatory to open a Kotak Savings account?

If a PAN card is not available, applicants can use form 16 to open a Kotak savings account by visiting a bank branch. However, PAN is mandatory to open a Kotak 811 account online. 

How much money can I deposit in Kotak 811 account?

If you have completed your full KYC, you can deposit up to Rs.2 lakh in a year and can hold Rs.1 lakh at a time. However, there are no such restrictions after you complete the full KYC account.

How can I convert my Kotak account to zero balance?

Kotak811 zero balance account is for new customers. So, you cannot convert your existing Kotak savings account to 811 accounts. 

Can I open a Kotak bank account online?

You can open Kotak 811 online. Visit the bank branch to open any other Kotak savings account.

What are the differences between Kotak811 and Kotak savings account?

1. You can open Kotak 811 instantly online with no paperwork while you have to visit your nearest bank branch to open regular savings account along with your KYC documents.
2. Kotak 811 is a zero balance account and there is no minimum average balance requirement. However, in the case of a regular savings account, the customer needs to maintain a minimum average balance of Rs.10,000.
3. On opening, Kotak811 account is valid for 12 months. Customers have to visit the bank branch or book an appointment to complete the full KYC process. However, regular savings accounts are full KYC account and the account is valid for a lifetime.
4. As Kotak 811 is a digital account, customers don’t receive any physical welcome kit. Regular savings account customers get a physical welcome kit.
5. Kotak 811 customers get a virtual debit card that they can access from their mobile banking app to carry out online transactions. A Virtual debit card is not available for non-Kotak 811 customers.
6. To avail physical debit card, Kotak811 customers have to request one from the mobile banking app. Bank mail the physical debit card to the communication address. On the other hand, regular Kotak savings account receive a physical debit card in their welcome kit.  

What is the cash withdrawal limit on the Kotak Saving account?

There is no cash withdrawal limit on the Kotak Saving account from Kotak Bank ATM. However, the cash withdrawal limit from other Domestic ATMs is Rs. 10,000 per transaction.

What are the different types of Kotak Mahindra savings account?

There are different types of Kotak Mahindra savings account meant for different individuals such as women, kids, senior citizens. 

How to close Kotak savings account online?

You need to visit the nearest bank branch to close your Kotak savings account.


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