Do you seek customised solutions and are always in search of products that resonates with you? Women Savings Account is one such type of savings account that is exclusively meant for women customers. Most banks provide women savings account to its customers. An one such account is the Kotak Mahindra Bank’s women savings account named Silk Women Savings Account.
The women savings account is available to resident Indian women above 18 years of age.
Silk Women Savings Account of Kotak Mahindra Bank aims to support the needs of the 21st-century women who deserve nothing less than the best.
Kotak Mahindra Bank Women Savings Account offers attractive interest rate of up to 4% to its customers. The interest rate on Kotak Savings Account starts at 3.50%. The interest on women savings is calculated on the daily closing balance.
| Daily Closing Balance | Interest Rate |
| Balance up to Rs. 1 lakh | 3.50% |
| Balance over Rs. 1 lakh | 4% |
Customers of Kotak Mahindra Bank’s women savings account can avail the benefits of Silk Debit Card. Card holders can enjoy attractive cashback, offers, privileges and have higher cash withdrawals. Silk customers can avail exclusive offers and privileges with Kotak Silk Accounts in categories like Shopping, Travel, Electronics etc.
| POS Limit (Shopping at online and offline stores through debit card) | Rs. 2 Lakhs |
| Silk ATM Withdrawal limit | Rs. 40,000-Domestic Rs. 50,000-International |
| Lost Card Liability | Up to Rs.3.5 lakhs |
| Purchase Protection | Up to Rs. 1 lakh |
| Personal Accidental Death Cover Classic Silk Debit Card Platinum Silk Debit Card | Coverage – Rs. 2 lakhs Coverage up to Rs. 35 lakhs |
| Lost baggage Insurance | Up to Rs. 1 lakh |
| Air Accidental Death Insurance | Up to Rs. 50 lakhs |
| Debit Card Type | Platinum card |
Silk Women Savings Account can easily make payments online through online banking. Different utility bills such as electricity bills, postpaid bills and gas bill can also be paid online.
Most women love to wear jewelry. However, it does not come easy. Keeping precious jewelry at home is a stressful situation. This is where lockers play a vital role.
Customers of Kotak Mahindra Bank’s women savings account can get a 35% discount on locker rentals in the first year.
Customers of women savings account of Kotak Bank can avail the benefits of cash pick-up, cash delivery/ draft delivery etc from their home.
It also provides for updates on all your accounts in a single account statement.
Customers of Kotak Silk can opt for the various versions such as Edge, Pro or Ace. You can select the version when opening the woman savings account online. These different accounts come with different minimum average balance along with other features.
Individuals opting for Edge Account needs to keep a minimum average balance of Rs.10,000. Kotak ActivMoney is also available which helps customers to convert the money lying in the savings account to fixed deposits(FD) or term deposits.
Pro Savings account come with a minimum monthly average balance of Rs. 20,000. Customers can also avail free net banking, mobile banking and phone banking. Platinum international chip card is free for the first year.
The monthly average balance of Ace Savings Account is Rs. 50,000. Also, the account comes with free cash withdrawals at ATMs of any Kotak Branch, free phone banking, net banking and mobile banking along with free NEFT, RTGS and IMPS money transfer. Customers also receive a free platinum international chip debit card.
Kotak Silk is just the tool a woman needs to become financially independent! It helps you manage your finances easily without it being cumbersome or difficult to understand. Apart from that, customers get great offers and amazing features at their disposal.
The cash pick-up, cash delivery/ draft delivery, higher withdrawal and shopping limits makes it a better option than regular savings account.
Individuals can open a women savings account online in just three steps within 10 minutes. Click here to open a Kotak Silk Account online.
Here are the three steps of online account opening of women savings account.
You can fill up the documents or opt for a call back from a Kotak Mahindra Bank representative.
There are certain documents important for the KYC purpose before the account is opened. Customers should carry original for verification and self-attested to submit to bank’s representative.
The documents required are as follows:
2. Address Proof
3. Signature Proof
4. Latest Passport Size Photographs
Conclusion: Silk Women’s Savings Account is a specialised account meant for today’s women. There are several benefits of this account such as higher spending limit, ability to
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