Savings Account - Open Bank Account Online in 5 Minutes with 7%* Interest

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Savings Account

Whether you're saving for a dream vacation or your child's education, or building a safety net, there’s a Kotak Savings Account tailor-made for all your dreams and goals. Experience the convenience of modern banking by opening a Savings Account in just a few steps. Start today and embark on your financial journey effortlessly.

Features & Benefits of Savings Account

Kotak Bank’s Savings Accounts come with a wide range of features and benefits designed to make banking easy, simple, and rewarding. You’ll find customized benefits that elevate the experience for you at every step, right from the time of opening your Savings Account.

Earn FD-like interest up to 7%* p.a. in your Savings Account!

Everyday offers on shopping, dining, travel and more

Range of Savings Account designed to fit your specific requirements

24x7 convenience banking: Your bank, your time

Health insurance benefits

Types of Savings Accounts Designed To Meet Your Personalised Goals

Our streamlined account opening process lets you open a savings account and set up your bank account online effortlessly, ensuring personalized benefits for all. Check out the different types of Kotak Bank Savings Accounts below to find the perfect fit!

Choose a filter

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811 Digital Bank Account

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Free Virtual Debit Card & Lifetime Free Credit Card

With amazing benefits!

4%* interest p.a. on your savings
Convenient digital Zero Balance Savings Account
Instant account opening with Aadhaar

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811 Edge Digital Bank Account

Platinum Chip Debit Card at just Rs. 199 p.a.
Instore purchase payments via Scan & Pay
Free online transfers (NEFT, RTGS, IMPS)

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EveryDay Savings Account

Average Monthly Balance (AMB) requirement: Metro/Urban– Rs. 15,000 | Semi Urban/Rural – Rs. 10,000
Enjoy offers on popular brands with Everyday Rupay Debit Card
Instant discounts up to 20% on BookMyShow and 30% on Eazydiner
Surprise rewards on monthly transaction milestones

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Ace Savings Account

Average Monthly Balance (AMB) requirement: Rs.50,000
15% discount on locker rentals
Free unlimited cash withdrawals at all ATMs
Lifestyle, fine dining, travel and fitness offers at merchant outlets

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Silk Savings Programme

A savings programme designed exclusively for women
Exclusive offers on Nykaa and Urban Company
Up to 1500 Reward Points and special offers on Kotak Silk Platinum Debit Card spends
Dedicated query resolution desk (
80-6969-5555)

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Grand - Savings Programme

Annual subscription to GetSetUp – a community exclusively for senior citizens
Enjoy attractive interest rates on Fixed Deposits
Upto 1500 Reward points on debit card spends by senior citizens
Flexibility in average Balance Maintenance

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Sankalp Savings Account

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Complimentary Talk time offer from Jio

Terms & Conditions apply

Rural – Rs. 2,500
Urban – Rs. 5,000

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Junior - The Savings Account for Kids

NMC^ waivers and zero balance benefits
Personalized Debit Card for your child
Exclusive privileges and discounts across kids’ brands

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My Family Savings Account

Convert excess savings to term deposits via Kotak ActivMoney
Flexibility for balance maintenance across multiple accounts
Home banking services

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Civil Pension

Conveniently receive Civil Pension directly in your Kotak Savings Account.
Non-maintenance charge (NMC) waiver for your Kotak Savings Account on the credit of your first pension.
Pensioners above 55 years of age enjoy the benefits and privileges of the Kotak Grand Savings Programme.

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Explore other savings account options for existing Kotak Bank customers

(Please note these account variants are no longer available for new account opening)

Pro Savings Account

Edge Savings Account

Classic Savings Account

Nova Savings Account

Alpha Programme

Platina Savings Account

Saving Accounts offers you don’t want to miss!

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Valid Till : 30 December 2024

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Eligibility Criteria for Savings Account Opening

Want a savings account in India that gives you diverse benefits beyond just savings? Kotak Bank’s Savings Accounts check this box easily. With the instant account opening facility, it’s now easier than ever to start saving up for your future. But before you open an instant bank account, it’s crucial to know the eligibility criteria in place. These criteria vary based on the type of account you choose.

Broadly, however, you need to meet the following conditions to open a Savings Account with Kotak Bank.

Be a resident Indian
Be at least 18 years of age

Note: Foreign nationals residing in India, members of Hindu Undivided Families (HUFs), HUFs themselves and minor children can also open certain types of Kotak Savings Accounts.

How to Open a New Bank Account

Opening a new Kotak Savings Account is easy. Here’s what you need to do to kickstart your savings journey with Kotak Bank.

Step 1: Visit your nearest Kotak Mahindra Bank Branch

The on-ground executives would be ready to assist you with the process

Step 2: Submit the following documents

Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card etc.
Addres Proof - Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
Signature Proof - PAN Card, Driving License, Passport
Latest Passport Size Photographs

Step 3: Complete the biometric process

Complete the KYC process to activate your Kotak savings account.

Note: Kindly ensure you have a strong internet connection for due completion of video KYC. Don’t forget to enable live location access for the same. Additionally, keep a plain white paper and a blue/black pen ready to upload your signature during this step.

Savings Account Interest Rates

Savings Bank A/c
Nature	Rate of Interest
Nature	For balances upto Rs. 50 lakhs	For balances above Rs. 50 lakhs
A. Domestic (W.e.f. June 13, 2022)	3.50% p.a.	4% p.a.
B. Non Resident (NRE/NRO)	3.50% p.a.	3.50% p.a.
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30^th June, 30th September, 31st December & 31^st March each year. Note : p.a. is "per annum"

The bank offers floating rate linked savings deposit. For details click here savings account interest rate, or contact your branch/relationship manager.

Kotak Mahindra Bank is registered with DICGC (DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION), know more.

Service Request

HelpCenter

Channel Blocking/Unblocking/Information
Charges Reversal- Accepted
Contact Details Change/Inquiry
Bal/Txn/AMB
Account Status/Freeze/Closure

Learn all about Savings Account

Frequently Asked Questions

What is a savings account?

A savings account in India is a new bank account that you can open online with a bank. You can deposit money into this account and earn interest on the balance therein. You can also withdraw funds from your savings account based on your financial requirements. With many banks now offering instant account opening facilities, getting an instant bank account has never been easier. Leading banks today also cater to various customer segments, with specific accounts for senior citizens, salaried people, women and even children.

What are the documents required to open a Savings Account online?

To open a bank account online with Kotak, you need to provide identification documents such as an Aadhaar card, PAN card, and proof of address. Our streamlined process ensures minimal hassle, allowing you to open your savings bank account conveniently from the comfort of your home.

What is the interest rate on a Savings Account?

The interest rate on a savings account with Kotak Bank starts from 3.50% per annum. However, the interest rate varies based on your chosen account type. For example: you can earn up to 7% interest on your Kotak savings account with the ActivMoney feature.

Why is Kotak Bank the best bank for opening a savings bank account?

Kotak Bank is the preferred choice to create a bank account online due to its comprehensive range of services, seamless online account opening process, attractive interest rates, and customer-centric approach. Whether you're a seasoned saver or just starting, Kotak Bank offers the ideal platform to meet your financial goals.

Can we open a zero-balance savings account?

Yes, you can open a zero-balance savings account with Kotak Bank. Our zero-balance savings account option allows you to enjoy the benefits of a savings bank deposit without the need to maintain a minimum balance. It's ideal for those looking for flexibility and convenience in managing their finances.

How much money can be deposited in a savings account?

The amount you can deposit in a savings account depends on your account type. Basic Savings Bank Deposit Accounts usually have limits on the maximum balance allowed. However, with other account variants, like zero-balance savings accounts, you don't need a certain amount to open them.

What type of savings account should I open?

When deciding what type of savings account to open, consider factors such as your financial goals, transaction frequency, and desired features. Whether you prefer the convenience of opening an online savings account or personalised service at a branch, Kotak Bank offers a variety of options to suit your preferences and lifestyle.

Is there a monthly fee charged on a Savings Account?

Kotak Bank generally does not charge a monthly fee on its savings accounts. Thus, you can enjoy the benefits of your bank account without worrying about additional charges eating into your savings. The bank believes in providing transparent and customer-friendly banking solutions, ensuring you can make the most of your bank savings account.

What is the minimum balance required for a savings account?

The minimum balance requirement or the average monthly balance (AMB) for a savings bank account depends on the specific savings account variant you choose. For instance, the minimum monthly balance for a savings account can range from Rs. 10,000 to Rs. 50,000 based on the savings account type. This is why it’s crucial to check the fine print if you are online saving account opening options.

What are the various types of savings accounts?

With Kotak, you can open a bank account. Here are the various types of savings accounts you can open online.

● Everyday Savings Account: This online savings account offers convenient banking for routine transactions, featuring exclusive discounts on daily spending.

● Silk Savings Programme: It provides women with tailored benefits and discounts on banking and shopping, empowering them financially.

● Junior Savings Account: It educates children on financial responsibility through fun and rewarding saving experiences.

● Grand Savings Programme: It prioritises seniors with priority services and discounts on essential needs.

● My Family Savings Account: It caters to families' diverse banking needs with comprehensive solutions and exclusive perks for every member.

How is the Average Monthly Balance (AMB) calculated?

The Average Monthly Balance (AMB) is the average of all the daily closing balances in a given month. Before online savings account opening, it’s important to understand how your AMB is calculated. The formula for the AMB of a savings account in any given month is as follows:

AMB = Sum of the closing balances of each day in the month ÷ The number of days in the month

Can the holding pattern in linked fixed deposits and savings accounts be different?

Yes, the holding pattern for savings accounts in India and the linked fixed deposits can be different. For example, with the instant account opening facility at Kotak Mahindra Bank, you can leverage the ActivMoney feature — where a portion of your savings is automatically transferred to a linked fixed deposit. So, you earn higher interest on the deposit, but the funds in your instant bank account are also easily accessible.

Is a PAN card compulsory to open a savings account?

Yes, your PAN card is a mandatory requirement for savings account opening if your annual income is Rs. 5 lakhs or more. However, if your annual income does not exceed Rs. 5 lakhs, you can simply submit your Form 60 instead. That said, it’s always advisable to check all the other documentation required before opening a bank account online or offline.

Can I have zero balance in my savings account?

The advantage of maintaining zero balance without attracting non-maintenance charges is typically available only for salary accounts. Most other savings bank accounts come with minimum balance requirements. However, there may be some exceptions. So, when you decide to open a savings account, it is crucial to note the balance requirements.

What are the different ways I can transfer money from one savings account to another?

After you open a savings account, you may want to know how to transfer funds from one savings bank account to another. You can choose from different fund transfer methods like NEFT for scheduled transactions, RTGS for large-value transactions and IMPS for instant money transfers.

How do I add, modify or delete a nominee for my savings account?

You can add, modify or delete a nominee after opening a new account via mobile banking or internet banking. If you’re using mobile banking, navigate to the ‘Service Request’ section, choose ‘Profile’ and then select ‘Nomination Update.’

If you’re on the internet banking portal, begin by selecting the ‘Banking’ option, move to ‘Service Requests', choose ‘New Service Request’ and then click on ‘Nomination Update.’ Additionally, if you want to update the nomination for your savings bank account, you can directly raise a service request using your phone number and date of birth or CRN in the following link:

https://forms.kotak.com/content/forms/af/kotakforms/nomination-update.html

How do I deposit money into my savings account?

To deposit money after opening a new account, you can visit the nearest bank branch and submit a deposit slip along with the requisite amount of cash or cheque. Alternatively, you can also deposit money into your savings bank account conveniently through an ATM.

When does a savings account become dormant?

When you open a bank account but don’t use it for 2 years or more, it becomes dormant. This could occur if you fail to initiate any transactions after opening your account online or opt not to use it for an extended period. It's essential to note that the timeframe for dormancy may differ among banks. Remember to stay informed about your bank's policies regarding inactive accounts to avoid any unexpected issues.

How is the Average Monthly Balance (AMB) requirement calculated for a savings account?

The Average Monthly Balance (AMB) for a savings account is calculated by dividing the sum of all the daily closing balances in a month by the number of days in that month. Before you open a bank account online, you must understand how the AMB calculation works. Sample Bank Statement:

Date	Narration	Withdrawal (Rs.)	Deposit (Rs.)	Closing Balance (Rs.)
January 1	Opening Balance			10,000
January 10	ECS Credit - VD		10,000	20,000
January 16	Cash Withdrawal	5,000		15,000
January 25	Cheque Deposit - MICR Clearing		20,000	35,000
January 28	HPCL Petrol Pump POS 43860000000012	1,000		34,000
January 30	Cash Deposit Mumbai		9,000	43,000
January 31	Funds Transfer	25,000		18,000

AMB Calculation:

Time Period	Number of Days (N)	Closing Balance (B)	Calculation (N x B)	Amount
EOD Balance from January 1 to January 9	9	10,000	9 x Rs. 10,000	Rs. 90,000
EOD Balance from January 10 to January 15	6	20,000	6 x Rs. 20,000	Rs. 1,20,000
EOD Balance from January 16 to January 24	9	15,000	9 x Rs. 15,000	Rs. 1,35,000
EOD Balance from January 25 to January 27	3	35,000	3 x Rs. 35,000	Rs. 1,05,000
EOD Balance from January 28 to January 29	2	34,000	2 x Rs. 34,000	Rs. 68,000
EOD Balance on January 30	1	43,000	1 x Rs. 43,000	Rs. 43,000
EOD Balance on January 31	1	18,000	1 x Rs. 18,000	Rs. 18,000
Total EOD Balances for the Month January				Rs. 5,79,000
Divide by: Number of Days in January				31
Average Monthly Balance (AMB)				Rs. 18,677.42

What are the benefits offered by senior citizens’ savings accounts?

Senior citizens’ savings accounts offer various benefits tailored for people in their 50s or older. If you are interested in opening an account for seniors aged 55 or more, the Kotak Mahindra Grand (Senior Citizen) Savings Account is an excellent option to consider. Its benefits include priority service at branches, home-banking facilities, cashback up to Rs. 4,500 p.a., discounts on locker rentals, overdraft facilities, health care benefits, options to manage bank accounts online and more.

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