The Kotak salary account offers multiple benefits for both employers and customers. The bank provides different salary accounts, each with specific advantages and attractive interest rates. If you are looking to open a Kotak Mahindra Bank salary account, this blog will help you understand the online account opening process, interest rates, charges, eligibility, required documents, and more.

Kotak Bank Salary Account Benefits

These are the Kotak salary account benefits:

Fuel Surcharge Waiver

• As a salary account holder, you can get a waiver on fuel surcharges when you use debit cards at fuel stations across India.

Demand Drafts

• You can receive unlimited value demand drafts, which can be directly delivered to your home.

Easy Fund Transfer

• You can make fund transfers effortlessly via NEFT, IMPS, and RTGS.

Insurance Benefits

• Kotak’s salary account gives you benefits from lost baggage insurance of ₹1 lakh and lost card liability insurance of ₹2 lakh.

Preferential Loan Rates

• You can get preferential interest rates for your salary account loans.

No Maintenance Charges (NMC) Waiver for Family Savings Account

• You will get up to 3 family savings accounts with waived NMC.

ActivMoney Facility

• Kotak Mahindra Bank gives high interest on savings with automatic sweep-in and sweep-out options. 
• However, it is subject to specific terms and conditions—not all salary accounts may have this facility by default.

Free Zero Balance Account

• You can open a zero balance account with monthly salary credits.

Reduced Processing Fees

• You can get reduced processing fees for Kotak Mahindra Bank home and personal loans.

Customer Care Facility

• You will get 24/7 access to dedicated customer service support for any queries.

Online Trinity Account

• If you have a Kotak salary account, use the 3-in-1 investment product and waive the first-year maintenance fee.

Locker Rental Discount

• You can avail up to 25% off on locker rental charges.

Free Cash Withdrawal

• The cash withdrawals are free at locations other than your home branch.

Kotak Multi-Currency World Travel Card

• The bank gives a prepaid multi-currency travel card with your salary account.

100% Car Finance

• As a salary account holder, you can avail yourself of up to 100% car financing from Kotak Mahindra Prime.

Kotak Bank Salary Account Eligibility

To become eligible for the Kotak Mahindra bank salary account, here are the account-specific eligibility criteria:

General Eligibility

• You must be a Resident Indian.
• The minimum age requirement is 18 years.

Account-Specific Criteria

• Edge Salary Account: A minimum monthly salary of ₹20,000 is necessary.
• Ace Salary Account: Your net monthly salary should be ₹50,000 or more.
• Platina Salary Account: It requires a minimum net monthly salary of ₹1 lakh or higher.

Kotak Bank Salary Account Opening Charges

The bank does not charge customers account opening fees for a Kotak salary account. As discussed above, your salary should match the bank’s criteria. 

Kotak Bank Salary Account Opening Documents Required

To open a Kotak Mahindra Bank salary account, you need the following documents:

Identity Proof 

• Passport
• Aadhaar Card (after e-KYC authentication)
• Driving License
• Voter ID
• Job Card issued by NREGA
• Letter from the National Population Register

Address Proof 

• Passport
• Driving License
• Aadhaar Card
• Voter ID
• Utility Bills (if applicable)

Additional Documents

• Recent Salary Slips or proof of salary credit from your employer.
• PAN Card (Required for tax identification).

Kotak Bank Salary Account Opening Charges

Kotak Bank Salary Accounts have no initial opening fees or minimum balance requirement, provided your salary is credited consistently. If the account is converted into a regular savings account if the salary is not credited, you must maintain an Average Monthly Balance (AMB) according to your account type, or applicable charges may apply.

Kotak Bank Salary Account Opening Minimum Balance

Kotak Mahindra Bank salary accounts are designed to be zero balance accounts, meaning there is no minimum balance requirement as long as monthly salary credits are received. However, if salary is not credited for three consecutive months, the account is converted into a regular savings account. After conversion, the following Average Monthly Balance (AMB) requirements and penalties may apply based on the account variant:

• Edge Account: AMB of ₹10,000
• Ace Account: AMB of ₹50,000
• Platina Account: AMB of ₹1,00,000

If the required balance is not maintained post-conversion, non-maintenance charges will be applicable as per the bank’s policy.

Kotak Bank Salary Account Maintenance Charges

If you do not receive your salary for two consecutive months, Kotak Mahindra Bank will convert your salary account into a regular savings account. Then, you must maintain the rule of Kotak salary account minimum balance in your account. Otherwise, you have to pay the Non-Maintenance Charges as per the list below:

Kotak Mahindra Bank Edge Salary Account

If the Average Monthly Balance (AMB) is more than 50% but less than the required AMB, a charge of ₹450 will apply. If the AMB exceeds 50% of the required amount, the charge will be ₹600.

Kotak Mahindra Bank Ace Salary Account

If the AMB is greater than 50% but less than the required AMB, a charge of ₹600 will apply. If the AMB exceeds 50% of the required amount, the charge will be ₹850.

Kotak Mahindra Bank Platina Salary Account

If the AMB exceeds 50% but is still below the required AMB, a fee of ₹600 will be charged. If the AMB is less than 50% of the required amount, a charge of ₹850 will apply.

Kotak Bank Salary Account Interest Rate

For the Kotak Salary Account, this is the rate of interest you can get from your account balance: 

The interest rates are effective from 11th September 2024 and apply to Resident Accounts only.

How to Open Kotak Bank Salary Account Online?

To open a Kotak Mahindra salary account, you have to follow these steps:

• Go to Kotak Mahindra Bank’s official website and select ‘Corporate Salary Accounts’ under the ‘Explore Products’ section.
• Choose the desired salary account and click on ‘Apply Now’.
• Complete the application form with the required details and submit it.
• Upon submission, you will receive your account number instantly. If you need more information, a bank representative can contact you.

How to Open Kotak Bank Salary Account Offline?

You can open a salary account with Kotak Mahindra Bank offline by visiting the nearest branch. Be sure to bring all required documents and fill out the form accurately when applying in person. Additionally, you must submit photocopies of your KYC documents for the offline application.

How to Close Salary Account in Kotak Bank?

In case you want to close your Kotak Salary Account, you have to follow these steps–

• To request the closure of your account, you must go to your nearest branch and submit the physical form.
• Return your Debit Card and any remaining unused cheques at the branch.
• Please keep the original form of identification for verification. You can choose from PAN, Aadhaar, Driving License, or Passport.

Final Word

Kotak Mahindra Bank salary accounts are designed to make day-to-day banking easier for salaried individuals. Benefits like zero balance maintenance (with regular salary credits), exclusive debit card perks, insurance coverage, and preferential loan rates offer both convenience and value. Be sure to check with your employer or the bank for the most suitable salary account variant before applying.

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