Kotak Mahindra Bank Savings Account Opening Online & Offline

Kotak Mahindra Bank offers a range of savings accounts to suit the diverse needs of its customers. From basic savings accounts to premium options with exclusive benefits, there is something for everyone. 

Key Highlights of Kotak Mahindra Bank Savings Account Opening:

• Online Method – Open a Kotak Mahindra Bank Savings Account on the official website by filling in details, uploading KYC documents, and completing verification digitally.
• Offline Method – Visit the nearest Kotak Mahindra Bank branch, submit the application form with KYC documents, make the initial deposit, and activate your account after verification.

Kotak Mahindra Bank Open Savings Account Online

Here are the steps for opening a Kotak Mahindra Bank savings account online:

Step 1: Visit the official Kotak Mahindra Bank website.

Step 2: Select the ‘Savings Account’ option under the ‘Accounts and Deposits’ tab from the main menu.

Step 3: Choose the type of savings account that you want to open.

Step 4: Go through the terms and conditions associated with the savings account you wish to open.

Step 5: Click on the ‘Apply Now’ option.

Step 6: Enter the required details, including your particulars and contact information.

Step 7: Click on the ‘Apply’ option.

Step 8: Fill out the account opening application form.

Step 9: Attach the necessary documents and click on ‘Upload’. 

Kotak Mahindra Bank Open Savings Account Offline

If you prefer to open an account offline, follow the steps given below:

Step 1: Visit your nearest Kotak Mahindra Bank branch and collect the savings bank account opening application form.

Step 2: Fill up the application form by providing all your required personal details.

Step 3: Submit the completed application form along with your KYC documents.

Step 4: The bank official will verify the documents and check whether all the requirements have been met or not.

Step 5: Upon completion of the verification process, you need to make a payment for the initial deposit

Step 6: You will receive the debit card and the other relevant bank documents after the successful payment of the initial deposit.

Documents Required For Kotak Mahindra Bank Savings Account

The documents required to open a Kotak Mahindra Bank savings account are:

Requirements for Individuals 

• Identity proof of the applicant (driving license, passport, voter's ID, Aadhaar card) 
• Address proof of the applicant (utility bill, bank statement, bank account passbook) 
• Signature proof of the applicant (PAN card) 
• Form 16 in case of unavailability of the PAN details 
• Birth Certificate in case of applicant is a minor 
• Recent passport-size photographs of the applicant 

Requirements for Foundations and Trusts 

• Identity proof of the trustees, beneficiaries, settlors and those holding power of attorney, founders, managers or directors
• Address proof of the trustees, beneficiaries, settlors and those holding power of attorney, founders, managers or directors 
• Power of attorney 
• Telephone bill 
• Resolution of the managing body of the trust or foundation

Eligibility For Kotak Mahindra Bank Savings Account Opening

Ensure you fulfil all the eligibility criteria before proceeding with the account opening process.

• You must be a citizen of India
• Your age must be above 18 years (not applicable in case of a minor savings account)
• Your identity and address must be validated along with the account opening form through proper KYC verification.
• You must deposit the required initial deposit based on the minimum balance requirement of your specific savings account.

What are Kotak Mahindra Bank Savings Account Types?

The bank offers various types of savings accounts, such as:

• Classic Savings Account
• Nova Savings Account
• 811 Digital Bank Account
• 811 Edge Digital Savings Account
• Sankalp Savings Account
• Everyday Savings Account
• Civil Pension Savings Account
• Pro Saving Account
• Ace Savings Account
• Digital Savings Account
• Silk Savings Account
• Junior Savings Account
• Grand Savings Programme
• My Family Savings Account

Each account comes with unique features and benefits to cater to different customer preferences and requirements. The minimum balance requirement for these accounts varies depending on the account type starting from NIL to ₹50,000.

Kotak Mahindra Bank Savings Account Charges

Kotak Mahindra Bank may levy several charges on their savings account which vary depending on the type of savings account. However, the general charges for most accounts are as follows:

• Charges for non-maintenance of minimum monthly average balance - 6% per month of the shortfall in the required average monthly balance
• Cheque book charges - Nil charges up to 100 cheque leaves per year. Post that ₹3 per cheque leaf
• Debit card issuance charges - ₹199
• Stolen/ lost debit card replacement charges - ₹200

Click here to know the charges, limits and the minimum monthly average balance for different Kotak Mahindra Bank Savings Account in detail.

Kotak Mahindra Bank Savings Account Limit

The limit for transactions, withdrawals, and fund transfers from a Kotak Mahindra Bank Savings Account may vary based on the type of account and regulatory guidelines. However, here are the general limits for most savings account:

• Cash deposit or withdrawal at the branch/ Cash Deposit Machine - Nil charges up to 3 transactions or ₹1,00,000/month, whichever is earlier. Post these limits, charged at ₹5 per 1,000 transactions 
• Declined domestic ATM transactions due to insufficient balance - ₹25 per transaction
• Cash withdrawal at international ATMs - ₹150 per transaction
• Non-financial transactions at international ATMs - ₹25 per transaction

Kotak Mahindra Bank Savings Account Customer Care Number

For any queries or assistance related to Kotak Mahindra Bank Savings Account opening, you can contact the customer care team at the respective numbers.

• Team 811: Call 1860 266 0811 (8 AM - 8 PM, Monday to Sunday, except bank holidays)
• Privy Customers: Call 1800 266 6666 (available anytime)
• Other Banking Complaints: Call 1860 266 2666 (available 24×7)

Conclusion

Kotak Mahindra Bank savings account opening can be done seamlessly both online and offline, giving customers flexibility and convenience. Whether you choose to apply digitally or visit a branch, it’s simple to open Kotak Mahindra Bank savings account as per your preference.

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