Kotak Mahindra bank is one of the largest and best private banks of India. They recently started gaining popularity after their new digital account service named 811 accounts. You can not only open the 811 digital account, which is zero balance account with this bank, but you can also open regular basic and current accounts which suits your needs. In this article, I’ll be giving a brief overview of KMB savings account.
Interest Rates on a KMB Savings Account:
Kotak Mahindra Bank is currently the number one bank in the private banking sector for providing a higher rate of interests in the savings account. The interest rates are as follows
- Deposit below Rs 1 Lakh, the interest rate will be 5% annual.
- Deposit between 1 Lakh to 1 crore, the interest rate will be 6% annual.
- Deposit between 1 crore to 5 crores, the interest rate will be 5.5% annual.
- You will earn more interest in keeping money in your KMB savings account. Whichever is 6% p.a.
- The faster internet and mobile banking service will be provided to access various savings account facilities.
- The Kotak Bank ATM can be used on any ATM across the country.
- You can get debit and credit cards for free of cost.
Types of Kotak Mahindra Bank Savings Account:
- 811 Savings account: The 811 digital bank account is a zero balance savings account offered by Kotak Mahindra Bank to its customers. You can quickly open the 811 accounts using KMB mobile application.
- Edge Savings account: The Edge savings account is another variant from Kotak Mahindra bank. In this account, the customer gets some extra privileged services like the NEFT and RTGS transactions for free of cost and a classic debit card. However, the customer needs to maintain a minimum of Rs 10000 every month to avail these benefits.
- Pro Savings account: The Pro savings account is another variant from Kotak Mahindra bank. In this account, the customer gets some extra privileged services like the NEFT and RTGS transactions for free of cost and a classic debit card. The customer can also withdraw up to 50000 Rs daily using their ATM for free of cost. However, the customer needs to maintain a minimum of Rs 20000 every month to avail these benefits.
There are many other savings account variants available with Kotak Mahindra bank. You can refer to the official website to know more about their savings account variant and options.
How can we open a savings account with Kotak Mahindra Bank?
Kotak Bank is a private bank, and hence there is not much difficulty while opening a savings account with this bank. You should be 18 and above and should have all the documents required for the account opening.
You can simply visit the Kotak bank branch near you and ask for any of the customer executives for the account opening process. You will be instantly provided with an instant kit for your account, and your account will be activated within 48 hours of maximum.
We know that Kotak Mahindra bank has gained a lot of popularity by offering attractive and competitive interest rates on savings accounts. You can also avail those benefits by opening a savings bank account with Kotak Mahindra bank. You can refer to this article for proper information about the savings account, their variants and services. If there is anything left to mention in the article, then you can ask us in the comments section.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.