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ALL YOU WANTED TO KNOW ABOUT KOTAK MAHINDRA SAVINGS ACCOUNT

ALL YOU WANTED TO KNOW ABOUT KOTAK MAHINDRA SAVINGS ACCOUNT-(A) (1)

Kotak Mahindra Bank offers its customers a variety of savings account options to meet their individual needs. From premium savings accounts to simple or regular accounts, online savings accounts to offline accounts, children’s accounts to seniors’ accounts, the possibilities are endless.

In addition, the interest rate offered on the savings account of Kotak Mahindra Bank is higher than that offered by most of his contemporaries. Let’s take a look at the different types of accounts they offer and what they promise. Eligibility for most Kotak Mahindra Bank savings accounts is similar and is specified with the following account details.

The interest rate on the Kotak Mahindra Bank savings account

Up to Rs. 1 lakh 5.00% p.a.

Over Rs. 1 lakh and up to Rs. 1 crore 6.00% per year

More than Rs. 1 crore 5.50% p.a.

The interest rate on the savings account of Kotak Mahindra Bank is 5% per. if the account balance is Rs. 1 lakh. For deposits over 1 lakh Rs to 1 crore Rs, the declared interest rate is 6.00% per. for balances above 1 crore rupees, the interest rate is 5.50% per annum.

Documents Required

The documentation for the Kotak Mahindra Bank savings account is shown below. You must bring a photocopy of the documents (with their originals) and present them when you submit the account opening form.

Documents required to open a Kotak Mahindra Bank savings account (for individuals)

Proof of identity (one or two)

Proof of address (one or two)

Aadhaar card

PAN card

Voting card

Passport

Driving license

Work card issued by NREGA, duly signed by an official

Letter from an official or a recognized agency that verifies the identity and residence of the client to the satisfaction of the bank

Proof of address (one or two)

Electricity bill/phone bill

Account statement

Letter from a recognized authority

Rental agreement showing client address, which is registered with the state government or similar registrar accordingly

Ration card

The official letter from the employer (bank satisfaction)

Documents required for minors

If your guardian is appointed by the court, a court order is required

If the caregiver is illiterate, the child’s birth certificate from a competent authority

Foundations and trusts

Power of attorney granted to do business

Any officially valid document identifying the trustees, beneficiaries, settlors and powers, founders, managers, administrators, and their addresses

Phone bill

The decision of the management body of the association or the foundation.

Kotak Mahindra Bank offline savings account application

To open one of the Kotak Mahindra Bank offline savings accounts listed above, go to the nearest Kotak Mahindra Bank branch.

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