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Kotak Mahindra Bank Savings Account
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Kotak Mahindra Bank is the 4th largest bank in India in terms of assets. It is a private sector bank, based in Mumbai. It has more than a thousand branches. It Bank provides a variety of financial services for corporate as well as retail customers. 

Kotak Mahindra Bank Savings Account Interest Rate

Kotak Mahindra Bank offers the following interest rates for its Savings Account: 

  1. 5% p.a. for daily balance up to Rs 1 lakh
  2. 6% p.a. for daily balance above Rs 1 lakh and below Rs 1 crore
  3. 5.5% p.a. for daily balance above Rs 1 crore and below Rs 5 crore 

Types of Savings Accounts with Kotak Mahindra Bank 

  1. Platina Savings Account: Customers must maintain Average Monthly Balance of minimum INR 1,00,000 to avail the Platina Savings account requires an. Customers can earn up to 6% interest on the money in the account. It also gives a larger withdrawal limit of INR 2 lakhs per day using a debit card. 
  2. Jifi Saver: A customer can earn up to 6% interest on the account balance and receive a complimentary JIFI Platinum Debit Card. Customers get to be the members of the Jifi Loyalty club and receive handsome rewards whenever they share or transfer funds.
  3. Grand Savings Programme for 55+: This Savings Account gives 6% interest on the outstanding amount in the account as well as cash back up to Rs 4500. Customers of this account qualify for premium services and a first aid card. 
  4. Ace Savings Account: If customers can maintain an Average Monthly Balance of Rs 50000, they can earn up to 6% interest on the account balance. It also gives one access to a whopping withdrawal limit of INR 2 lakhs via debit cards. 
  5. Edge Savings Account: If a customer maintains an Average Quarterly Balance of INR 10,000 in the Edge Savings Account, it fetches 6% interest on the account balance. 
  6. Pro Savings Account: Keeping an Average Monthly Balance of Rs 20,000 will gather 6% of interest on the account balance every year. 
  7. Classic Savings Account: An average monthly balance of Rs 10,000 fetches a 6% interest rate. 
  8. Nova Savings Account: This account gives 6% interest if the customer maintains an Average Monthly Balance of Rs 5000 in the account. 
  9. Silk Account - for Women: Women can get amazing rewards such as free movie tickets when they spend using the Kotak Silk Debit Card, apart from the privileges like rebates on locker rentals, 50% waiver in the issuances and charges of the Best Compliments Card and more. 
  10. Junior Account -  for Children: This account is meant for kids. It gets you a personalized Junior Debit Card as well as an ID Card. The Junior debit card is provided to kids above age 10. 
  11. JIFI Neo Savings Account: The Kotak Mahindra JIFI Neo is comes loaded with a ton of features. With this account, the customer gets up to 6% interest on the account balance. On opening a JIFI Neo account, customers get a Classic Debit Card at a nominal yearly fee of only Rs. 199. This debit card offers a high daily purchase limit of Rs. 150000, along with a daily cash withdrawal limit of Rs. 25,000. One can enjoy the convenience of cashless banking through quick and secure online fund transfers using NEFT, RTGS or IMPS. 
  12. JIFI Pro Savings Account: This account offers the best of digital as well as branch banking. This account offers many free of charge benefits, such as 6% interest on account balance, and carrying out secure online fund transfers and many more. Account holders receive a Platinum International Chip Debit Card. This card offers a high transaction limit of Rs. 2 lakh daily and a withdrawal limit of Rs. 50,000 every day. It offers Loyalty Rewards on each card transactions, 5 cash pick-up and delivery services per month for free, cash withdrawals without paying any extra costs (from any Kotak Mahindra branch in India) and services like Hashtag Banking. It also offers the opportunity of earning higher interest by converting the Savings Account balance to Term Deposits using Kotak ActivMoney. 
  13. Ace Savings Account: This Account comes with innumerable banking benefits and offers access to several premium services exclusive to this account. This account offers an interest rate of 6% and lets one enjoy convenient cashless shopping through the Platinum International Chip debit card. This card offers a daily transaction and cash withdrawal limit of Rs 2 lakh. The account offers several facilities and services such as net banking, phone banking, mobile banking, cash withdrawals at non-Kotak ATMs within the country, demand draft facilities, fund transfer via NEFT/RTGS/IMPS, etc., which the customers can avail free of charge. Account holders also get a 15% discount on Locker Rent and a 25% discount for issuing gift cards. 
  14. My Family Savings Account: This is a unique saving account with many benefits specially designed to provide added convenience to the customers. This account offers interest of up to 6% on account balances. It offers the convenience of online as well as mobile banking services along with electronic fund transfers. Account holders enjoy a 25% discount on the issuing charges of the Travel Card and also a 15% discount on locker rent. The bank provides a dedicated relationship manager to My Family Savings Account holders. 
  15. Alpha Savings Account: Kotak Mahindra introduced the unique Alpha savings account with combined benefits of insurance and investment (with channels such as mutual funds, Recurring Deposits and NPS). This savings account has been designed for people aged between 18 to 54 years to encourage a saving habit in people by enabling a hassle-free investment opportunity. Under this program, customers can earn up to 6% interest on their account balance, along with a handful of other benefits.  This account includes life cover worth Rs 20 lakhs that customers can take for their family at a nominal monthly premium of Rs. 300 per month. 


  1. What are the interest rates for Kotak My Family Savings Account?

    An interest rate of 6% per annum is applicable on an account balance amount over Rs1 Lakh. In case the balance is below Rs 1 lakh, then the interest rate reduces to 5%.

  2. How to get started with Kotak bank's My Family Savings Account?

    Firstly, one must open an 'Ace Savings Account' and then pick either 'Edge' for a family strength of 4 or Pro for a family of 6.

  3. What are the banking privileges accompany Savings Account?
    • Cash pick-up services, money delivery, cheque or demand draft delivery are some of the privileges available in some cities.
    • Free ATM usage for Pro and Ace Account users.
    • 25% cashback on the issuing fee of Travel Card.
    • 15% discount on locker fee
  4. What would be the minimum Average Monthly Balance required to open a Kotak Pro Savings Account?

    Rs 20,000, since it is specially designed for customers with low income.