Kotak Mahindra Savings Account Interest Rate
A Savings Account is very beneficial with multiple advantages as detailed below:
Higher rate of interest earned. You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances. Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account. Kotak Mahindra Bank, which was offering interest rates of 6.75 percent so far, has reduced home loan rates further to 6.65 percent. “The rate cut benefits will be offered to new borrowers. From May 25, Kotak Mahindra Bank ’s interest rates on savings accounts are slashed to 3.50 percent per annum on balance up to Rs. On balance above Rs. 1 lakh, the same is 4 percent. . Applicable for Resident Indian Individuals only. Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. Dec 11, 2020, interest rate of 4% p.a. Will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. Kotak Mahindra Bank RD Interest Rates for 2020. The table below highlights the prevailing Kotak recurring deposit interest rates 2020. Kotak RD rates for senior citizen interest.
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
Kotak 811 is a digital zero balance savings account that you can open online. The online savings account opening process is seamless, zero-contact and barely takes a few minutes. Just keep your PAN card & Aadhaar number handy and complete a few steps to open the instant savings account from the comfort of your home or office.
Kotak 811 is a zero balance saving account. This means that you don’t have to pay any penalties for not maintaining a minimum balance. In fact, you don’t have to maintain an average balance. However, if you do maintain a balance, you can earn higher than average interest on your savings and explore Fixed Deposits and other investment offers with us.
Kotak 811 is one of the best online savings bank account in India. Your 811 savings bank account is protected by the latest technology and you can open a savings account without any worry.
So, what are you waiting for? Open an online savings account with Kotak 811 and start banking with the best bank for savings account in India.
*Disclaimer
Kotak Mahindra Bank Savings Account Interest Rate
Scan and Pay through your Kotak Mobile Banking App at select in-store outlets.