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A Savings account is a bank deposit account that offers interest on the balance kept in the account.
Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.
Please refer the following illustration for the calculation of AMB.
Sample Bank Statement:
Sr. no. |
Date |
Narration |
Withdrawal |
Deposit |
Closing balance |
1 |
January 1st, 2012 |
Opening Balance |
|
|
Rs. 10,000/- |
2 |
January 10th, 2012 |
ECS Credit-VD |
|
Rs. 10,000/- |
Rs. 20,000/- |
3 |
January 16th, 2012 |
Cash Withdrawal |
Rs. 5,000/- |
|
Rs. 15,000/- |
4 |
January 25th, 2012 |
Cheque Deposit- MICR Clearing |
|
Rs. 20,000/- |
Rs. 35,000/- |
5 |
January 28th, 2012 |
HPCL Petrol Pump POS 43860000000012 |
Rs. 1,000/- |
|
Rs. 34,000/- |
6 |
January 30th, 2012 |
Cash Deposit Mumbai |
|
Rs. 9,000/- |
Rs. 43,000/- |
7 |
January 31st , 2012 |
Funds Transfer |
Rs. 25,000/- |
|
Rs. 18,000/- |
AMB Calculation:
Sr. No. |
Time Period |
Calculation |
Amount (Rs.) |
1 |
EOD Balance from January 1st, 2012 to January 9th, 2012 |
Rs. 10,000/- x 9 |
Rs. 90,000/- |
2 |
EOD Balance from January 10th, 2012 to January 15th, 2012 |
Rs. 20,000/- x 6 |
Rs. 1,20,000/- |
3 |
EOD Balance from January 16th, 2012 to January 24th, 2012 |
Rs. 15,000/- x 9 |
Rs. 1,35,000/- |
4 |
EOD Balance from January 25th, 2012 to January 27th, 2012 |
Rs. 35,000/- x 3 |
Rs. 1,05,000/- |
5 |
EOD Balance from January 28th, 2012 to January 29th, 2012 |
Rs. 34,000/- x 2 |
Rs. 68,000/- |
6 |
EOD Balance for January 30th, 2012 |
Rs. 43,000/- x 1 |
Rs. 43,000/- |
7 |
EOD Balance for January 31st , 2012 |
Rs. 18,000/- x 1 |
Rs. 18,000/- |
|
Total EOD balances for the month January 2012 |
|
Rs. 5,79,000/- |
|
Divide by the no. of days in the month |
|
31 |
|
Average Monthly Balance (AMB) |
|
Rs. 18677.42/- |
The minimum balance requirement or the average monthly balance (AMB) for a savings account varies with the type of Savings Account variant selected by the customer.
Banks across the country are offering Savings account catering to the needs of different customer segments. Here are the types of Savings account available for the customers to choose from
Regular Savings Account – This is the basic type of Savings accounts which comes with min balance requirement and daily limits on withdrawals
Women’s Savings Account – Designed specifically to cater to the needs of women, this account offers discounts on various banking products, cashback and other benefits on shopping/transactions. Since it’s a customized version of Regular account, it also has min balance requirement.
Kids’ Savings Account – This account is specifically designed to teach your children the benefits of saving, while also providing a host of privileges across dining, edutainment and shopping on kids’ brands.
Senior Citizen Savings Account – Crafted with utmost care to offer preferred banking services and products to the senior citizens. It comes with offerings such as priority service at branches, home-banking facilities, cashbacks, discounts on locker rentals, overdraft facilities, health care benefits and more
Family Savings Account – This brings the entire family’s banking needs under one account, allowing everyone to avail exclusive family-centric benefits and features, and make the most of their banking experience together
Salary Account – This account provides a plethora of benefits and privileges, all tailored to meet the financial needs of a salaried professional
Average monthly balance is the average of all the closing-day balances in a given month.
AMB = (Sum of closing balances of all days)/(number of days in a month)
Yes, the holding pattern in a linked fixed deposit and a savings account can be different.
Pan card is mandatory to open a Savings account if annual income is more than 5L. For cases with income less than 5L, the accounts can be opened with Form 60 as well.
The Kotak Mahindra Grand (Senior Citizen) Savings Account is crafted with utmost care for the golden years of your life.
Zero balance savings account facility is available only for Salary account holders, general savings accounts have e minimum balance requirement.
Below are the different ways of transferring money from one Savings account to another
You can view/update your Nominee on your account by following steps:
On Mobile Banking
1. Go to Service Request
2. Profile -> Nomination Update
On Net Banking
1. Go to Banking
2. Service Requests > New Service Request
3. Nomination Update
You can also raise a service request to update your nomination in bank account. The request can be raised on the below link using Phone Number & DOB or CRN.
https://forms.kotak.com/content/forms/af/kotakforms/nomination-update.html
Cash/Cheque can be deposited in Savings Account by visiting a bank branch and submit the deposit slip along with the Cash or Cheque.
A Savings Account is treated as dormant if there are no transactions in the account for over a period of two years
Yes. Kotak offers a 3-in-1 account called 'Trinity''. It includes : Kotak Bank Savings Account + Kotak Securities Demat Account + Kotak Securities Trading Account
Prevailing Savings account interest rate on the daily balances is as follows :
Interest will be credited in the savings account on quarterly basis.
Here are some of the points you need to consider while choosing a Savings Bank account
There are no restrictions like age and income criteria of the individual for opening a Basic Savings Account.
You can open a Savings Account in two ways :
Apply in person, at the branch – You need to visit a nearest branch with your KYC documents and place the request for account opening. Branch staff will assist you with the process
Registering on the Kotak Mobile Banking App is very simple.
1. Download Kotak Bank app from Google Play Store/Apple App Store/Windows Store/Blackberry World on your smartphone
2. Login with your Customer Relationship Number (CRN). You can find your CRN from your Debit/Credit card.
3. Authenticate using your Debit/Credit Card details or Net Banking password
4. Set a 6-digit MPIN
5. Enter the activation code sent to your registered mobile number to complete the registration process and experience the convenience of mobile banking on your mobile phone with ease.
You have access to a number of channels to track the transactions in your savings account:
Daily balances in Savings Account above Rs. 50 lakhs will earn 4% interest p.a. and daily balances in Savings Account up to Rs. 50 lakhs will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.
Rules for online saving account opening are as follows:
1. Please ensure your mobile number is linked with Aadhaar
2. Keep your original PAN Card handy. Kindly do not keep photocopies
3. Keep a plain white paper and a blue/black pen to upload your signature
4. To ensure that your deliverables reach the right address, please add a communication address, if different from the one mentioned on Aadhaar
5. Kindly ensure a strong internet connection for due completion of Video KYC. Don’t forget to enable live location access for the same
Email statement are sent within the same working day from the date of request.
Physical statement are delivered within 7 working days from the date of request.
Please make sure Email ID and Communication address registered with the Bank are updated with your latest details.
You can place a new request for statement by Email or Post in following ways:
