Modern-day banks have found innovative ways to attract customers by offering customised, category-specific savings accounts. Gone are the days when savings accounts were a one-size-fits-all affair.
While banks have unique ways of naming their products, the basic purpose of the accounts is the same.
While Kotak Bank offers diverse savings accounts with varying interest rates, it’s important to consider options like the Public Provident Fund Scheme (PPF) for long-term wealth creation. PPF boasts tax-free returns and attractive interest rates, making it a popular choice for retirement planning. This article explores Kotak Bank’s savings accounts and their interest rates, helping you compare options for different financial goals.
The Different Types of Savings Accounts Available in India
Thanks to private sector banks, you can choose the type of savings account that best suits your saving habits. Here are the types of savings accounts offered by banks in India.
Digital Savings Account
You can open a Digital Savings Account by visiting the bank’s website. All you need to open this account is your PAN and Aadhaar card. And your KYC verification process will be carried out via a video call.
The Digital Savings Account provides various benefits, such as high-interest rates, free transactions on Kotak Bank ATMs, banking on the go, and more.
Kotak RISE Savings Account
The Kotak RISE Savings Account provides –
- high-interest rates
- A Crest Debit Card with joining benefits of up to Rs 4,000
- Free lounge access with the Platinum Maxima Credit Card
- Special discount on lockers
- Free ATM transactions
- Free bill payments
- And free access to your account through internet banking
- Access to Kotak MoBank, Kotak Chatbot, and WhatsApp Banking.
The account also provides an enhanced PoS (Point-of-Sale) limit of Rs 2 Lakh per day and complimentary insurance benefits.
Advantage Savings Account
The Advantage Savings Account allows you to choose your preferred account number. The account provides higher interest rates than standard savings accounts. Also, you can get a Platinum Mastercard Debit Card with enhanced PoS and ATM withdrawal limits.
The Advantage Savings Account also provides free access to all bank ATMs in India to help you withdraw money from any part of India. As an account holder, you will also get up to a 15% discount on the price of Safe Deposit Lockers and several insurance benefits.
Prime Edge Savings Account
The Prime Edge highest interest rate savings than standard savings accounts. You can also get the Titanium Debit Card, free withdrawals from any bank’s ATM and multiple insurance benefits.
You can apply for this account online or offline and get an at-par cheque book for free.
Woman’s First Savings Account
As the name suggests, this account provides benefits matching the investment patterns of modern-day women. The benefits you can get are –
- High-interest rates
- All-year discounts
- A Woman’s First Debit Card with complimentary insurance benefits
- Discounts and rewards on health, dining, lifestyle, and finance.
A Woman’s First Savings Account holder can also open a zero-balance kid’s account for free.
Seniors First Savings Account
This account from Kotak Bank offers the account holders higher interest rates to senior citizens. Moreover, Seniors First Savings Account holders do not have to pay the mandatory penalty of 1% on premature closure of their Fixed Deposits. And they also get a 25% discount on locker rentals (applicable on the first year only).
We understand the needs of senior citizens and offer customized benefits like unlimited free ATM transactions, doorstep banking services, and a complimentary Medibuddy membership for your healthcare needs. Opening an account is also easy and secure with our e-KYC process and also know in hindi ई-केवाईसी , eliminating the need for physical documents and queueing at branches.
Savings Account and Interest Rates
Savings account interest rates depend on the Reserve Bank of India’s benchmark rates. It usually changes when the RBI increases or decreases the benchmark rates. The following is the laydown of Kotak Bank savings account interest rates:
| For a daily balance | Interest Rate |
| Up to Rs 1 Lakh | 4.25% |
| Rs 1 Lakh and 10 Lakh | 5.50% |
| Rs 10 Lakh and 25 Lakh | 6% |
| Rs 25 Lakh and 7.5 Crore | 6.50% |
| Rs 7.5 Crore and 50 Crore | 6.25% |
| Rs 50 Crore and 100 Crore | 5.25% |
| Rs 100 Crore and 200 Crore | 6% |
| Rs 200 Crore and 500 Crore | 4% |
| Above 500 Crore | 4.50% |
Conclusion
A savings account is a feature-rich account for Indian citizens. Kotak Bank offers excellent benefits on all types of savings accounts. Visit Kotak Bank’s official website to open a savings account and reap rich dividends.
