- Kotak Bank Saving Account Interest Rate
- 6% Interest Rate Savings Account
- Kotak Savings Account Interest Rates
- 7% Interest Rate Savings Account
- Kotak Saving Account
- Earn up to 6%. interest on your savings account balance Free cash withdrawals from any Kotak Bank branch and other domestic ATMs across India Free Classic Debit Card with daily purchase limit of ₹150,000 and daily ATM cash withdrawal limit of ₹50,000.
- Savings Account - Open a savings account as per your needs to earn maximum benefits in addition to interest rates as high as 6%. with Kotak Bank. Click here to learn more about the varieties of savings account offered and to apply for it online.
Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% interest p.a. And daily balances over Rs. 1 lakh and up to Rs. 5 crores continue to earn 4% interest p.a. Interest rate on daily balances in Savings Account above Rs. 5 crores stands revised at 3.75% p.a. Wef Nov 1, 2020. Kotak Savings Account The indicative rate is for the 'classic savings account product' The rate of 6.00% is 2.14% higher than the average 3.86%. Also it is -6% lower than the highest rate Updated Feb, 2017.
Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.
Features & Benefits of Savings Account
Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows
- Safe and secure way to save money
- You can earn interest up to 8% per annum
- There is no minimum balance requirement for zero balance accounts
- Any Indian resident with valid ID proof can open this account
- There are no restrictions on how many bank accounts you can have
- You get ATM withdrawal option and Netbanking
- You can open a joint account with your family member
- Debit card issued can be used for payments
What is the minimum balance for a Savings Account?
The minimum balance required to maintain a savings bank account is subject to change from one bank to another just like the rate of interest. There are mainly two types of savings account - regular savings account and zero balance savings account. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty.
However, with the changes in other banking products, a savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account due to increased demand as compared to the age-old pattern of keeping thousands in the bank account to avoid penalties. The savings account interest rate on these accounts are also high which makes it even more appealing.
List of All Banks Savings Account Interest Rates and Minimum Balance 2021
| List of Savings Account Banks | Minimum Balance Required(INR) | Savings Account Interest Rates (p.a.) | Features |
|---|---|---|---|
| Allahabad Bank | 1000 | 3.00% |
|
| Andhra Bank | 0/5//100/1000 | 3.00% |
|
| Axis Bank | 0/10000/25000/100000 | 3.50% - 4.85% |
|
| Bank of Baroda | 0/5/1000 | 2.75% - 3.00% |
|
| Bank of India | 500/5000/10000/20000/100000 | 3.00% - 3.25% |
|
| Bandhan Bank | 0/2000/5000/25000/100000 | 4.00% - 7.15% |
|
| Bank of Maharashtra | 1000 | 2.75% |
|
| Canara Bank | 500/1000 | 3.00% |
|
| Central Bank of India | 50 | 2.75% - 3.00% |
|
| Citibank | 200000 | 2.75% |
|
| Corporation Bank | 0/250/500/2500/15000/100000 | 3.00% |
|
| Dena Bank | 0 | 2.75% - 3.00% |
|
| Dhanlaxmi Bank | 0/5/1000/5000/10000/25000 | 3.50% |
|
| Digibank | 0 | 3.50% - 6.00% |
|
| Federal Bank | 0 | 2.25% - 3.65% |
|
| HDFC Bank | 2500/5000/10000/25000 | 3.00% - 3.50% |
|
| ICICI Bank | 0/1000/2000/2500/5000/10000 | 3.00% - 3.50% |
|
| IDBI Bank | 500/2500/5000 | 3.30% - 3.80% |
|
| IDFC Bank | 25000 | 6.00% - 7.00% |
|
| Indian Bank | 250/500/1000 | 3.00% |
|
| Indian Overseas Bank | 500-1000 | 3.25% - 3.50% |
|
| IndusInd Bank | 0/10000/25000/2500000 | 4.00% - 6.00% |
|
| Jammu & Kashmir Bank | 0/500/1000 | 3.00% |
|
| Karnataka Bank | 0/500/1000/2000 | 3.00% - 5.00% |
|
| Kotak Mahindra Bank | 0/2000/3000/5000/10000/20000 | Upto 4.00% |
|
| Lakshmi Vilas Bank | 1000/3000/5000 | 3.25% - 6.00% |
|
| Oriental Bank of Commerce | 0/500/1000 | 3.50% - 3.75% |
|
| Punjab National Bank | 500/1000/2000/50000 | 3.50% - 3.75% |
|
| Punjab and Sind Bank | 500/1000 | 3.10% - 3.50% |
|
| South Indian Bank | 0/2500/5000 | 2.35% - 5.00% |
|
| State Bank of India | 0/1000/2000/25000 | 2.70% |
|
| Syndicate Bank | 0/100/500/1000 | 3.00% |
|
| UCO Bank | 0/100/250/500/1000/1500 | 2.50% - 2.75% |
|
| Union Bank of India | 0/20/100/250/500/1000 | 3.00% |
|
| United Bank of India | 0/50/100/500 | 3.50% - 3.75% |
|
| Vijaya Bank | 500/1000/2000 | 2.75% - 3.00% |
|
| YES Bank | 0 | Upto 6.00% |
|
How to Open a new Savings Account Online
The procedure for online savings account opening with zero balance is very simple through Wishfin. The portal allows paperless process with no upfront verification. There is instant approval facility available which makes account opening process the easiest thing ever. The details required to apply for online savings account are as follows:
- Full name
- Mobile number
- Email ID
- City
Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The complete process just takes a few minutes.
Savings Account Interest Calculator
Savings Account interest calculator can be used to calculate the estimated investment growth over time. It helps you set a goal and then save money accordingly. The calculation can be done by mentioning the annual interest, invested amount and time period. For a shorter time period, you need to invest more money and vice versa.
Difference between Savings and Current Account
Savings account and current account have some similarities as well as some differences. A current account, on one hand, is one of the important things to have for businessmen as it allows a higher number of transactions on a regular basis as compared to the savings account. There is no interest provided by a current account by most of the banks but the overdraft facility can be availed easily. The minimum account balance (MAB) required on a current account is also very high as compared to the savings account. For better understanding, have a look at some of the basic difference between savings and current account.
Kotak Bank Saving Account Interest Rate
| Features | Savings Account | Current Account |
|---|---|---|
| Type of Account | Deposit Account | Daily Transactions |
| Minimum Account Balance (MAB) | 0 | Minimum INR 10,000 |
| Interest Rate | Up to 7% | NIL |
| Free Transactions Allowed | Limited | Unlimited |
| Overdraft Facility | No | Yes |
Thus, savings account, especially online savings account, is suitable for anyone who wants to earn interest on their deposits. Current account, on the other hand, is preferred by the individuals and firms who require monetary transactions on a day-to-day basis. Also, the highest savings account interest rate can be earned on a zero balance account and not on a regular bank account.
FAQs
Below are some of the queries frequently asked about a savings account.
How to check your Savings Account balance?
You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook.
DoP Internet Banking - Post Office Internet Banking
India Post also facilitates internet banking service through DoP internet banking. You can check your account balance or for any other banking services, you can login through its internet banking portal with the help of a username and password.
Tax Exemption on Savings Account
Under Income Tax Act 80TTA, interest up to INR 10,000 is exempt from tax. For senior citizens, the tax exemption on a savings account interest rate is up to INR 50,000 under Income Tax Act 80TTB.
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.
6% Interest Rate Savings Account
Kotak Savings Account Interest Rates
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.
7% Interest Rate Savings Account
*Disclaimer
Kotak Saving Account
Scan and Pay through your Kotak Mobile Banking App at select in-store outlets.