Ace Savings Account FAQs - Kotak Mahindra Bank

It is power packed with lot of features, which are as follows:

Average Monthly Balance (AMB) of Rs. 50,000/-
Earn up to 4% interest on your savings account balance¹
Extended Debit Card withdrawal limit of Rs. 2 Lakh per day through ATM / POS.
Free Platinum International Debit Card*
Free add-on Platinum International Debit Card*
Free Net Banking, Mobile Banking and Phone Banking
Free cash withdrawals at other domestic ATMs³
Free Home Banking⁴
Free Demand Drafts (unlimited at Kotak Bank locations)
Free RTGS /NEFT/ IMPS
No Annual Maintenance Charges on your Demat Account for the first year
Free outstation cheque collection
Free multi-city cheque books (at par cheque books)
Avail a discount of 15% on Locker Rent⁵
Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

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To apply for Kotak Mahindra Bank savings account you should belong to any one of the below mentioned categories:

◦ Resident Indians (sole or joint account)

◦ Hindu Undivided Families (HUF)

◦ Foreign nationals residing in India¹

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The minimum Average Monthly Balance requirement in an Ace Savings Account is Rs. 50,000/-.

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Average Monthly Balance is calculated by dividing the sum 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 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 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/-

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Ace Savings Account