Terms & Conditions | Grand Savings Account for Senior Citizen

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Savings Account - Grand - Savings Programme - Kotak Mahindra Bank

The benefits/offers under this programme can only be availed by the Primary Account Holder
Terms and conditions of Kotak Rewards- Rewards are subject to meeting of minimum spends criteria and maintaining average monthly balance . Spends should be on domestic merchant transactions using Debit Card. The reward points will be credited every month for the previous calendar month in your Kotak Rewards account. Validity of reward points will be 1 year from the date of credit. Details of the same will be communicated through email on registered email id or SMS on registered number. ATM cash withdrawals are not eligible for Rewards. Accrued Reward Points for the last month’s spends will be available in Kotak Rewards Portal latest by 5th of the subsequent month
Home Banking (HB) : services will start within a month from the date of A/C opening. The date selected for HB can be changed with 30 days prior intimation. Once it is changed, in subsequent month’s cash delivery by Bank would happen on that date. If on the specified date of HB, due to holiday/Sunday/ or any other reason, Bank is unable to execute the transaction, the cash shall be delivered on the next working day. These services are provided on a “No Warranty or Risk” basis, therefore the Bank shall have no liability to the customer or any other parties for any indirect, incidental, punitive or consequential costs, damages or otherwise with respect to the Bank offering these services and the Bank shall not be liable or responsible on account of any misuse of the services and the Bank stands indemnified in this regard. The Bank will on a best-effort basis will execute the HB transaction within the specified duration as mentioned above, and shall not be responsible for delay or non-delivery on the specified date. **This facility is provided once a month and in HB active locations. The charges applicable will be as per standard GSFC and basis the account type. Wherever HB is not available, the customized cash delivery option will be HBNA by default
The Bank also reserves the right with / without notice to extend or terminate the above offers or alter the terms and conditions or modify existing offer or introduce any additional process at any time without assigning any reason whatsoever. The decision of the Bank with respect to this Offer shall be final and binding. General Terms and conditions The terms and conditions related to the Grand Savings Programme will be over and above the standard terms and conditions of the account and the services which shall be deemed to be incorporated herein by reference and apply as the context may require
The discount on locker rent will be applicable for locker allotment in the financial year of enrolling in Grand Savings Programme. Locker discount is not applicable for customers who convert their existing account or open another account to enroll into this programme. Locker allottment is subject to availability. The Bank shall not be liable for any loss or damage arising or resulting from delay in transmission delivery or non-delivery of mailer/ electronic messages or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message owing to any reason beyond the control of the Bank
For Privy League and Wealth customers enrolling in Grand savings programme, respective GSFC for Privy League/ Wealth savings account shall apply.

Frequently Asked Questions

Can a senior citizen open a savings account?

Yes, a senior citizen can open Grand - Savings Account which is only applicable for Indian residents of age 55 years and above.

What is the minimum balance for senior citizen savings account?

As per account variant selected

Where can I open a senior citizen account?

You can apply online for the senior citizens savings account or visit our nearest branch with all mandatory documents as listed below.

1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card*
2) Addres Proof - Passport, Driving License, Voter's ID, Aadhaar Card*, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Latest Passport Size Photographs
5) Please carry the original documents for verification and self-attested copies for submission.
6) PAN Card / Form 60 will still be a mandatory document for opening a Savings Account.

What is the best savings account for pensioners?

If you are looking for a pensioners savings account, then Grand - Savings Programme is the best type of savings account for the pensioners.

What documents required for senior citizen savings account?

To open a senior citizens savings account, following are the mandatory senior citizens savings account documents as listed below.

What is the interest rate for senior citizens savings bank account?

For a senior citizen bank account if daily balances in Savings Account is up to Rs. 5 lakhs, it will earn 3% interest p.a. Whereas if the daily balances in Savings Account is above Rs. 5 lakhs & up to Rs. 50 lakhs; and above Rs. 50 lakhs, it will continue to earn 3.50% and 4% interest p.a. respectively. These interest rates are applicable for Resident Accounts only

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