Fees and Charges for Minor Savings Account

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Junior - The Savings Account for Kids

The Kotak Mahindra Bank Junior 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.

Attractive Interest Rates

Earn 4%* interest on Junior Savings and Guardian's Savings Account balance and manage finances efficiently for the future

Debit Card

Get a Personalized Debit Card^#for your child with your Junior Savings Account

NMC Account

Avail ^NMC waivers and zero balance benefits with your Junior Savings Account

Discounts and Privileges

Enjoy exclusive discounts and privileges on Junior Savings Account including exciting offers across brands for kids

Exclusive offers

Disclaimer

1. *Effective Oct 17,2024, daily balances in Savings Account up to Rs. 5 lakhs will earn 3% interest p.a. Daily balances above Rs. 5 lakhs & up to Rs. 50 lakhs; and above Rs. 50 lakhs will continue to earn 3.50% and 4% interest p.a. respectively. These interest rates are applicable for Resident Accounts only.

2. #Debit Cards will be issued to anyone below 18 years and it will have a daily withdrawal limit of Rs. 5,000/- only.

3. ^NMC waiver is available on bundled offering only (Nova Junior account), as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) of Rs. 5,000/- is to be maintained and standard charges will be debited on non-maintenance of AMB.

4. The waiver will not be applicable in case of failure in execution of the SI set towards RD/ SIP, due to insufficient funds in the Junior Account.

Learn more about Kotak Junior Proposition of the Junior Savings Account.

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Kotak Junior Proposition

Early To Save. Early to Earn
Kotak Junior Account helps inculcate a saving habit in the child and helps parents build a corpus for their child's future. It is a bundled offering which includes:
- Junior Savings Account
- Guardian Savings Account - One of our Savings Account variants designed to give you a worry-free banking experience
Investment in a Recurring Deposit / Systematic Investment Plan with as little as Rs. 1,000/Rs. 2,000 (basis branch category) per month or above (minimum tenure of 12 months) for all branch locations

Recurring Deposit
A Recurring Deposit (RD) allows you to park a pre-defined amount in a long term deposit every month.
You can sign up for an RD with a simple standing instruction and save for your child's future. For e.g., If you were to invest Rs.10,000/- per month for 10 years at an interest rate of 8.25% p.a., your child would receive Rs. 18.62 lakhs on deposit maturity.* You may check out our RD calculator.

Systematic Investment Plan
Seasoned financial planners tell you it is never too late to start investing.What they also tell you that it is better to start early.
So what better way to invest in your child's future than with a Systematic Investment Plan? Choose the amount and the duration that you wish to invest and start building that Ivy League education corpus that your child deserves.

Standalone Junior Account
While we recommend the bundled offering which ensures your child learns to save, Junior Account is also available in our regular Savings Account variants as mentioned below,without the separate Guardian Account and investment options (RD or Mutual fund SIP).
Ace | Pro | Classic | Edge | Nova | Everyday
Note:*Conditions apply. NMC waiver is available with account variant of Junior Account with RD or SIP and Guardian's Savings Account. Minimum average monthly balance is not required for Kotak Privy League and Wealth programme customers. Activmoney will not be applicable to self-operated minor accounts
Learn more about the exclusive privileges of the Junior Savings Account.
Explore more savings account options that best suit your needs.

Be ready with following documents while opening this account

(Original for verification and self-attested copies for submission)

Document	Valid Type
Identity Proof	Driving License, Passport, Voter's ID, Aadhaar Card
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)
Signature Proof	PAN Card, Driving License, Passport
Minor Proof	Birth certificate or Aadhaar Card
Please carry the original documents for verification and self-attested copies for submission.
Pan card / Form 60 will still be a mandatory document for opening savings Account.
*Providing Aadhar card is voluntary.

Explore more savings account options that best suit your needs.

Frequently Asked Questions

Which savings account is best for a child?

The Kotak Mahindra Bank Junior Savings Account is best for a child as it 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.