Pro Savings Account FAQs - Kotak Mahindra Bank

What is the ActivMoney facility?

Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.

The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.

The advantages of this facility are:

Higher rate of interest earned.
You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level.

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How is the Average Monthly Balance (AMB) requirement calculated for savings account?

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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What is Pro Savings Account?

Multiple benefits and free premium banking services of a high-end savings account now come at a much lesser AMB.

Multiple benefits and free premium banking services of a high-end savings account now come at a much lesser AMB. With Kotak Pro Savings Account you can do more with your bank account, each day, by maintaining a simple AMB of Rs. 20,000/-. So go ahead, access a range of privileged banking services from free cash/cheque pickup to a Demat account at no additional costs.

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What are the advantages of Pro Savings Account?

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

Average Monthly Balance (AMB) of Rs. 20,000/-.
Earn up to 4% interest on your savings account balance.
Free access to all domestic VISA ATMs.
Free Platinum International Debit Card for the first year *.
Free Net Banking, Mobile Banking and Phone Banking.
Free Homebanking Facility ^
Free NEFT through Netbanking.
Free cash withdrawals from any Kotak branch across India.
Free cash withdrawals at other domestic ATMs.
Free Demand Drafts.
50 % Discount on first year Demat AMC.
Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney.

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Who are eligible to open Pro Savings Account?

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.
Foreign nationals residing in India.

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What is the minimum Average Monthly Balance (AMB) requirement for Pro Savings Account?

The minimum Average Monthly Balance requirement in a Pro Savings Account is Rs. 20,000/-.

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In what ways can I track my savings account?

You have access to a number of channels to track the transactions in your savings account:

Physical account statements are sent quarterly for Edge/Pro/Ace savings accounts
Mini statements through the ATM
Email and Mobile alerts
Savings Account balance enquiry through SMS
View savings account details & transactions through Net Banking

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Pro Savings Account, now with Signature Debit Card

Frequently Asked Questions

What is the ActivMoney facility?

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What is Pro Savings Account?

What are the advantages of Pro Savings Account?

Who are eligible to open Pro Savings Account?

What is the minimum Average Monthly Balance (AMB) requirement for Pro Savings Account?

In what ways can I track my savings account?