Sanman Savings Account Fees and Charges

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Savings Account - Sanman Savings Account - Kotak Mahindra Bank

Particulars		Sanman
Average Quarterly Balance (AQB)		Rs. 2000 (AQB)
Non Maintenance Charge (NMC) $	Charges for non maintenance of minimum quarterly average balance	6% of the shortfall in required AQB per quarter (Max up to Rs.500/-)



Fund Transfers	NEFT / RTGS / Fund Transfer (Through Net banking / Mobile Banking)	Nil charges
	NEFT / RTGS - Applicable only if done in Branch	NEFT : Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000: Rs.14; > 2,00,000: Rs. 24 ; RTGS: 2,00,000 to 5,00,000: Rs. 20; > 5,00,000: Rs. 40
	IMPS	Up to 10000: 5; 10001 to 100000: 5; 100001 to 500000: 15
Cash Transactions	Cash Transaction at Branch / Cash Deposit Machine (CDM) (Deposit or withdrawal)	Nil charges upto 4 transactions or 1.5 lac / month, whichever is earlier. Thereafter Rs. 4.5 / 1000 (Minimum Rs. 150)
Cash Transactions	Cash withdrawal via UPI at Merchant Locations (Max Rs. 1000/day)	1% of Withdrawal amount (Max Rs.10)
Debit Card / ATM Charges	Debit Card Charges	Debit Fees as per Debit Card GSFC tailed below
	Kotak Bank's ATM - Cash Withdrawal / Non Financial transaction	Nil Charges
	Other Domestic ATMS - Cash Withdrawal / Non Financial transaction ##	Nil charges upto 3 Transactions, thereafter Rs. 21 / cash withdrawal & Rs. 8.50 / Non cash withdrawal
	Declined Domestic ATM Transactions due to insufficient balance Transactions declined at merchant outlets/websites/ATMs, due to insufficient balance(w.e.f April 1,2019)	Rs. 25 / Transaction
	Cash Withdrawal / Non Financial transaction at International ATM +	Rs. 150 / cash withdrawal transaction Rs.25 / non-cash withdrawal
	Cardless cash withdrawal (IMT)	Nil charges up to 1 transaction per month and subsequent transactions will be charged Rs. 10/- per transaction
DD/ Cheque Book*	DD	Rs. 4 / 1000 (Min 50, Max 10,000), for Senior citizen Rs. 3 / 1000
	FCY - DD / TT / Cheque Collection / Revalidation / Cancellation / FCY Cheque Deposited and Return	Rs. 500
	At-par Cheque Book Charges	15 Chq leaves Nil charges / Year; Rs. 75 for 25 chq leaves Rs 150 for 50 chq leaves (charged @ Rs. 3 per Cheque leaf)
	ECS / Cheque Issued & Returned (due to non-availability of funds)	Rs. 500 / instance
	ECS Mandate Verification	Rs. 50 / instance
	SI Failure	Rs. 200 / instance
	Cheque deposited and returned (INR)	Rs. 200 / instance
	Cheque Issued & Returned for Non-Financial Reason	Rs.50 / instance
Branch Requests	Duplicate Ad-hoc statement, Balance & Interest Statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Range of cheque thru branch; DD Revalidation; PO / BC Revalidation/ Cancellation (INR); Annual Combined Statement-Physical; Monthly Physical Statement; Regeneration of PIN of Net Banking / Phone Banking (sent through courier)	Rs.100/Request, for senior citizens: Rs. 75/Request
	DD Cancellation (INR)	Rs.100/Request, for senior citizens:Nil
	Foreign Inward Remittance Certificate	Rs.100/Request
Home Banking	Cash / Instrument Pick Up / Delivery	Not available
Home Banking	KYC Pickup – Only for senior citizen and differently abled###	Not available
Family Banking	-	Not available
Statements & Alerts	Statements	Email Statement (Monthly): Nil charges; Physical Statement (Quarterly): Nil charges
Statements & Alerts	Balances Value added alerts (Daily / Weekly)	50p.per SMS(Daily & Weekly)
Other Charges	TOD Account Closure charges: (if closed after 1 month & before 6 months of A/C opening)	TOD: Rs. 500; Account Closure charges: Rs. 500
Other Charges	Signature Verification Certificate Photo Attestation Address Confirmation	Nil charges
Free Services	Passbook (in lieu of Account Statement) Current Year Balance and interest statement	Pass book (In Lieu of Account Statement) - Nil charges Current Year balance and Interest Statement - Nil charges
Foreign Exchange Services (FES)		The revised GST slabs are as below
Outward Remittances - Individual	Standard Charges	Value of purchase or sale of Foreign Currency	Value on which GST rate will be applicable
Telegraphic Transfer Charges (other than payment for imports)	INR 1250 + Tax	Up to 1,00,000	1% of the gross amount of currency exchanges or minimum of Rs.250/-
Correspondent Bank Charges (Outward remittance wherein the foreign bank charges are paid by remitter)	INR 1000 + Tax	Above Rs.1,00,000/- to Rs.10,00,000/-	1000 + 0.50% of the gross amount of currency exchanged less 1,00,000.
Issue of FCY DD's	INR 750 + Tax	Above Rs.10,00,000/-	Rs.5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of Rs.60,000/-
Commission in lieu of exchange (in case of debit from EEFC/RFC/SFC account)			0.125 %; minimum INR 1,000 +Tax
Forex Card	Particular	Standard charges
	Issuance Fee	250 (exclusive of GST)
	Reload Fee	75 (exclusive of GST)
Debit Card Annual Charges
Debit Card Annual Charges	Classic Debit Card	Nil charges for 1st year, thereafter Rs. 199 p.a
	Gold Debit Card	Rs. 500
	Platinum / My World Debit Card	Rs. 750
	World / World Exclusive Debit Card	Rs. 750
	Kotak PVR Debit Card	Rs. 499
Other Debit Card Related Charges	Issuance Charges	Image Debit Card - Rs. 199
	Replacement of Lost / Stolen Debit Card	Rs. 200
	Regeneration of PIN (sent through Courier)	Rs 50 per request
As per RBI guidelines, Business / Commercial transactions are not permitted in the Savings Accounts.
##Cash withdrawal limit from other Domestic ATM is Rs. 10000 per transaction.
Mandatory Alerts will not be charged. Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent free of charge, even if Daily / weekly Balance SMS alerts facility has not been subscribed.
**Indo - Nepal Remittance Scheme (NEFT Charges):
If Beneficiary maintains an Account with Nepal SBI Bank Ltd. (NSBL): Rs. 25 per txn. (incl all taxes).
If Beneficiary does not maintain an Account with Nepal SBI Bank Ltd (NSBL): Upto Rs. 5000 - Rs. 75 per txn. & beyond Rs. 5000 - Rs. 100 per txn. (incl all taxes).
The Bank will charge cross-currency mark-up of 3.5% on foreign currency transactions carried out on Debit Cards. The exchange rate used will be the VISA / Master Card wholesale exchange rate prevailing at the time of transaction.
A charge of 1% on the transaction amount + GST will be applicable on cash withdrawal transactions done at merchant outlets (Cash@PoS) [w.e.f April 1,2019]
Non-financial transactions are Balance Enquiry, Mini Statement & PIN change.
Debit Card Annual charges for Junior, Youth and Maestro Debit cards will be same as Classic Debit card. Debit card Annual Charge for Titanium debit card issued will be Rs.200
Charges are exclusive of the Goods and Service Tax (GST).
With effect from July 1, 2017 the effective Goods and Service tax rate will be 18% on taxable value. The GST rate is subject to change from time to time.
~Any purchase / sale of foreign exchange will attract service tax on gross amount of currency exchanged as per Service Tax on Foreign Currency (FCY) conversion charges table above.
+Additional charges levied by another bank on international ATM transactions will also have to be borne by the card holder.
The above charges are subject to revision with a prior intimation of 30 days to all account holders. Closure of account due to revision of charges will not be subject to account closure charges.
<> Penalty charges.
With effect from April 1, 2015: In the event of a default in maintenance of Average Quarterly Balance as agreed to between the bank and customer for the quarter (referred as ‘Default Quarter’), the bank will notify the customer clearly of the default and that the Average Quarterly Balance for the account has to be met in the subsequent quarter (referred to as ‘Notice Quarter’) else the NMC (Non Maintenance Charges) for both the ’Default Quarter’ and ’Notice Quarter’ will be recovered in the subsequent quarter. The bank may choose to notify by SMS/ email / letter. It will be the responsibility of the customer to have a valid email id ,mobile number and address updated with the bank at all times, failing which, customer may not receive the notification/s. The NMC charges will be based on the shortfall observed in the AQB and as specified in the slabs in GSFC. In case of accounts sourced under promotional offering and enjoying conditional NMC waiver, the terms and conditions of such promotional offering shall prevail.
$ Please note, if your account is currently in dormant status, non-maintenance charges will not be applicable to the same. In order to activate your account, please visit your nearest Kotak Bank branch
State government taxes/ Cess as applicable shall be charged
W.e.f 1st July,2020; threshold as well as Rate of TDS applicable for CASH withdrawal will dependent on submission of proof of Income Tax Return filed. Revised TDS rates will be as under :
Aggregate Cash Withdrawals in all accounts in a Financial Year	Income tax Return copy Submitted to Bank	Income tax Return copy NOT Submitted to Bank
Upto Rs.20 Lakhs	Nil	Nil
Rs.20 lakhs to Rs. 1 crore	Nil	2%@
In Excess of Rs. 1 crore	2%@	5%@
.@If PAN is not updated in the account then the TDS deduction at the rate 20% as per section 206AA of the Income Tax Act will apply. For foreign companies, foreign partnership firms, Non-residents additional surcharge and health & education cess will be applicable as per Income Tax law.
###https://www.india.gov.in/spotlight/unique-disability-id
*Year is defined as period of 12 months from 1st January to 31st December for cheque book issuance charges

Check the documents required for opening the Sanman Savings Account.

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Be ready with following documents while opening this account

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

Document	Valid Type
Identity Proof	PAN Card, 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
Latest Passport Size Photographs

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Please refer the General Schedule of Features and Charges (GSFC) for your Ace Savings Account (revised with effect from August 1,2019) Click here

Frequently Asked Questions

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.

Average Monthly Balance is calculated by dividing the sume 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/-