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A savings account in India is a type of account that you open with a bank.
The Average Monthly Balance (AMB) for a savings account is calculated by dividing the sum of all the daily closing balances in a month by the number of days in that month.
Before you open a bank account online, you must understand how the AMB calculation works. Sample Bank Statement:
Date |
Narration |
Withdrawal (Rs.) |
Deposit (Rs.) |
Closing Balance (Rs.) |
January 1 |
Opening Balance |
|
|
10,000 |
January 10 |
ECS Credit - VD |
|
10,000 |
20,000 |
January 16 |
Cash Withdrawal |
5,000 |
|
15,000 |
January 25 |
Cheque Deposit - MICR Clearing |
|
20,000 |
35,000 |
January 28 |
HPCL Petrol Pump POS 43860000000012 |
1,000 |
|
34,000 |
January 30 |
Cash Deposit Mumbai |
|
9,000 |
43,000 |
January 31 |
Funds Transfer |
25,000 |
|
18,000 |
AMB Calculation:
Time Period |
Number of Days (N) |
Closing Balance (B) |
Calculation (N x B) |
Amount |
EOD Balance from January 1 to January 9 |
9 |
10,000 |
9 x Rs. 10,000 |
Rs. 90,000 |
EOD Balance from January 10 to January 15 |
6 |
20,000 |
6 x Rs. 20,000 |
Rs. 1,20,000 |
EOD Balance from January 16 to January 24 |
9 |
15,000 |
9 x Rs. 15,000 |
Rs. 1,35,000 |
EOD Balance from January 25 to January 27 |
3 |
35,000 |
3 x Rs. 35,000 |
Rs. 1,05,000 |
EOD Balance from January 28 to January 29 |
2 |
34,000 |
2 x Rs. 34,000 |
Rs. 68,000 |
EOD Balance on January 30 |
1 |
43,000 |
1 x Rs. 43,000 |
Rs. 43,000 |
EOD Balance on January 31 |
1 |
18,000 |
1 x Rs. 18,000 |
Rs. 18,000 |
Total EOD Balances for the Month January |
Rs. 5,79,000 |
|||
Divide by: Number of Days in January |
31 |
|||
Average Monthly Balance (AMB) |
Rs. 18,677.42 |
|||
The minimum balance requirement or the average monthly balance (AMB) for a savings bank account depends on the specific savings account variant you choose.
There are various types of savings accounts offered catering to the needs of different customer segments, which can be opened online in just a few minutes.
Everyday Savings Account– Enjoy offers on Everyday Rupay Debit Card on your everyday spends
Silk Savings Programme – A savings account specifically tailored for women, offering discounts on banking products, shopping benefits and more
Junior Savings Account – An account designed to teach your children about savings while offering privileges across kids’ brands for dining, edutainment and shopping
Grand Savings Programme – An account curated with care for senior citizens, offering priority services, home banking, locker rental discounts, health benefits and more
My Family Savings Account – An account that caters to the entire family’s banking needs, with exclusive family-centric benefits that elevate the experience of banking together
The Average Monthly Balance (AMB) is the average of all the daily closing balances in a given month.
Before opening a bank account, it’s important to understand how your AMB is calculated. The formula for the AMB of a savings account in any given month is as follows:
AMB = Sum of the closing balances of each day in the month ÷ The number of days in the month
Yes, the holding pattern for savings accounts in India and the linked fixed deposits can be different.
Yes, your PAN card is a mandatory requirement for savings account opening if your annual income is Rs. 5 lakhs or more.
Senior citizens’ savings accounts offer various benefits tailored for people in their 50s or older.
The advantage of maintaining zero balance without attracting non-maintenance charges is typically available only for salary accounts.
After you open a savings account, you may want to know how to transfer funds from one savings bank account to another.
You can add, modify or delete a nominee after opening a new account via mobile banking or internet banking.
If you’re using mobile banking, navigate to the ‘Service Request’ section, choose ‘Profile’ and then select ‘Nomination Update.’
If you’re on the internet banking portal, begin by selecting the ‘Banking’ option, move to ‘Service Requests', choose ‘New Service Request’ and then click on ‘Nomination Update.’ Additionally, if you want to update the nomination for your savings bank account, you can directly raise a service request using your phone number and date of birth or CRN in the following link:
https://forms.kotak.com/content/forms/af/kotakforms/nomination-update.html
To deposit money after opening a new account, you can visit the nearest bank branch and submit a deposit slip along with the requisite amount of cash or cheque.
A savings bank account becomes dormant if there are no transactions in the account for two years or more.
Yes. Kotak offers a 3-in-1 account called 'Trinity''. It includes : Kotak Bank Savings Account + Kotak Securities Demat Account + Kotak Securities Trading Account
Prevailing Savings account interest rate on the daily balances is as follows :
Interest will be credited in the savings account on quarterly basis.
Here are some of the points you need to consider while choosing a Savings Bank account
There are no restrictions like age and income criteria of the individual for opening a Basic Savings Account.
You can open a Savings Account in two ways :
Apply in person, at the branch – You need to visit a nearest branch with your KYC documents and place the request for account opening. Branch staff will assist you with the process
Registering on the Kotak Mobile Banking App is very simple.
1. Download Kotak Bank app from Google Play Store/Apple App Store/Windows Store/Blackberry World on your smartphone
2. Login with your Customer Relationship Number (CRN). You can find your CRN from your Debit/Credit card.
3. Authenticate using your Debit/Credit Card details or Net Banking password
4. Set a 6-digit MPIN
5. Enter the activation code sent to your registered mobile number to complete the registration process and experience the convenience of mobile banking on your mobile phone with ease.
You have access to a number of channels to track the transactions in your savings account:
Effective Feb 17, 2025, daily balances in Savings Account up to Rs. 50 Lakh will earn 3% interest p.a. and above Rs. 50 Lakh will earn 3.50% p.a. respectively. These interest rates are applicable for both Resident and Non Resident Accounts (NRE/ NRO)
Rules for online saving account opening are as follows:
1. Please ensure your mobile number is linked with Aadhaar
2. Keep your original PAN Card handy. Kindly do not keep photocopies
3. Keep a plain white paper and a blue/black pen to upload your signature
4. To ensure that your deliverables reach the right address, please add a communication address, if different from the one mentioned on Aadhaar
5. Kindly ensure a strong internet connection for due completion of Video KYC. Don’t forget to enable live location access for the same
Email statement are sent within the same working day from the date of request.
Physical statement are delivered within 7 working days from the date of request.
Please make sure Email ID and Communication address registered with the Bank are updated with your latest details.
You can place a new request for statement by Email or Post in following ways:
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