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Importance and Reasons to Open a Savings Account with Kotak
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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No matter whether you are salaried or self-employed, opening a bank account is an initial step towards financial independence. With Kotak Mahindra Bank as your savings bank account partner, you can opt for any bank account type as per your need to meet your diverse financial requirements.
For instance, if you are opening a savings account individually, then you may consider a Kotak Everyday savings account or Kotak Edge savings account. For opening an account jointly, a Kotak My Family savings account is an excellent choice. For opening an account for your kids, a Kotak Junior savings account may come across as a prudent account type. A Kotak Silk savings account is an excellent choice for women savings account seekers.
The bank allows you to open both offline and online savings accounts swiftly and safely, jointly, or individually. Discussed here are some crucial reasons for opening a savings bank account with Kotak –
Ever dreamt of purchasing a 4-wheeler? Looking to upgrade your home? Or planning a trip abroad? Well, to meet all such short-term goals without any hiccups, you must have adequate savings in your hand. In case you are looking to save individually, you may opt for a Kotak Everyday savings account. An Everyday savings account may get you a waiver on your non-maintenance fees if you transact 30 times in a month or maintain a monthly average balance of Rs 20,000. Transactions to get a waiver on non-maintenance fees include cash deposit, demand draft issuance, cash withdrawal, UPI/IMPS/RTGS/NEFT transactions, etc.
In the scenario of any financial exigency, instant fund availability is important. Here’s where savings bank accounts come in handy. You can withdraw your funds from a savings account at anytime from anywhere. To add to this convenience, most of Kotak Mahindra savings bank account variants permit higher withdrawal limits from any ATM across India. Additionally, you can even use your free internet or mobile banking facility to easily transfer the funds to the individual/party concerned.
Today, a bank account is not just a space where you can park your idle funds. Kotak savings account variants provide a wide range of benefits, besides offering capital protection and liquidity features. For instance, Kotak Ace savings account provides a discount of 25 per cent on the issuance of compliment/gift cards, free multi-city cheque books, free home banking, a free add-on platinum international debit card, a discount of 15 per cent on locker rent, free demand drafts, etc. Kotak Silk savings account provides exclusive offers on some popular apps, access to a community to assist women gain knowledge on personal finance, a dedicated query resolution desk, 50 per cent on locker rent for the first year, etc.
So, as different variants of Kotak savings accounts come with different benefits and features, you must ensure to go through the variants and their benefits to zero in on the one that matches your needs and preference. Opt for the one offering the highest benefits at reasonable charges and balance requirement.
Conclusion
As a savings bank account serves as a go-to financial tool for all your banking needs and transactions, never settle for any bank account, which you assess first. Review as many savings accounts as possible to choose the one that best matches your requirements. To assess the distinct types of savings accounts in a single place, ensure to visit Kotak’s website.
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