What is Kotak Mahindra Bank Account Opening Process | Kotak Mahindra Bank Account Opening Form | What Is The Minimum Balance In Kotak Bank Account
Kotak Mahindra Bank has launched a number of savings accounts that cater to the particular demands of each and every one of its clients, keeping in mind their need to save for the future and earn high returns on deposits. Customers can earn up to 6% p.a. income on their deposits in the Kotak Mahindra Bank Savings Account. Customers can select the ideal savings to account for them based on their financial situation. This article is furnished with Kotak Mahindra Bank Account Opening Process and other relevant details
Eligibility Criteria for Kotak Mahindra Bank Account Opening
Customers must meet certain requirements in order to create a savings account with Kotak Mahindra Bank.
- Anyone applying for this savings account needs to be an Indian citizen.
- Except in the case of a minor savings account, the applicant must be at least 18 years old.
- To open an account, the applicants will be required to make an initial deposit, which will be determined by the savings account’s minimum balance requirement or MAB
- Along with the account opening form, the applicant needs to present acceptable KYC documents showing his or her identity and residence.
What is Kotak Mahindra Bank Account Opening Process
When an individual applies for a Kotak Mahindra Bank savings account, he or she will be needed to submit the following documents:
- Form 16 (only if a PAN card is not available).
- PAN card
- passport size photographs.
- Proof of address – Driving license, Passport, Voter’s ID card, etc.
- Proof of identity – Driving license, Passport, Voter’s ID card, etc.
- After that, the candidate must complete the application form.
Note that all fields must be filled out in order to avoid the application being rejected. If somebody has trouble filling out the form, they can get help from any Kotak Mahindra Bank official.
- Once the above-mentioned documents are ready and the form is filled out, the individual must go to the Kotak Mahindra Bank branch of their choice and submit the form and KYC documents.
- The documents will be verified at the bank, and the executive will ensure that the name, date of birth, address, and other information in the KYC documents matches what is on the application form.
- Then an account holder will be required to make an initial deposit, which will be determined by the savings account’s MBA (minimum balance requirement). At the cash deposit desk, you can make your first deposit.
- After the deposit is done, the executive will provide you with a debit card as well as the necessary bank documentation for the savings account.
Safe Deposit Lockers at Kotak Mahindra Bank
- Customers who want to keep their valuables, jewelry, and vital papers safe can use the safe deposit lockers available at select Kotak Mahindra Bank offices.
Features & Benefits of Kotak Mahindra Bank Safe Deposit Lockers
- Customers can pick between small, medium, and big locker sizes.
- All Kotak Mahindra Bank branches have safe deposit lockers with enhanced security features.
- This facility comes with two security keys: one will be maintained at the bank and the other will be held by the locker owner.
- The safe deposit locker feature is available at over 350 Kotak Mahindra Bank locations across the country.
- Customers can also appoint someone to manage their locker on their behalf.
- Perishables, chemical weapons, illegal narcotics, dangerous materials, and other items are not permitted to be kept in the safe deposit box.
- Customers are expected to use their lockers at least once a year for security reasons.
- Customers can store their valuables in plastic or metal boxes, as well as sealed plastic bags or pouches.
- For security concerns, customers should make sure no one else is in the room when using the locker.
- If the locker owner loses the key, he or she must promptly notify the bank.
Eligibility Criteria for Safe Deposit Lockers
- Individuals, Limited Companies, Associations, Clubs, and Trusts are all eligible to use Kotak Mahindra Bank’s safe deposit lockers.
Points to Keep in Mind Before Kotak Mahindra Bank Account Opening
- Individuals should investigate some aspects of the account before opening one with Kotak Mahindra Bank to see if it is right for them. They are as follows:
- Customers must check the interest rate on deposits for that specific savings account. The interest rate will determine your return on deposits. Hence, knowing it before selecting a savings account is critical.
- Customers must first review the savings account’s minimum balance requirement to see whether it fits their budget. Also, double-checking the penalty costs for failing to maintain the minimum balance is a good idea, just to be safe.
- Customers should double-check their account’s daily transaction and withdrawal limits.
- Check if there are any additional fees for cash withdrawals made with checks, as well as the monthly withdrawal limit at ATMs other than Kotak Mahindra Bank.
- Kotak Mahindra Bank Savings Account Holders: Safety Tips
- After you’ve opened the account, make sure your account password and PIN are never shared via email, SMS, or social media.
- On online merchant websites, don’t save your bank account information. Also, make sure you close the page as soon as you’ve made an online transaction and only shop on safe websites.
- If you believe a transaction was made without your permission, just inform your bank right once.
- If your debit card is lost or stolen, you should either block it immediately through your net banking account or contact Kotak Mahindra Bank’s customer service.
- Check your bank statements on a regular basis to see if there has been any fraudulent activity and to maintain track of your finances – both in and out of your account.
Customer Service Number for Kotak Mahindra Bank
- Customers who need to contact Kotak Mahindra Bank customer service for a grievance, question, or assistance with their account can do so by dialing 1860 266 2666, the bank’s toll-free number.