9Kotak Mahindra Bank
Kotak Mahindra Bank is one of the most preferred banks for opening savings bank accounts because of its high-interest rates and bank’s widespread network of branches and ATMs across the country. Unlike RBL and YES Bank that offer similar high-interest rates but have a lesser reach in the rural areas, Kotak Mahindra Bank is active in both Rural and Urban areas. Kotak Mahindra Bank offers 12 different savings bank account schemes (formerly there were 13, Jifi Saver is currently discontinued) including Sanman, Platina, Grand, Ace, Edge, Pro, Nova, Classic, Silk, Junior, Alpha, and My family. It offers a 5% of the annual interest rate on saving deposits of up to Rs.1 lakh. For users who have a saving deposits balance between Rs. 1 Lakh and Rs. 1 core get an annual interest rate of 6% and a 5.5% of annual interest rate is given for accounts with above Rs. 1 crore and Rs. 5 core. It is one of the very few banks to offer no-cost withdrawal of money from any Kotak Mahindra ATM. Only when the debit card transaction is declined due to insufficient balance, a fee of Rs. 25 is charged.
Depending on the point of sale calculated on the Kotak debit card, account holders can get a cashback of up to Rs.4500 per annum. All the savings banks account at Kotak Mahindra are given free phone banking services, Net Banking, and SMS banking alerts. The minimum average quarterly balance for savings account holders varies from Rs. 2,000 to Rs. 1 lakh. Kotak Mahindra Bank uniquely offers Kotak Alpha Savings account for a nominal monthly premium of Rs. 300 that offers a life cover of Rs.20 lakhs. It is a savings account scheme that combines the benefit of investment and insurance through mutual funds. This saving account scheme can be availed by individuals between the ages 19 and 54 years. In addition to coverage benefits, account holders can enjoy cash backs up to Rs. 4500 on debit card transactions.