Kotak Jifi Saver Savings Account
To apply for Kotak Jifi Saver Account you must be –
- 18 years and above.
- Be an Indian Resident and have a sole or a joint account.
Bank | Kotak Mahindra |
Category | Kotak Jifi Saver Account |
Average Monthly Balance or AMB | Rs. 10,000 |
Interest Rate | Up to 6% per annum on your savings account balance |
Card Offered | JIFI Platinum Chip Debit Card – Free for the first year |
Services Offered with Kotak Jifi Saver Account
Online Transactions | Free |
Hashtag Banking | Cheque Book Request, Account Updates, Mobile/DTH recharge and more by tweeting |
NEFT/IMPS | Free |
RTGS | Free through Net Banking |
Cheque Book | Default Cheque Book – Only Payable At – par / Also, 10 cheque leaves are free. Rs. 5 will be charged for each additional cheque leaf |
Cash Withdrawal from Home Branch | Free |
Cash Withdrawal from Non Home Branch | Up to Rs. 50,000 per day – Free.More than Rs. 50,000 per day - Standard Charges will apply |
Simple Account Monitoring | Through monthly/quarterly statements - Physical/ E-mail statements |
Kotak MoneyWatch Platinum Subscription | Helps track your expenses. This feature is free for 1 year. |
Free Bureau Score | Know your credit bureau score with a simple click |
Rewards Program | Earn rewards by referring friendsLoyalty Club – Guaranteed rewards whether you transact or shareTransact using your JIFI Platinum Chip Debit Card on kotakrewards.com and earn extra transaction points |
Extras | Free Bureau Score - avail offers on transaction and lending products.Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher rate of interest (conversion is allowed up to a certain amount) |
Features of Kotak Jifi Saver Account
Online Transactions | Free |
Hashtag Banking | Cheque Book Request, Account Updates, Mobile/DTH recharge and more by tweeting |
NEFT/IMPS | Free |
RTGS | Free through Net Banking |
Cheque Book | Default Cheque Book – Only Payable At – par / Also, 10 cheque leaves are free. Rs. 5 will be charged for each additional cheque leaf |
Cash Withdrawal from Home Branch | Free |
Cash Withdrawal from Non Home Branch | Up to Rs. 50,000 per day – Free.More than Rs. 50,000 per day - Standard Charges will apply |
Simple Account Monitoring | Through monthly/quarterly statements - Physical/ E-mail statements |
Kotak MoneyWatch Platinum Subscription | Helps track your expenses. This feature is free for 1 year. |
Free Bureau Score | Know your credit bureau score with a simple click |
Rewards Program | Earn rewards by referring friendsLoyalty Club – Guaranteed rewards whether you transact or shareTransact using your JIFI Platinum Chip Debit Card on kotakrewards.com and earn extra transaction points |
Extras | Free Bureau Score - avail offers on transaction and lending products.Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher rate of interest (conversion is allowed up to a certain amount) |
Fees and Charges for Kotak Jifi Saver
JIFI Platinum Chip Debit Card/ Add On Card Issuance Charge | Free |
JIFI Platinum Chip Debit Card/ Add On Card Annual Charge | Free for the first year. Post that Rs. 199 per annum |
Fund Transfer | Free |
RTGS through Bank Branch | 2 - 5 lakhs - Rs. 25 per transactionAbove 5 lakhs - Rs. 50 per transaction |
Cash Deposit at Home / Non Home Branch | Up to Rs. 7.5 lakhs per month – FreeMore than Rs. 7.5 lakhs per month – Standard Charges will apply |
Kotak ATM Cash Withdrawal | Free |
Cash Withdrawal – Other VISA domestic ATMS | First 5 transactions are Free. Post that Rs. 20 per cash withdrawal |
Balance Enquiry - Other VISA domestic ATMS | First 5 transactions are Free. Post that Rs. 8.50 per balance enquiry |
Balance Enquiry – International + Other VISA ATMS | Rs. 25 per transaction |
Cash Withdrawal - International + Other VISA ATMS | Rs. 150 per transaction |
Replacement of Lost card | Rs. 200 |
Replacement of a Damaged Card | Free |
Annual Combined Statement – Physical | Via Net Banking – FreeVia Branch – Rs. 85Via Phone Banking – Rs. 110 |
Account Statement – Quarterly (Physical) | Free |
Account Statement – Monthly (E-mail) | Free |
Balance Statement for Current Year | Free |
Balance Statement for Previous Year | Rs. 100 |
Verification of Signature | Rs. 25 |
Attestation of Photo/ Confirmation of Address | Rs. 50 for each |
Foreign Currency DD Issuance/ Revalidation/ Cancellation | Rs. 500 for each |
BC/DD Revalidation/ Cancellation | Rs. 100 for each |
Charge for Inoperative Account | Free |
Charge for Activation of Inoperative Account | Free |
Stop Payment | Through Net banking – FreeOther methods – Rs. 100 |
Charge for Account Closure | Free |
Documentation Required for Kotak Jifi Saver
Document | ID Proof | Residence Proof | Signature Proof |
Valid Driver’s License | Yes | Yes | Yes |
PAN Card | Yes | No | Yes |
Passport | Yes | Yes | Yes |
Election Card or Voter ID Card | Yes | Yes | No |
Ration Card | No | Yes | No |
College ID Card – Valid and issued by colleges that are affiliated to universities. Applicable only as a Joint Holder with a parent/ guardian | Yes – Photo must be included | Yes – Address must be included | Yes – Signature must be included |
Marriage Certificate – Only for married women (single/joint/primary holders are all eligible)/ Not accepted for husbands | Yes – Photo must be included | Yes – Address must be included | Yes – Signature must be included |
Utility Bill – Should not be more than 3 months old | No | Yes | No |
Bank Statement – Account must be active/ must contain the logo printed by the bank OR must be signed and stamped. Statements from the Internet are NOT accepted | No | Yes | No |
Sale Deed | No | Yes | No |
Income/Sales /Service/ Wealth Tax Assessment Order – Must not be older than 6 months | No | Yes | No |
Postal Certificate | Yes – Photo must be included | Yes – Address must be included | Yes – Signature must be included |
Existing Kotak Bank Customer – Introductory Reference (No Frills Account)Must be an existing customer for over 6 monthsAccount conduct must be satisfactoryIntroducer must know the customer for at least 1 year | Yes | No | No |
Important Points to Note –
- Original documents must be submitted along with the photocopies
- Photocopies must be self-attested by the applicant
- You must fill the form only in Black Ink and in CAPITAL Letters
- Any alteration or overwriting must be countersigned
- Site Verification Report is a must for opening an account
- All relevant boxes must be ticked
- Your complete address must include – City/State/Pin Code
- Nomination facility can be availed
- Cash will not be accepted as initial payment when opening an account
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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