Save for your holiday with a Recurring Deposit for 12 months
Terms & Conditions
The opening of account and/or booking of Term Deposit is subject to realization of the cheque or the online payment received thru the Net Banking.
The initial payment / funding has to be done from the customer's own account held with any other bank or Kotak Mahindra Bank.
The account number allotted to you is in debit freeze status to avoid any unauthorized transactions. Transaction will be allowed post activation of your account after completion of account opening formalities. In case the documents submitted along with the application do not comply with the KYC guidelines of the bank, the application is liable to be rejected and the bank will not be liable to pay any interest on the amount of deposit & the refund of amount deposited in the account will be refunded to the source account.
For corporate salary account, this facility is available for select corporates only.
The Term Deposit will be booked with a value date of clear funds (RBI credit date) with the Bank on prevailing rate for the day.
This application is available for opening a savings account or Term Deposit booking by Resident Indian Individuals only.
In case the documents submitted along with the application do not comply with the KYC guidelines of the bank, the application is liable to be rejected and the bank will not be liable to pay any interest on the amount of deposit.
The particulars contained herein shall be valid for all accounts opened by me/us or to be opened by me/us hereafter either singly or with other(s) and/or by me/us in any representative capacity with the Bank unless informed to you otherwise. I/We have read/obtained and understood the Terms and Conditions and citizen charter governing the opening of an account with Kotak Mahindra Bank Ltd. (the Bank), and those relating to various Services including but not limited to (a) ATMs (b) Phone Banking (c) Debit Card (d) Net Banking (e) Payment Gateway (f) Kotak BillPay (g) SMS Banking (h) Alerts Service (I) Opening of an Investment Account.
The bank will have a right to close the account in case of any incorrect representation, information given by the customer and the Customer acknowledges and agrees that Bank may at any time without notice as the circumstances in the Bank's absolute discretion may require, discontinue /modify/cancel/terminate the services, if the Bank is of the opinion that continuation of services is prejudicial to Bank's interests. Bank shall not be made liable for any consequences arising out of such closure of Account or termination of Services. The Customer shall indemnify and keep the Bank indemnified against any loss or damage that the Bank may suffer on account of dishonor of cheque after the closure of the Account. I/We agree that the Bank may debit my account for service charges as applicable from time to time.
I/We understand that investment products are not bank objects or other obligations of or guaranteed or insured by Kotak Mahindra Bank Ltd. or their affiliates. They are subject to risk and possible loss of principal. Past Performance is not indicative of future performance. I/We hereby declare the above information is true to the best of my/our knowledge.
I/We shall advise the Bank immediately in the manner as agreed by me/us and acceptable to the Bank, in case of any change in the above details and information given by me/us. I/We have read and understood the terms and conditions available at Bank's web-site www.kotak.com.
Credit Cards: I understand that the Bank may at its sole discretion to accept or reject this application. I further agree, liable and authorize the bank to debit my Kotak Mahindra Bank Credit Card account for all spends, fees and other charges, interest etc. on my Card. Service tax and surcharge at applicable rates will be charged on all fees, charges, interest etc. and I agree to pay the same. In case I have applied for an Add-On Card I will be billed separately for the Add-On Card in the monthly statement. I will be liable for all charges incurred on the Add-On Card. I undertake to notify the Bank immediately of any change in the information given for add-on card holders. I also confirm that I have read and understood the terms and conditions and I agree that I will be bound by these terms and conditions including those excluding / limiting the Bank's liability. I understand that Kotak Mahindra Bank will never ask me for a photo copy of the back of any credit card that I own.
I /We have read and understood "Terms and Conditions" under which Salary Account Scheme is offered to my organization and its employees asset forth on the website www.kotak.comb
I /We agree that my/our employer has full right to reverse an instruction given by them to credit my / our account for any amount within a period of three working days and I / We will not dispute or hold the bank responsible for any such debits in my account.
I / We understand that it is my/our responsibility to inform Kotak Mahindra Bank immediately on termination of my/our employment with my/our current employer whereupon I /We will cease to enjoy any or all benefits under Salary Account Scheme.
If no salary credits are made in the account for any continuous six months since the time of opening the account, Kotak Mahindra Bank reserves the right to change the status of the salary account to Kotak Mahindra Bank savings account without any intimation to the account holder and the terms and conditions as applicable to the Kotak Mahindra Bank savings account shall apply to this account from the date of change of the status.
All new to bank customers can fund their account online, using any Indian Visa/Master Debit Card or from specific list of Net Banking/Payment Gateway options. The customer has option to fund between Rs 10000/- to Rs 50000/- . The amount will be credited into customer account post account activation and basis availability of clear funds.
In case the account is not activated within 30 days, full amount will be credited back to the customer via the same channel of funding and Bank is not liable to pay any interest on the amount if returned back to customer due to any reason. Refund process may take 6-8 additional working days.
Interest on the amount funded online will be paid from the date of account activation on availability of clear funds.
While transferring funds through online mode(s), the bank will not accept any responsibility or liability of whatsoever nature in respect of any loss or damage arising directly or indirectly to the customer out of the decline due to:
lack of authorization for any transaction/s,
or exceeding the preset limit mutually agreed by the customer and his/her remitting "Bank(s)",
or any payment issues arising out of the transaction,
or decline of transaction for any other reason/s.
Nomination facility is available.
Customer education brochure available on Bank's website provides you important information on Account opening and operations.
All service charges applicable to the product are available at the branch and on the Bank's & Kotak Securities website
Bank provides monthly statement of your bank account free of cost on customer visiting the branch personally.
Bank extends passbook facility in lieu of physical statement of Bank account.
Cheuque books are issued to all Current and Savings accounts customers.
The Net Banking, Phone Banking and Payment Gateway access, if applied for, is applicable for all Deposit Accounts and Investment Accounts, existing or to be opened in future.
Transaction rights on Direct Channel for Investment Accounts are subject to the customer executing a mandate in favour of the Bank.
All account(s) existing or to be opened in future will be linked to the Debit Card/payment Gateway. Customer to give specific instructions if he/she wishes to de-link any account(s).
Customer can avail SMS Banking Services to receive transaction details/information relating to your Bank account through SMS on the mobile number registered with the Bank
"Jointly held" Accounts would not be given transaction rights through SMS Banking and Net Banking Services.
All accounts will be opened in the same combination as provided in the Account Opening From by the Customer.
All account(s) existing or to be opened in future will get the account statement as per Account Statement Option chosen in this Account Opening From / as per the Bank policy from time to time.
The age considered for Minor is blow 18 years; for Senior Citizens as 60 years & above.
All alerts, e-newsletter and promotional mails will be sent to the preferred mobile number and e-mail ID.
Grand Savings Programme for the 55+ **:
The Kotak Grand Programme is designed for the new-age senior and offers a whole lot of benefits that are sure to make your life grand. It is a savings account that recognizes your age and experience and offers you full command over your finances.
With the Grand programme, enjoy the following benefits
Up to 6%* interest p.a.
Cashback of up to Rs. 4500#
Health care benefits
Grand Priority Card - a First-Aid card that also gets you priority service at branches
Health Card from IHO with discounts on consultations and procedures
Customised Cash Delivery Service ââ a call on a pre-selected date every month to take down your request for cash delivery
Call back service - SMS KGRAND to 5676788 and we will call you to solve your queries
Enjoy exclusive offers and deals across home security, travel & shopping brands. For latest offers and terms and conditions , please visit www.kotak.com/offers
Other than these, also enjoy
25% discount on issuance fee for Kotak Travel Card Preferential rate on Mutual Fund charges: 1.25% through your Investment Account
Waiver on Demat AMC for the first year; amounting to Rs. 600
Up to 35% discount on locker rental for the first year^
No issuance fee on the Kotak Best Compliments Card
**The benefit of 0.5% higher interest rate on term deposits & recurring deposits and other charges as mentioned in schedule of charges, will be applicable to customer of 60 Years and above. *Earn 6% interest p.a. on savings account balance over Rs. 1 Lakh. Balances up to Rs. 1 Lakh will earn 5.0% interest p.a. Up to 6% interest p.a. not applicable on NRE/NRO Accounts. #Applicable maximum cashback for Ace Account holders. if the Average Monthly Balance required is maintained and the Debit Card spends criterion is met.^ Applicable for locker allotment in the financial year of enrolling in the Grand Savings Programme.
This offer is brought to you by (Travel Partner) and Kotak Mahindra Bank Ltd (Bank) Only resident Individual (including minors) are eligible.
AMB Charges on the savings account shall be waived till the Holiday RD is active. Subsequently, the customer will have to maintain the Average Monthly Balance (AMB) as per the Savings Account type he holds.. In the event of non- maintenance of AMB, applicable charges will be levied as per the Bank's General Schedule of Features and Charges (GSFC) applicable for Savings Account.
Customer is required at all times to ensure that sufficient funds are maintained in the savings account to fulfill the payment towards RD installment for the Holiday RD Offer. Insufficient funds in the savings account will result in failure of RD installment payment, further this may result in failure of Standing Instruction (SI) for transfer of funds to Travel partner and SI failure charges will be applicable as per GSFC.
The Bank is under no obligation to inform the depositor(s) to maintain adequate balance in his / her / their account to pay the Recurring Deposit installments or to fulfill the standing instruction payment to travel partner.
The Recurring deposit shall mature on completion of the contracted tenure even if there are installments due to be paid post deducting the applicable penal interest charges for such non-payment / delayed payment of installments. The proceeds shall be transferred to the Savings Account of the Customer.
Tax Deducted at Source ("TDS") on Recurring Deposit will be applicable on the interest paid / accrued on the RD as per the extant IT regulations/ statutory body/applicable laws and which may result in the change of RD maturity proceeds.
Standing Instruction ("SI") by the customer favoring Travel Partner: Execution of SI is subject to availability of funds in the savings account on the date of execution of such SI.
Holiday Cancellation / RD withdrawal: In order to cancel the Holiday RD Offer, the customer has to first cancel the Standing Instructions issued by him/her previously for payment of the RD maturity proceeds to Travel Partner's current account. For the same a written request should be given by him/her at the nearest Kotak branch, at least 48 hours prior to the date of execution of such SI, to avoid any further payments to Travel Partner from the savings account or any charges thereon. If such written request for cancellation of the SI is not submitted prior to 48 hours from the date of execution of such SI, the Bank shall not be held responsible in any way for recovering the same from the Travel Partner and crediting the same into the savings account of the account holder maintained with the Bank.
Any grievances/issues/disputes in respect to the holiday package and payments made to Travel Partner shall be directly addressed to the Travel Partner by the customer (add the email address/or any contact number of the travel partner which shall address the grievance). Bank shall not be liable for resolution of any dispute in any way whatsoever.
Bank is not liable for any contribution / payment towards the Holiday RD Offer. The Bank shall not be held liable for the quality of the holiday package, any deficiency, inadequacy, any cancellation of the holiday package or in the services rendered by the Travel Partner, its agents or representatives and the Customer hereby agrees not to hold the Bank responsible or liable for, any actions, claims, demands, losses, damages, costs, charges and expenses that he/she may suffer on account of the Offer.
In an event the Customer cancels the SI instructions but continues with Recurring Deposit, the RD proceeds on maturity of the RD will be transferred to customer account and till the time the RD is active,
In an event a Customer discontinues both the RD and the Holiday Instructions , theRD will be closed immediately and RD proceeds will be transferred to customer account .. Holiday will automatically be cancelled as final payment will not be made to the Travel partner. If the RD is closed the applicable NMC charges will be levied on the Savings Account .
You are advised to read and understand the terms and conditions of Travel Partner . Bank merely facilitates its Customers to avail the offers and it is no way concerned or connected in respect of the terms and conditions of the Travel Partner.
Bank holds complete discretion to modify or withdraw the / features of the Savings Account and Holiday RD offers/ privileges with or without prior notice. For general terms and conditions applicable on the RD , click here
Participation to invest in the Holiday RD Offer is voluntary. Any person availing of this offer shall be deemed to have accepted these Terms and Conditions.
Receive the 13th Installment FREE*
Get a zero balance saving account and earn up to 6%# interest p.a. on your savings