Retail Institutional Accounts

Kotak Retail Institutional banking provides innovative products & services to suit the needs of Trusts, Associations, Societies, Clubs, Educational Institutions, Non-Government Organisations (NGOs), Companies governed by the Companies Act, 1956 /2013 which have been licensed by the Central Government under Section 25/Section 8 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words 'Limited' or the words 'Private Limited' & Hospitals.

Our tailor made solutions are perfect for managing your collections, payments and borrowings which help in making banking services easy and efficient.

Our extensive network of branches & dedicated relationship managers will help you with a variety of products and services in meeting your financial strategies.

At Kotak, we believe in building long-term relationships that provide unmatched customer service and a wide bouquet of product to our clients. We strive to make banking a memorable experience for you.

We provide one of the best in the industry savings deposit rates with comprehensive and convenient banking solutions.

Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.

• Integrated solutions for fee collections & reconciliation process for Educational Institutions.  Hassel free online fee collection & tracking with customised fee receipts.  Readymade platform for automation of Admission, Attendance & Fee collection.
• State of the art apartment management software for Housing societies that helps you manage your accounting, Inventory, service request, communication etc.
• Web-based facilities for remittance of funds
• Constituent Subsidiary General Ledger ( CSGL accounts ), for trading in G-Sec
• FCRA accounts for receipt of foreign donations.
• CMS solutions to take care of your collections & payments.
• Payment gateway solutions to enable your donors/ payees to pay on your website.
• Collection through POS machines to enable your donors/ payees to make payments at your premises using their debit/credit cards.
• Overdraft against fixed deposits
• Investment advice
• Dedicated Relationship managers to help understand all your banking needs.

Entities eligible to open a Savings Account

• Primary Co-operative Credit Society which is being financed by the bank.
• Khadi and Village Industries Boards.
• Agriculture Produce Market Committees.
• Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks.
• Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25/Sec8 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words ‘Limited’ or the words 'Private Limited'.
• Institutions other than those mentioned in clause (i) below and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
• Government departments/bodies depending upon budgetary allocations for performance of their functions/ Municipal Corporations or Municipal Committees/  Panchayat  Samitis/ State Housing Boards/ Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies etc.  or Any political party or any trading/business or professional
  

• Earn upto 4%* interest P.A. on your savings account balance
• No commitment, Zero Balance Savings Account
• High Cash deposit limit per day at Home / Non – Home branches than other variants of Savings Account of Kotak Mahindra Bank Ltd
• Integrated CMS solutions –Payment and Collection solutions offered a part of product proposition
• Bundled offering of Payment Gateway & POS terminals
• Free & Unlimited DD Issuance
• Free and unlimited funds transfer through NEFT/RTGS/IMPS
• Active Money facility
• Free Physical Account statement (frequency –Daily /Weekly/ Monthly) as per customer request
  
• Free Payable at Par cheques**
  
• Free Bill payment ~ Facility with option of Autopay
  
  

#The savings account can be opened by institutions who meet the eligibility criteria, as prescribed by Reserve Bank of India.

*Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.

** The Cheque book limit is maximum of 75 leaves per day and for 500 per month

• No commitment, Zero Average Quarterly balance ( AQB) account
• Nil charges on Domestic Remittances – Payment/ Receipts/ Collections (please refer to Retail Institutions CA GSFC document)
  
• High Cash deposit limits not linked to balance maintained
• Free SMS alerts as per customer requirement
• Integrated CMS solutions
• Bundled offering of Payment Gateway & POS terminals
• Lending Solutions
• ActivMoney facility
  

• Government Business (GB) and Retail Institutional (RI) (w.e.f. 1st July, 2019)
• General Schedule of Features and Charges for Savings Accounts effective from 1st May, 2019

Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.