Kotak Mahindra Bank Current Account
Kotak Mahindra Bank Current Account
A current account is a form of deposit account widely used by professionals and businessmen across the globe. Current account is used for withdrawing funds and cheques written against the balance in the account. In this article, let look at the various types of Kotak Mahindra Bank Current Account in detail.
Types of Current Account
Listed below are the types of Current Account in Kotak Mahindra Bank.
- Neo Current Account
- Startup Regular Current Account
- Edge Current Account
- Pro Current Account
- Ace Current Account
- Astra 05 Current Account
- Startup Premium Current Account
- Elite Current Account
- Global Trade Current Account
- Astra 15 Current Account
- Orange Current Account
Required Documents
The following documents are required to apply for a current account in Kotak Mahindra Bank:
- Board Resolution or the authority letter
- Memorandum and articles of association
- Certificate of Incorporation
- List of directors
- Form No. 32
- Governing Act / Rules and Regulations for PSUs
- Company PAN
- Beneficial Owner details
Features and Benefits
Current account provides various features and benefits to its account holders. Here are the features and benefits that are applicable to every such account offered by the financial entity:
- Free cheque payments and collection across the country.
- Free cheque collection through Speed Clearing.
- Free cash deposit and withdrawal in home branch location.
- Free NEFT and RTGS through Net Banking.
- Free 24×7 net banking, SMS banking, phone banking, and mobile banking.
- Balance alerts and transaction and value-added alerts through SMS at a nominal charge.
- Kotak Circle, that combines several current/saving accounts together (users can avail the flexibility of this option to maintain minimum Group AQB balance in any one or more accounts).
- Faster out-station cheque collection.
- Better Forex rates and efficient trade services.
- Cash management services.
- Forex Live, an Internet-based foreign exchange trading platform that enables buying and selling foreign currency for import/export transactions.
- Point of Sales Solutions (POS) – Stand-alone POS terminals /Wireless POS Terminals – GPRS.
Eligibility
The following institutions are considered eligible to open a current account:
- Sole Proprietorship
- Hindu Undivided Family (HUFs)
- Partnerships and Limited Liability Partnership
- Private Limited Company
- Co-operative Society, Subsidiaries and Associations, Trust and Clubs
- Religious Organisation, Educational Institute and Government Body
- Association of Persons
- Public Sector Undertakings
- Domestic Banks, Regional Rural Bank and Domestic Co-operative Banks
- Foreign Institutional Investors or Foreign nationals residing in India
- Foreign Companies
- Foreign Banks
- Insurance/ Mutual Fund
- Share and Stock Brokers
- Related Parties
- Non-Government Organisation (NGO/ Charitable Trust)
Let us now explore the specifications connected with the current accounts offered by the bank.
Neo Current Account
The average quarterly balance required to maintain this account is Rs. 10,000.
Features and benefits
The above-mentioned features and benefits are applicable to this account.
Eligibility
Neo Current Account can be started as a single or joint account with an initial deposit of Rs. 1 Lakh. The minimum average quarterly balance required for this account is Rs. 10,000. Apart from this, the above-mentioned eligibility criteria are also applicable.
Fee and Charges
Cash deposits for home branch and for non-home branch location attracts a standard charge of Rs. 3.5 for every thousand rupees of deposit. The minimum amount to be deposited has to be Rs. 50. Cash withdrawals made at the home branch location incurs a standard charge of Rs. 2 for every thousand rupees of deposit.
Startup Regular Current Account
The average quarterly balance required for this account is Rs. 50,000. The business class gold debit cards offer daily purchases of Rs. 1.75 lakhs and daily ATM cash withdrawal of Rs. 50,000.
Features and benefits
- Waiver of non-maintenance charges for one year from the month of opening the account
- Free cheque payments and collection across the country
- Free cheque collection through ‘speed clearing’
These benefits are granted in addition to the regular benefits offered to every current account holder.
Applicability
This kind of an account can be utilized by:
- Sole proprietorships
- Partnerships/limited-liability partnerships
- Private/public limited companies
- Educational Institutes
- Insurance/mutual funds
- Share and stock brokers
Fee and Charges
To make cash deposits at home branch, a standard charge of Rs. 3 is applicable for every thousand rupees of deposit. Cash deposits at home branch can be made with a standard charge of Rs. 4.5 for every Rs. 1000 that is deposited. Cash withdrawals made from home branch location can be made without incurring any cost. A standard charge of Rs. 2 is applicable for every Rs. 1000 that is deposited (for a non – home branch location).
Edge Current Account
This type of current account can be utilized by a small or medium sized business aiming to maintain a lower balance. The average quarterly balance required for this account is Rs. 25,000. The business class gold debit cards offer a daily purchase of Rs. 1.75 lakhs and daily ATM cash withdrawal of Rs. 50,000.
Features and benefits
- Free cash deposit at non-home branch locations for up to Rs. 50,000/- per month
- Free cash withdrawal at non-home branch locations for up to Rs. 25,000/- per day
These benefits are granted in addition to the regular benefits offered to every current account holder.
Eligibility
The eligibility criteria for this account is in line with the general norms.
Fee and Charges
To make cash deposits at home branch and non-Home Branch location, a standard charge of Rs. 3 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will attract a standard charge of Rs. 2 for every Rs. 1000 that is deposited.
Pro Current Account
This current account provides a varied range of privileged banking services for small to midsize business and enterprises.
Eligibility
This account can be started as a single or joint account that requires an initial deposit of Rs. 50,000. The minimum Average Quarterly Balance (AQB) required for a Pro Current Account is Rs. 50,000.
Fee and Charges
To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will attract a standard charge of Rs. 2 for every Rs. 1000 that is deposited.
Ace Current Account
Ace current account provides a wide range of benefits and banking services. The average quarterly balance to be maintained for this account is Rs. 2.5 Lakh. Among its many benefits, the account offers a business power platinum debit card with a daily purchase option of Rs. 2.5 Lakhs and ATM cash withdrawal of Rs. 2 Lakh.
Features and benefits
- Free access in domestic and international VISA ATMs with Kotak Business Platinum Debit Card.
- Free Demand Drafts up to Rs. 30 lacs per month payable at non-Kotak Bank branch locations.
These benefits are granted in addition to the regular benefits offered to every current account holder.
Eligibility
This account can be started as a single or joint account that requires an initial deposit of Rs. 2.5 Lakhs. The minimum Average Quarterly Balance (AQB) required for an Ace Current Account is Rs. 2.5 Lakhs.
Fee and Charges
To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3.5 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location incurs a standard charge of Rs. 2 for every Rs. 1000 that is deposited.
Astra 05 Current Account
The Astra 05 current account grants unmatched benefits, particularly for small business at a low average quarter balance. The average quarterly balance to be maintained is Rs. 5 Lakhs. The account offers a business power platinum debit card with a daily purchase of Rs. 2.5 Lakhs and daily ATM cash withdrawal of Rs. 2 Lakh.
Eligibility
This account can be started as a single or joint account with an initial deposit of Rs. 5 Lakhs. The minimum Average Quarterly Balance (AQB) required for an Astra 05 Current Account is Rs. 5 Lakhs.
Fee and Charges
To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3.5 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will cost a standard charge of Rs. 2 for every thousand rupees of deposit.
Startup – Premium Current Account
The average quarterly balance to be maintained for this account is Rs. 1,00,000. Its gamut of benefits includes a business class gold debit card with a daily purchase option of Rs. 1.75 Lakhs and daily ATM cash withdrawal of Rs. 50,000 lakh.
Features
- Waiver of non-maintenance charges for one year from the month of opening the account.
- Free Demand Drafts up to Rs. 10 lacs per month payable at non-Kotak Bank branch locations.
These benefits are granted in addition to the regular benefits offered to every current account holder.
Eligibility
This account mandates an initial deposit of Rs. 1,00,000. The minimum Average Quarterly Balance (AQB) required for an Astra 05 Current Account is Rs.1,00,000. It is applicable to the following categories of businesses.
- Sole proprietorships
- Partnerships /limited liability partnerships
- Private/public limited companies
- Educational Institutes
- Insurance firms / mutual funds
- Share and stock brokers
Fee and Charges
To make cash deposits at home branch a standard charge of Rs. 3 is applicable for every thousand rupees of deposit. Non-home branch location, on the other hand, incurs a standard charge of Rs. 4.5 for every thousand rupees of deposit. Cash withdrawals made from home branch location can be made free of cost; whereas for a non-home branch location, a standard charge of Rs. 2 is applicable for every Rs. 1000 that is deposited.
Elite Current Account
This account is appropriate for medium to large scale businesses. The average quarterly balance to be maintained here is Rs. 1 Lakh. The account accords the customer with a business class gold debit card with a daily purchase capacity of Rs. 1.75 Lakhs and daily ATM cash withdrawal of Rs. 50,000 Lakh.
Eligibility
This account can be started as a single or joint account with an initial deposit of Rs. 1 Lakh. The minimum Average Quarterly Balance (AQB) required for an Elite Current Account is Rs. 1 Lakhs.
Fee and charges
To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3.5 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location results in a standard charge of Rs. 2 for every Rs. 1000 that is deposited.
Global Trade Current Account
The Global Trade Current Account contains the provisions for trade and forex requirements across the world.
Features
- Dedicated Relationship Manager.
- A large network of correspondent banking relationships across the globe.
- Complimentary Kotak Multi-Currency World Travel Card (KWTC).
- Transparent and Competitive service charges.
- Seamless and swift processing of Trade documents.
- Smooth transfer of funds.
- Inwards Remittance Alerts.
Digital Solutions
- FX Live to provide an online platform to book FX rates at your convenience.
- E-Banking platform provides information on outstanding bills / Credit limits online.
- E-Advices facilitate timely accounting and reconciliation.
- E-SWIFT to provide faster communication with your overseas business partner.
Astra 15 Current Account
Astra 15 current account is designed for large-size businesses. The average quarterly balance to be maintained in this account is Rs. 15 Lakh. It provides the customer with a business power platinum debit card that has a daily purchase capacity of Rs. 2.5 Lakhs and daily ATM cash withdrawal of Rs. 2 Lakh.
Eligibility
The Astra 15 Current Account can be started with an initial deposit of Rs. 25 Lakhs. The minimum Average Quarterly Balance (AQB) requirement for an Astra 15 Current Account is Rs. 25 Lakhs.
Fee and charges
To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3.5 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will incur a standard charge of Rs. 2 for every Rs. 1000 that is deposited.
Orange Current Account
Here’s a glimpse of what an Orange Current Account could offer to its customers:
- Free cash deposit up to Rs. 15 Lakhs per month at All Home City Branches.
- Free cheque pickup on a daily basis.
- Free and unlimited self-cash withdrawal at all ING branches.
- Free collection of funds through NEFT and RTGS.
- Free RTGS/NEFT/DD/PO up to Rs. 2 Crore per month through its branches.
- Free NEFT and RTGS through Internet Banking.
- Free local and outstation cheque payments
- Free local and outstation cheque collection in all ING branch locations.
- ATM withdrawal limit of Rs. 100000/day.
- Free account statement every month.
- Free 300 “at-par” cheque leaves per month.
- 24-hour access to Phone Banking.
- Free instant alerts for transactions in an account.
- Personalized cheque book for enhanced security.
Eligibility
The account holder has to maintain an average balance of Rs. 1,00,000 per quarter The account can be opened by:
- Resident Individuals
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
- Association / Clubs / Societies
- Foreign nationals residing in India
Terms and Conditions
- QAB – Quarterly Average Balance is a sum of the end of the day balance during the quarter divided by no. of days in the quarter.
- Service charges indicated above excludes applicable service tax. These are subject to changes from time to time.
- Bank reserves the power to change or discontinue some of the facilities.
- Free facilities are available only against maintenance of quarterly average balance.
- Customer depositing cash beyond Rs. 25,000 under “Anywhere Banking” should produce a letter (as per Bank’s format) from the account holder.
