kotak junior savings account

kotak Junior Savings Account

Investment
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The Kotak Junior Savings Account has been designed specifically to meet the needs of children when it comes to saving. Kotak child accounts assist parents to establish an economical fund for their children’s future by instilling the habit of saving money at a young age.

The engaging Kotak Junior Savings Account, which comes with fantastic perks like a Junior ID Card and offers in the edutainment, shopping, and eating categories, is sure to make saving fun for kids.

The Kotak child Account, A savings bank (S/B) account and recurring deposit (RD) scheme for children, was launched by Kotak Mahindra Bank.

The Kotak Mahindra Bank is known for its exceptional banking services, And its Junior Account is a must-have for every Kotak child account. This Kotak child account will assist you in instilling the habit of saving your children at a young age. Not only that, but this Kotak junior account is a great way to enjoy a variety of benefits in the areas of dining, entertainment, and shopping with well-known children’s businesses like Firstcry, TINKLE, Freshmenu, and others.

Customers who open a Kotak child account can choose from a selection of junior savings account products and cashback and discount offers. The Kotak Junior Account is one such product that aims to instill the habit of saving money in children.

Read more: How To Open Business Bank Account

What is a Kotak Junior Savings Account?

It is necessary to have a basic understanding of Kotak child accounts in India before learning about the best savings accounts in India. Banks often provide two types of Junior Savings Accounts: one for children under the age of 10, and another for youngsters aged ten to eighteen. The account for individuals under the age of ten years old can only be used in conjunction with a parent or guardian, whilst the latter can be utilized by the child alone.

However, one thing to keep in mind is that a Kotak child account becomes active after the child reaches the age of adulthood, which is 18 years old. The Kotak child account will turn into an ordinary savings account after the basic paperwork is completed, and parents will no longer be able to access the account.

The Kotak Junior Account is intended exclusively for youngsters under the age of 18 to help them develop the habit of banking regularly. 

Kotak child account is a platform that assists youngsters in growing their savings for the future. On deposits, the Kotak child account offers a rate of return of up to 4% per year. Aside from that, the Kotak kid account provides specially curated incentives and rewards for account holders under the age of 18.

Kotak Junior Savings Account Highlights

The concept behind this junior savings account is to combine the advantages of a Kotak child account for children and their guardians with the benefits of SIP or RD investments. On the balance of the Junior and Guardian accounts, you can earn up to 6% per year in interest. Each account holder receives a unique Junior Debit Card.

Bank Kotak Bank
Category Kotak Junior Savings Account
Proposal To combine the advantages of a Kotak child account for both the junior and the guardian, and to make RD/SIP investment easier
Interest Rate of Kotak child account On the balance of the Junior and Guardian accounts, you can earn up to 6% per year
Debit Card Junior Debit Card with Personalization

Why do we need Kotak Junior Savings Account?

In their formative years, children are extremely impressionable and quickly adopt habits. As a result, instilling financial literacy in your children at a young age and assisting them in developing regular banking habits can help them grow into responsible individuals. Take the initial steps toward a brighter future for your children with a Kotak Junior Account.

Criteria for opening a Kotak Child Account

To be eligible for a Kotak Mahindra Junior Savings Account, the child must meet the following requirements:

  •   The child must be under the age of eighteen (Minor)
  •   The minor should live in the area.
  •   The guardian can be either a resident or a non-resident.

What is the Procedure for opening a Kotak Junior Savings Account?

There are three simple steps to opening a Kids Savings Account with Kotak Mahindra:

Step 1: Before deciding on a bank, go to the “Kids Savings Account” tab and compare banks. You may also use the “More Info” tab to help you make an educated decision.

Step 2: After selecting the Kotak child account as your preferred bank, click the “Apply Now” option.

Step 3: You will then be guided to the Kotak Mahindra Bank’s relevant page, where you can continue the process of opening a Kotak Junior Account.

Benefits of Kotak Junior Savings Account

  • customers who open a Kotak Junior Account or a Guardian’s Savings Account can earn up to 4.5% per year.
  • Kotak Junior account members get special discounts and benefits.
  • With a Junior Savings Account, customers receive a customized debit card.
  • The average monthly balance that needs to be maintained is Rs. 5000.
  • Non-maintenance charges are disowning when you convert your Kotak junior account to a zero balance account. It is voluntary for customers who have a Kotak Junior account and an active Recurring Deposit or Systematic Investment Plan (SIP).
  • A daily withdrawal restriction of Rs. 5000 has been overhauled.
  • The normal savings account variations of the Kotak Junior account, including Platina, Ace, Pro, Classic, Edge, and Nova, are available without the additional Guardian Account and investment choices.
  • The minimum age to open a Kotak Junior Account is 18 years old.

Features of Kotak Junior Savings Account

The Kotak Mahindra Bank Junior Account includes the following five features:

1. Accounts with a Zero Balance

The account can change to a zero balance account despite having a minimum average balance of Rs.5, 000. If the customer is a Kotak Junior Account holder with active recurring deposits (RD) or a Systematic Investment Plan (SIP), the account’s non-maintenance fees are quit. There will be a minimum average balance if there is no continuing RD or SIP. Non-maintenance fees are incurred for a minimum monthly RD and SIP of Rs. 2,000 throughout 36 months. For rural areas, the sum is Rs.1000.

2. Junior Debit Card (Personalized)

The Personalized Junior Debit Card, which has a daily ATM withdrawal limit of Rs. 5000, is given to youngsters over the age of ten. Maintaining a child’s bank account with a debit card teaches responsibility and instills the habit of withdrawing the exact amount as needed.

3. Appealing Interest Rates

For the junior and Guardian Accounts, the Bank offers rates of up to 4% per year. The following is the interest rate on the kid’s bank account: 

  • A savings account balance of up to Rs. 1 lakh would earn 3.75 percent interest every year.
  • On balances over Rs.1 lakh, you’ll get a 4.5 percent annual interest rate.

4. Privileges and Discounts

Junior account holders are also entitled to a variety of benefits and discounts on dining, edutainment, and shopping at children’s stores. In addition to the features mentioned above, Kotak Mahindra Bank has added two new ways to invest: recurring deposits and systematic investment plans. 

5. Recurring Deposit

A recurring deposit (RD) allows you to deposit a set amount in a long-term account monthly. A Recurring Deposit requires a minimum monthly commitment of Rs. 2,000. For Semi-Urban and Rural Branches, the minimum investment is Rs. 1000. A Recurring Deposit must detain for at least 36 months.

6. Systematic Investment Plan (SIP) 

Guardians can invest in mutual funds for their children’s future using systematic investment plans (SIPs). Customers can invest a set amount of money at set intervals using a SIP. This aids in the achievement of long-term financial objectives.

7. Kotak Junior Account Types

The Kotak Junior Account comes in the usual Savings Account types of Platina, Ace, Pro, Classic, and Edge Nova, but without the distinct Guardian Account or the RD and SIP saving and investing choices.

Required Documents to Open Kotak Child Account

To complete the KYC requirements for creating a Kotak Junior Account, the following papers are required:

1. Identity Proof

Kotak Mahindra Bank recognizes the following papers as confirmation of identity:

  • PAN Card
  • Driving License
  • Passport
  • Voter ID
  • Aadhaar Card

2. Address Proof

The following documents are conventional as address evidence by Kotak Mahindra Bank:

  • Passport
  • Driving License
  • Voter’s ID
  • Aadhaar Card
  • Electricity Bill
  • Bank Statement
  • Bank Account Passbook (updated up to the previous 3 months)

3. Signature Proof

The following documents are acceptable by Kotak Mahindra Bank as signature proof:

  • PAN Card
  • Driving License
  • Passport
  • Latest Passport Size Photographs (4 copies)

Kotak Junior Savings Account – FAQs

Q1 What are the advantages of having a Junior Savings Account?

With a Junior Account, you’ll be able to take advantage of discounts on shopping, dining, entertainment, and more. Kotak child  Foodie, here’s what you can expect from your Kotak child account:

  • Junior Day Out
  • Junior Learner
  • Junior Angel
  • Junior Foodie

Q2 Is it possible to open a Kotak child account?

The youngster must meet the following criteria to apply for a Kotak Mahindra Junior Savings Account: The child’s age should be under 18 years old (Minor). A minor should be a permanent resident. A resident or non-resident guardian is acceptable.

Q3 What is the minimal AMB for a Junior Savings Account?

A Junior Savings Account must have a minimum average monthly balance of Rs. 5,000/-.

Q4 How can we learn more about Kotak child account charges?

Refer to the ‘Charges’ link in the savings account part of our website for detailed details on the charges that apply to your Kotak child account.

Q5 Is it possible to open a savings account for an 11-year-old?

By law, little children are unable to open a savings account. To open a custodial or joint account, they will require a parent or guardian. A custodial account is a kid’s property that is moderate by the parent until the child reaches the age of 18.

Q6 What is the procedure for changing my Home Branch?

Go to the Website’s Help area > Service Request > View All. Change of Home Branch Request should be chosen. Login credentials and the received OTP needs to be entered by the user. The Home Branch can be changed at the CRN level (all savings accounts) or the savings account level.

Q7 What is the best Kotak Mahindra Bank saving account rate?

Savings accounts at Kotak Mahindra Bank pay between 3 and 6% returns. Interest rates are liable to change by the bank authorities at any time because they are based on a variety of criteria. Visit the bank’s website or a branch office to get the most up-to-date rates.

Q8 How can we switch from one type of savings account to another?

When a depositor is under the age of 18, the account reverts to him when he becomes 18. Individuals can choose from a variety of savings accounts at this time. It is also possible to switch an existing account to a different variation.

Q9 What exactly is ActivMoney?

You can earn a lot more money in your savings bank account if you use this service. Your savings account’s idle money is automatically transferred to a term deposit (up to a predetermined threshold limit). In event of a cash shortage, the funds are sent back to the savings account.

This facility has the following benefits:

  • Earned a higher rate of interest.
  • You need not keep track of idle cash regularly or give the bank instructions to construct Term Deposits from your savings account balances.
  • Greater Flexibility & Liquidity since money flows back into the Savings Account if the amount falls below a certain threshold.

Q.10 Who is eligible to create a savings account?

You must fall into one of the following categories to be eligible for a Kotak Mahindra Bank Pro Savings Account.

  • Indians who live in the country (Sole or Joint Savings Account)
  • Undivided Hindu Families
  • Inhabitants of India: Foreign Nationals

Q.11 Is Kotak 811 suitable for minors?

The Kotak Junior Account was created to teach your children about the importance of saving. While also offering various benefits in the areas of dining, entertainment, and shopping for children’s goods.

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