January 30, 2023
Shreeja Ray

Kotak Mahindra Bank Current Account: A Complete Guide

Kotak Mahindra Bank, which was established in Mumbai in 2003 and has a market capitalization of Rs. 3.41 lakh crore, is the third-largest private sector bank. Pretty large, huh? More than 2500 ATMs and 1600 branches are present. You'll be shocked to learn that the business was the first to obtain an RBI banking license. As a result, it changed from an NBFC to a bank and became the first.

Types of Current Accounts at Kotak Mahindra Bank

You can infer the size of the company once you are aware of this knowledge. Without a doubt, it will cater to every market group in order to increase its clientele. Because of this, it provides a variety of current accounts for various business types. Let's examine each one in turn.

Initial Accounts

We are currently in the startup phase. The unicorn craze has significantly impacted startup culture. Therefore, banks can get a lot of clients by focusing on this sector. The same is true for Kotak Mahindra Bank. It includes current accounts for various startup stages.

Eligibility Requirements

1. Either a single or joint account may be opened.

2. 10,000 rupees minimum average quarterly balance.

Accessible for:

1. Individuals (resident Indians) (resident Indians)

2. single-person businesses

3. Undivided Hindu families (HUFs)

4. Limited liability companies and partnerships

5. privately held corporations

6. Cooperative societies, associations, and trusts, as well as clubs

7. government agencies, educational institutions, and religious organizations

8. Association of Individuals

9. public sector projects

10. domestic co-operative banks, regional rural banks, and domestic banks

11. Foreign enterprises, foreign nationals living in India, and foreign institutional investors


How can I start a current account with Kotak Mahindra Bank?

You must either fill out the account opening form on paper or online. And include any relevant supporting documentation. Your current account is accessible once it has been verified.

What is the Kotak Current Account's minimum balance?

There are different minimum balance requirements for different current accounts. The minimum balance for Neo Current Account is the lowest at Rs 10,000.

Is there a Kotak current account with 0 balance?

Yes, there is a current account with a zero balance. It has an overdraft facility with pre-approval and fast card settlement. Additionally, there are loyalty schemes with interesting perks.

What benefits and drawbacks come with maintaining a current account with Kotak Mahindra Bank?

The above discussion covered the characteristics of all current accounts. The best part is that every client of Kotak Mahindra Bank gets access to a current account. Thus, you won't go away without anything.

A current account is required for a business, right?

No, having a current account for your business is not required. They still have an advantage over savings accounts due to their competitive features. Therefore, current accounting is preferred by all business owners.

Is it possible for me to maintain both a current and a savings account at the same time?

Yes, in this instance there is no restriction. After all, a business name is used while opening current accounts. Additionally, savings accounts are for private use.


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