Kotak Mahindra Bank Current Account
A current account is a type of store account generally utilized by experts and representatives over the globe. Current account is utilized for pulling back assets and checks composed against the parity in the record. In this article, let take a gander at the different kinds of Kotak Mahindra Bank Current Account in detail.
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Types of Current Account
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
To apply for a current account in Kotak Mahindra Bank the following documents are required:
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 gives different highlights and advantages to its record holders. Here are the highlights and advantages that are pertinent to each such record offered by the monetary element:
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 Organization, 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 Organization (NGO/ Charitable Trust)
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Neo Current Account
The normal quarterly equalization required to keep up this record is Rs. 10,000.
Highlights and advantages
The previously mentioned highlights and advantages are material to this record.
Qualification
Neo Current Account can be begun as a solitary or shared service with an underlying store of Rs. 1 Lakh. The base normal quarterly equalization required for this record is Rs. 10,000. Aside from this, the previously mentioned qualification criteria are additionally relevant.
Expense and Charges
Money stores for home branch and for non-home branch area pulls in a standard charge of Rs. 3.5 for each thousand rupees of store. The base add up to be kept must be Rs. 50. Money withdrawals made at the home branch area brings about a standard charge of Rs. 2 for each thousand rupees of store.
Startup Regular Current Account
The normal quarterly parity required for this record is Rs. 50,000. The business class gold check cards offer day by day buys of Rs. 1.75 lakhs and every day ATM money withdrawal of Rs. 50,000.
Highlights and advantages
Waiver of non-upkeep charges for one year from the long stretch of opening the record
Free cheque installments and gathering the nation over
Free cheque gathering through ‘speed clearing’
These advantages are allowed notwithstanding the ordinary advantages offered to each current record 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
Expense and Charges
To make money stores at home branch, a standard charge of Rs. 3 is relevant for each thousand rupees of store. Money stores at home branch can be made with a standard charge of Rs. 4.5 for each Rs. 1000 that is stored. Money withdrawals produced using home branch area can be made without acquiring any expense. A standard charge of Rs. 2 is appropriate for each Rs. 1000 that is kept (for a non – home branch area).
Edge Current Account
This kind of current record can be used by a little or medium measured business expecting to keep up a lower balance. The normal quarterly equalization required for this record is Rs. 25,000. The business class gold platinum cards offer an every day buy of Rs. 1.75 lakhs and every day ATM money withdrawal of Rs. 50,000.
Highlights and advantages
Free money store at non-home branch areas for up to Rs. 50,000/ – every month
Free money withdrawal at non-home branch areas for up to Rs. 25,000/ – every day
These advantages are allowed notwithstanding the ordinary advantages offered to each current record holder.
Qualification
The qualification criteria for this record is in accordance with the general standards.
Expense and Charges
To make money stores at home branch and non-Home Branch area, a standard charge of Rs. 3 is material for each Rs. 1000 that is saved. Money withdrawals produced using non – home branch area will pull in a standard charge of Rs. 2 for each Rs. 1000 that is saved.
Ace Current Account
This current record gives a changed scope of advantaged saving money administrations for little to medium size business and endeavors.
Qualification
This record can be begun as a solitary or shared service that requires an underlying store of Rs. 50,000. The base Average Quarterly Balance (AQB) required for a Pro Current Account is Rs. 50,000.
Expense and Charges
To make money stores at home branch and for non-Home Branch area, a standard charge is Rs. 3 is appropriate for each Rs. 1000 that is saved. Money withdrawals produced using non – home branch area will pull in a standard charge of Rs. 2 for each Rs. 1000 that is stored.
Pro Current Account
Pro current record gives an extensive variety of advantages and managing an account administrations. The normal quarterly equalization to be kept up for this record is Rs. 2.5 Lakh. Among its numerous advantages, the record offers a business control platinum plastic with a day by day buy alternative of Rs. 2.5 Lakhs and ATM money withdrawal of Rs. 2 Lakh.
Highlights and advantages
Free access in local and universal VISA ATMs with Kotak Business Platinum Debit Card.
Free Demand Drafts up to Rs. 30 lacs for each month payable at non-Kotak Bank office areas.
These advantages are allowed notwithstanding the normal advantages offered to each current record holder.
Qualification
This record can be begun as a solitary or shared service that requires an underlying store of Rs. 2.5 Lakhs. The base Average Quarterly Balance (AQB) required for an Ace Current Account is Rs. 2.5 Lakhs.
Expense and Charges
To make money stores at home branch and for non-Home Branch area, a standard charge is Rs. 3.5 is pertinent for each Rs. 1000 that is kept. Money withdrawals produced using non – home branch area acquires a standard charge of Rs. 2 for each Rs. 1000 that is saved.
Astra 05 Current Account
The Astra 05 current record stipends unmatched advantages, especially for independent company at a low normal quarter balance. The normal quarterly parity to be kept up is Rs. 5 Lakhs. The record offers a business control platinum plastic with a day by day buy of Rs. 2.5 Lakhs and day by day ATM money withdrawal of Rs. 2 Lakh.
Qualification
This record can be begun as a solitary or shared service with an underlying store of Rs. 5 Lakhs. The base Average Quarterly Balance (AQB) required for an Astra 05 Current Account is Rs. 5 Lakhs.
Expense and Charges
To make money stores at home branch and for non-Home Branch area, a standard charge is Rs. 3.5 is appropriate for each Rs. 1000 that is kept. Money withdrawals produced using non – home branch area will cost a standard charge of Rs. 2 for each thousand rupees of store.
Startup – Premium Current Account
The normal quarterly equalization to be kept up for this record is Rs. 1,00,000. Its range of advantages incorporates a business class gold check card with a day by day buy alternative of Rs. 1.75 Lakhs and day by day ATM money withdrawal of Rs. 50,000 lakh.
Highlights
Waiver of non-upkeep charges for one year from the long stretch of opening the record.
Free Demand Drafts up to Rs. 10 lacs for each month payable at non-Kotak Bank office areas.
These advantages are allowed notwithstanding the customary advantages offered to each current record holder.
Qualification
This record orders an underlying store of Rs. 1,00,000. The base Average Quarterly Balance (AQB) required for an Astra 05 Current Account is Rs.1,00,000. It is pertinent to the accompanying classifications of organizations.
Sole proprietorships
Organizations/constrained obligation associations
Private/open constrained organizations
Instructive Institutes
Protection firms/common assets
Offer and stock intermediaries
Expense and Charges
To make money stores at home branch a standard charge of Rs. 3 is material for each thousand rupees of store. Non-home branch area, then again, acquires a standard charge of Rs. 4.5 for each thousand rupees of store. Money withdrawals produced using home branch area can be made free of expense; while for a non-home branch area, a standard charge of Rs. 2 is relevant for each Rs. 1000 that is kept.
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World class Current Account
This record is suitable for medium to expansive scale organizations. The normal quarterly equalization to be kept up here is Rs. 1 Lakh. The record agrees the client with a business class gold charge card with an every day buy limit of Rs. 1.75 Lakhs and day by day ATM money withdrawal of Rs. 50,000 Lakh.
Qualification
This record can be begun as a solitary or shared service with an underlying store of Rs. 1 Lakh. The base Average Quarterly Balance (AQB) required for an Elite Current Account is Rs. 1 Lakhs.
Expense and charges
To make money stores at home branch and for non-Home Branch area, a standard charge is Rs. 3.5 is pertinent for each Rs. 1000 that is kept. Money withdrawals produced using non – home branch area results in a standard charge of Rs. 2 for each Rs. 1000 that is stored.
Worldwide Trade Current Account
The Global Trade Current Account contains the arrangements for exchange and forex necessities over the world.
Highlights
Devoted Relationship Manager.
An extensive system of journalist saving money connections over the globe.
Complimentary Kotak Multi-Currency World Travel Card (KWTC).
Straightforward and Competitive administration charges.
Consistent and quick preparing of Trade reports.
Smooth exchange of assets.
Inwards Remittance Alerts.
Computerized Solutions
FX Live to give an online stage to book FX rates whenever the timing is ideal.
E-Banking stage gives data on extraordinary bills/Credit limits on the web.
E-Advices encourage opportune bookkeeping and compromise.
E-SWIFT to give quicker correspondence your abroad colleague.
Astra 15 Current Account
Astra 15 current record is intended for vast size organizations. The normal quarterly parity to be kept up in this record is Rs. 15 Lakh. It furnishes the client with a business control platinum check card that has a day by day buy limit of Rs. 2.5 Lakhs and every day ATM money withdrawal of Rs. 2 Lakh.
Qualification
The Astra 15 Current Account can be begun with an underlying store of Rs. 25 Lakhs. The base Average Quarterly Balance (AQB) necessity for an Astra 15 Current Account is Rs. 25 Lakhs.
Expense and charges
To make money stores at home branch and for non-Home Branch area, a standard charge is Rs. 3.5 is relevant for each Rs. 1000 that is saved. Money withdrawals produced using non – home branch area will bring about a standard charge of Rs. 2 for each Rs. 1000 that is kept.
Orange Current Account
Here’s a look at what an Orange Current Account could offer to its clients:
Free money store up to Rs. 15 Lakhs for each month at All Home City Branches.
Free check pickup consistently.
Free and boundless self-money withdrawal at all ING branches.
Free accumulation of assets through NEFT and RTGS.
Free RTGS/NEFT/DD/PO up to Rs. 2 Crore for every month through its branches.
Free NEFT and RTGS through Internet Banking.
Free neighborhood and outstation check installments
Free neighborhood and outstation check gathering in all ING branch areas.
ATM withdrawal limit of Rs. 100000/day.
Free record explanation consistently.
Free 300 “at-standard” check leaves every month.
24-hour access to Phone Banking.
Free moment cautions for exchanges in a record.
Customized check book for improved security.
Qualification
The record holder needs to keep up a normal parity of Rs. 1,00,000 for each quarter The record can be opened by:
Inhabitant Individuals
Hindu Undivided Families
Sole Proprietorship Firms
Association Firms
Restricted Companies
Trust Accounts
Affiliation/Clubs/Societies
Remote nationals living in India
Terms and Conditions
QAB – Quarterly Average Balance is a whole of the day’s end balance amid the quarter isolated by no. of days in the quarter.
Administration charges demonstrated above prohibits pertinent administration impose. These are liable to changes now and again.
Bank saves the ability to change or suspend a portion of the offices.
Free offices are accessible just against support of quarterly normal equalization.
Client saving money past Rs. 25,000 under “Anyplace Banking” should create a letter (according to Bank’s organization) from the record holder.
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