Product Details
Bank Name
Kotak Mahindra Bank
Account Name
Silk - Women's Savings Account
Account Type
Saving
Interest Rate
7% through flexi fixed deposits.
Free Debit Card
Not available
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
INR 25,000
Debit Card Charges
N.A.
NEFT Charges
Free
IMPS Charges
Up to 10,000: Rs. 5;
10,001 to 1,00,000: Rs. 5;
1,00,001 to 5,00,000: Rs. 15
Free if done online.
Fees and Charges
Silk - Women's Savings Account
Special Features
7% interest through flexi deposit.
Eligibility Criteria
Silk Savings Programme can be offered to/held by only resident Indian woman customers above 18 years of age.
Silk savings programme can be held/opened as sole or joint account. Primary account holder should be a woman in case of joint account.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Account holders gets discounts on branks like Nykaa, Apple, IFB, etc.
50% discount on Locker rental for the first year for every Silk Women’s Savings Account.
INR. 999 flat processing fee on personal loan.
Up to 100% On-road funding on car loan Flat ROI @ 9.49% p.a.
Zero processing fee on two-wheeler loan.
Zero processing fee on gold loan.
High interest rate.
Cons
Interest offered on non-flexi deposit amount is low.
Kotak Silk Savings Account
The account is one of the best savings account in India. The primary holder of this account has to be a women. Through flexi deposit account holders can earn interest @7%. The account comes with a number of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Visit a Kotak Mahindra Bank Branch: Go to the nearest Kotak Mahindra Bank branch.
Obtain an Application Form: Request a Silk Savings Account application form from the bank staff.
Fill Out the Form: Complete the form with your personal and financial details.
Submit Documents: Submit the filled-out form along with the required documents.
Initial Deposit: Make the required initial deposit (if any).