Kotak Mahindra Bank
Kotak Mahindra Bank Limited is one of India's leading private sector banks, established in 1985 by Uday Kotak and headquartered in Mumbai. Kotak received its banking licence from the Reserve Bank of India in 2003 and has since grown into a full-service universal bank with a nationwide network of 1,800+ branches and 2,500+ ATMs, serving more than 5 crore customers across urban, semi-urban, and rural India. The Kotak Salary Account programme is a flagship product aimed at salaried employees of corporate-tieup employers, combining zero-balance convenience with premium digital and lifestyle benefits. The Kotak Mahindra Salary Account is a zero-balance savings account designed for salaried employees routed through a corporate salary tie-up. The Monthly Average Balance (MAB) requirement is fully waived for the entire duration that the employer credits the monthly salary into the account. Interest on the daily closing balance is paid at 3.5% p.a. — matching the highest savings rate offered by India's leading private banks and aligned with the RBI-mandated savings rate for domestic deposits. If the employer stops crediting the salary for a defined period, the account is automatically converted into a standard Kotak Savings Account at the prevailing MAB and savings rate, preserving the account number, debit card, and standing instructions. A standout feature of the Kotak Salary Account is free unlimited NEFT, RTGS, and IMPS through the Kotak Mobile Banking app, the KayMall super-app, and Kotak net banking — with no per-transaction cap and no charge on outward transfers. Account holders receive a complimentary Kotak Salary Privilege Debit Card with a higher daily ATM withdrawal limit, free ATM access at all Kotak ATMs, and acceptance on RuPay, VISA, and Mastercard networks. The card also enables contactless payments, online transactions, and international usage (subject to FEMA/RBI foreign exchange limits). The Kotak Mobile Banking app and the KayMall super-app — Kotak's integrated mobile platform — support UPI, IMPS, QR-based payments, utility bill payments, mobile recharge, FD/RD booking, mutual fund investments, and instant account statements. The app also enables video KYC, paperless chequebook requests, and one-tap blocking of the debit card in case of loss. Salaried customers can fund SIPs, insurance premiums, home loan EMIs, and ECS mandates directly from the salary account through standing instructions. Kotak bundles a personal accident insurance cover of up to ₹2 lakh (with higher tiers at premium salary brackets) at no additional premium, free SMS and email alerts on every transaction, free passbook updates at any Kotak branch, and a free quarterly account statement. On leaving the employer, the salary account is auto-converted into a regular Kotak Savings Account — there is no need to close and reopen the account, and the existing debit card and UPI ID continue to work seamlessly. Source: Kotak Mahindra Bank official website, updated May 2026.
| Feature | Details |
|---|---|
| Interest Rate | 3.5% p.a. |
| Minimum Balance | ₹0 |
Review the eligibility criteria below. Most savings accounts require Indian residency, valid KYC documents, and a minimum age of 18 years.
Click "Apply Now", fill in your details, and complete KYC via Aadhaar eKYC, video call, or by uploading self-attested documents.
Once KYC is verified, your account is activated within 1–3 working days. You will receive your account number and can start transacting immediately.