Torus Digital v/s Kotak Mahindra Bank Savings Account
Interest Rates 2025
When choosing a savings account, interest rates are key. Here’s a comparison of Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and Kotak Mahindra Bank savings account interest rates across balance slabs to help you decide.
| Savings Account Balance Slab Savings A/c Balance Slab | Kotak Mahindra Bank Savings Account Kotak Mahindra Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Up to ₹1 Lakh |  2.75% | 2.50% |
| >₹1L – 5L (incl.) | 2.75% | 4.00% |
| >₹5L – 10L (incl.) | 2.75% | 7.25% |
| >₹10L – 50L (incl.) | 2.75% | 7.50% |
| >₹50L – ₹5Cr (incl.) | 2.75% | 7.50% |
| >₹5Cr – 25Cr (incl.) | 2.75% | 7.75% |
| >₹25Cr | 2.75% | Contact Branch |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and start earning up to 7.75% interest
Open Account NowCharges & Fees
Here’s a quick comparison of the fees and charges for the Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and Kotak Mahindra Bank Account to help you decide.
| Charges / Fees Charges / Fees | Kotak Mahindra Bank Savings Account Kotak Mahindra Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Minimum Average Monthly/Quarterly Balance | ₹10,000 | NIL |
| Non-Maintenance Charges | ₹6 per ₹100 shortfall per month (Max ₹500) | NIL |
| Cheque Bounce Charges (Insufficient Funds) | ₹500 per instance | NIL |
| Cheque Bounce Charges (Technical Reasons) | ₹50 | NIL |
| Cheque Return | ₹500 per instance | ₹200 |
| Cheque Book Charges | 25 free cheque leaves per year, thereafter ₹3 per leaf | 20 leaves free per quarter, additional cheque fees- ₹2 per leaf |
| Account Closure Charges | NIL | NIL |
| ATM Withdrawals | Kotak ATM: Free Non-Kotak ATM: First 3 (Metro) 5 (Non-Metro) free per month, thereafter ₹20 per transaction | Limit: ₹1,00,000/day |
Features of Saving Account
Let’s compare the key features of the Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and the KOTAK Mahindra savings account to see which suits you best.
| Feature Feature | Kotak Mahindra Bank Savings Account Kotak Mahindra Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Interest rate | Up to 2.75% p.a. | Up to 7.75% p.a. |
| Interest payout | Quarterly | Monthly |
| Minimum balance requirement | ₹10,000 | No minimum balance requirements |
| Penalty for non-maintenance | ₹6 per ₹100 shortfall per month (Max ₹500) | No charges |
| Cheque book facility | 25 free cheque leaves per year; thereafter ₹3 per leaf | Not applicable |
| Debit Card | Multiple variants, including RuPay and Visa, with associated benefits | Digital RuPay Debit Card |
| Investment Feature | Sweep-in facility for FD linkage | ‘Invest Your Interest’ feature to invest earned interest in selected ETFs |
| Stock Market Transactions | Not applicable | Block Funds Facility – trade in stocks directly from the savings account while earning interest |
| Fund Transfers | NEFT/RTGS/IMPS/UPI | NEFT/RTGS/IMPS/UPI (free) |
| Cash Withdrawals | Kotak ATM: Free Non-Kotak ATM: First 3 (Metro) 5 (Non-Metro) free per month, thereafter ₹20 per transaction | Digital-first approach |
| Banking Process | Physical & Online banking | Fully digital process, account opens in 6 minutes |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and enjoy smarter banking with higher interest and zero hassle!
Open Account NowWhich Account Offers the Best Interest Rate? Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) vs Kotak Mahindra Bank Savings Account
For those seeking better interest on their savings, Torus Digital offers a clear advantage. While Kotak savings account provides an interest rate of just 2.75% p.a., Torus Digital’s savings account features tiered interest rates that go up to 7.75% p.a.—outperforming traditional accounts across every slab. It’s an ideal choice for individuals who want to make the most of their idle money without locking it away, offering a smarter way to grow your savings effortlessly.
Documents Required
To open a savings account, whether with Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) or an Kotak Mahindra Bank account, having the right documents ready can make the process quick and hassle-free. Below is a comparison of the key document requirements to help you get started smoothly.
| Documents Required Documents Required | Kotak Mahindra Bank Savings Account Kotak Mahindra Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Proof of Identity & Address (Any one) | 2 passport photos, Address & ID proof (Aadhaar/Passport), both address proofs If mailing & permanent address differ, 1 copy suffices if a document covers both ID & address | Aadhaar Card (mandatory), Original PAN Card (mandatory); Aadhaar used for both ID & address verification |
| PAN Card | Required (part of identity documents) | Mandatory for onboarding and KYC verification |
| Photographs | Two recent passport-sized photographs | Not needed separately — live selfie captured digitally during onboarding Video KYC |
| Additional Documents | Duly filled account opening application form | No physical form needed — all details filled digitally in the app |
Eligibility Criteria
When choosing between a Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and an Kotak Mahindra savings account, it’s important to understand the eligibility criteria for each. Knowing who can open these accounts helps you decide which option best fits your banking needs.
| Eligibility Criteria Eligibility Criteria | Kotak Mahindra Bank Savings Account Kotak Mahindra Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Account Holders | Resident Individuals (single/joint), Hindu Undivided Families (HUFs) | Resident Individual (Single) |
| Minors | Kotak Junior Account: Below 10 yrs: Joint with guardian 10–18 yrs: Self-operated account | N/A |
| Senior Citizens | Senior citizen accounts available for those above 60 years | Age is no bar |
| Foreign Nationals | Must reside in India for over 180 days, valid passport, visa, FRRO certificate, residential permit required | N/A |
| Residency Status | Resident individuals only | Resident individuals only |
Why Choose Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB)?
The Torus Digital Savings Account, powered by Suryoday Small Finance Bank (SSFB), offers a range of innovative features designed to give you the best banking experience with attractive returns and complete convenience
- High Interest Rates: Earn up to 7.75% p.a : Best in class interest rates available on savings accounts today.
- Monthly Interest Credit: Enjoy the benefit of monthly interest being credited directly to your account, helping your savings grow faster.
- Zero-Balance Account : Say goodbye to minimum balance requirements and maintenance fees - enjoy the freedom of a truly zero-balance account.
- Invest Your Interest : Boost your savings with the unique ‘Invest Your Interest’ feature, allowing you to invest your interest earnings in ETFs starting at just ₹27, potentially earning up to 15% extra.
- Digital RuPay Debit Card : Shop online and make secure transactions easily with the Torus Digital RuPay Debit Card, powered by SSFB.
- Block Funds Facility : Combine liquidity with growth by trading stocks directly from your savings account while still earning monthly interest.
- Instant Fund Transfers : Seamlessly transfer funds to your trading account without any delays.
- 24/7 Customer Support : Get round-the-clock assistance whenever you need help.
- Fully Digital Process : Open and manage your account entirely online quick, hassle-free, and paperless.
Additionally, you can explore the Torus Digital 3-in-1 Account that integrates your savings, trading, and demat accounts into one powerful platform, giving you seamless control over your finances with enhanced convenience.
About Suryoday Small Finance Bank
SSFB began its journey as a microfinance institution in November 2008 and transitioned into a Small Finance Bank in January 2017 after receiving its banking license. With a strong foundation in inclusive banking, SSFB today powers next-gen digital savings solutions through platforms like Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB).
Frequently Asked Questions
1. What are the Kotak Savings Account interest rates?
- Kotak Mahindra Bank Account interest rates determine the returns earned on your deposited funds, allowing your savings to grow over time. The bank follows a structured interest rate system where interest is calculated based on the daily balance and credited quarterly/semi-annually. Below is the slab-wise interest rate structure for Kotak Mahindra savings account interest rates, ranging from 3% to 4% per annum, based on different account balances:
- Up to Rs. 750 Crore- 2.75% p.a.
- Above Rs. 750 Crore and up to Rs. 1000 Crore*- MIBOR + 5.2 bps p.a.
- Above Rs. 1000 Crore*- MIBOR +70 bps p.a.
2. How can I open an Kotak Savings Account?
- You can open your either online or by visiting a branch.
- 1) Online Process (InstaAccount):
- a) Download the 811 Mobile Banking App or visit the Kotak811.com
- b) Fill your details in the above form & complete the OTP authentication
- c) Deposit ₹1,000 during account opening journey (₹5,000 for 811 Super a/c). You can withdraw this amount anytime.
- d) Once the deposit is successful, your zero balance savings account will be activated.
- 2) Branch Visit:
- a) Visit your nearest Kotak Mahindra Bank branch with the necessary documents, including Aadhaar Card, PAN Card, passport-sized photographs, and proof of address.
- b) Fill out the account opening form and submit your documents.
- c) Once your details are verified, your Savings Account will be activated.
- After opening your account, you can log in via NetBanking or MobileBanking to start managing your funds.
3. How can I update my contact details for my Kotak Bank Savings Account?
- Visit your nearest Kotak Bank branch with valid photo ID proof to update your mobile number.
4. How to choose the right savings account?
- When selecting a Savings Account, consider these key factors:
- a. Assess your financial goals and banking needs.
- b. Compare interest rates offered by different banks.
- c. Check the minimum balance requirements to avoid penalties.
- d. Ensure the account provides easy access through online and mobile banking.
- e. Review the benefits of the debit card, such as cashback offers or transaction limits.
5. How to Choose Between Kotak Savings Account and a Torus Digital Savings Account?
- When selecting a savings account, it's essential to compare features that align with your financial needs. If you're looking for traditional banking experience with branch access, the Yes Bank Account provides stability, multiple account variants, and additional banking privileges. On the other hand, Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB), part of the Torus Digital 3-in-1 Account, offers a fully digital experience with added investment benefits.
- Torus Digital stands out with a high savings account interest rate of up to 7.75% p.a., credited monthly instead of quarterly, helping your savings grow faster. Unlike conventional accounts, it has no minimum balance requirements or penalties, making it an excellent choice for those seeking flexibility.
- Beyond savings, Torus Digital integrates investment features. The ‘Invest Your Interest’ option allows you to automatically invest earned interest in selected ETFs, potentially yielding an additional 15% p.a. returns. The Block Funds Facility enables seamless stock market transactions directly from your savings account while continuing to earn interest.
- With a completely digital-first process, Torus Digital allows you to open an account in just 6 minutes. It offers a Digital RuPay Debit Card, smooth online fund transfers, and round-the-clock accessibility, making it an efficient and modern banking alternative.
