Kotak Mahindra Student Account: Benefits, Eligibility

A Kotak Mahindra Student Account or UNI Student Account is advantageous for students seeking education loans and credit and debit card facilities. This account is a zero-balance account meant for students studying at top universities worldwide and in India. Additionally, This hassle-free account helps a student in managing their finances during their course duration. Any student can apply for this account by scheduling a Video KYC call with a Kotak official. To open this account, an individual has to submit the documents mandated by the Reserve Bank of India (RBI).  

How to Open a Kotak Mahindra Student Account?

With the use of the Video KYC (Know Your Customer) tool, a student may start this bank account online and from any location. To complete her/their/his KYC process, she/them/he must engage in a video conference with a bank official, effectively eliminating the need to visit a physical branch of Kotak Bank. 

Here is a step-by-step guide to opening a Kotak UNI Student Bank Account online:

• Fill out the required details in the video process
• After getting the elements, a bank official will verify the details over video interaction
• Now, the executive will guide you in submitting the documents
• After completing the video call, the student account will be activated within 24 hours

Eligibility

To open a Kotak Mahindra student account, an individual must be between the ages of 18 years to 25 years and must be pursuing a professional course. 

Documents Required

Kotak Bank accepts documents that are mandatory as per the RBI guidelines. To open a student account in this financial institution, an individual needs to produce original documents for verification and submit self-attested documents. Here are the documents required:

• Passport-size photograph
• ID Card of a college/university or Letter of Acceptance from a college/university

Also Read: What Do You Need To Open A Bank Account?

Benefits of Opening a Kotak Mahindra Student Account

Individuals with a student account at Kotak Bank experience several advantages like 180+ digital banking services, eligibility to apply for domestic and international education loans, free-of-cost platinum debit cards, and eligibility to apply for credit cards. Therefore, by opting for a Kotak Mahindra Bank Student Account, an individual gets to enjoy a hassle-free zero-balance savings account suited for all purposes. 

Digital Banking Services

Owners of a student account get to experience over 180 digital banking features on the Kotak Mobile Banking App. Getting access to these features enables an account holder to avail of the following benefits:

• Recharge phone number and DTH connection through Net Banking
• Pay bills using Kotak Mobile Banking App
• Scan and Pay feature for cash-free and contactless payments
• Use for UPI payments, IMPS, RTGS, and NEFT 
• Use KayMall on the App or Net Banking for travel bookings, shopping, etc. Students also get exclusive discounts and cashback features

Also Read: HSBC International Student Account

Free Platinum Debit Card

Kotak Mahindra Bank provides free Platinum Debit Cards to student account holders to ease banking for them. Additional features include complimentary insurance covers on these cards. Some of the key advantages of these debit cards are as follows:

S.No.	Insurance Covers	Amount
1	Lost Card Liability	INR 2.50 lakh
2	Lost Baggage Insurance	INR 1 lakh
3	Accidental Death Cover	Up to INR 25 lakh
4	Air Accident Insurance	INR 50 lakh
5	Purchase Protection Limit on Burglary and Fire	INR 1 lakh for each

Other Benefits

In addition to the aforementioned advantages, the student bank account also offers the following benefits:

• Unlimited and free access to all Kotak Mahindra Bank VISA ATMs
• Access to SILK Savings Account of Kotak. This account is exclusive to women customers. Account holders of this bank get a cashback of up to INR 4500 on expenditures with Kotak debit cards. However, the exact amount depends on the policies of the bank.

Also Read: Axis Bank Forex Card for Students

Kotak Mahindra Bank Education Loans

As a student, education loans are essential financial aid for any individual planning to study abroad and in India. Therefore, to adhere to the need of the student community, Kotak Mahindra Bank student account holders become eligible for education loans as soon as they open this account. To avail Kotak Mahindra education loan, an individual must meet specific eligibility requirements as laid down by the bank. Here are some of the key features of this benefit:

• Education loan to study in recognised colleges/universities in India and abroad
• Student loans for online courses
• Flexible student loan pay-off options
• Tailor-made education loans
• Fast sanction

Also Read: How To Find Bank Account Number?

Kotak Mahindra Credit Card without CIBIL Score

Kotak Mahindra Student Account holders are eligible to apply for a #Dream Different Credit Card on starting a Fixed Deposit (FD) of INR 15,000 or more. The bank provides the credit card without checking the CIBIL score. Here are the prominent features of this service:

• No joining fees
• No annual charges
• Credit Limit of up to INR 12 lakh
• Cashback of INR 750 on the annual expenditure of INR 75000
• 500 bonus points awarded on the expenditure of INR 5000 during the first 45 days of receiving the credit card

Also Read: How Can A Student Avail Bank Muscat Credit Card?

FAQs

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