Kotak Mahindra Bank: Kotak Mahindra Bank has revised the charges on many services related to its salary and savings account. These charges have been updated for minimum balance in savings account, free transaction limit, ATM transaction limit, standing instruction failure limit and checkbook limit.
Kotak Mahindra Bank has revised the charges on many services related to its salary and savings account. These charges have been updated for minimum balance in savings account, free transaction limit, ATM transaction limit, standing instruction failure limit and checkbook limit. This revision is part of the bank general schedule and general list of charges. Kotak Mahindra Bank has given information about all these revised charges on its website.
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Kotak Bank has revised these charges
Change in rules for average balance amount
Everyday Saving Account
Metro and Urban: Reduced from ₹20,000 to ₹15,000
Semi-urban: Reduced from ₹10,000 to ₹5,000
Rural: Reduced from ₹5,000 to ₹2,500.
Sankalp Savings Account:
Semi Urban and Rural: Remains ₹2,500.
Free cash transaction limit:
Daily Savings Account, Salary Account, Pro Savings, Classic Savings Account
It has now been reduced from 10 transactions or ₹5 lakh to 5 free transactions or ₹2 lakh per month.
Privy Neon/Maxima Program: Now limited to 7 free transactions or Rs 5 lakh.
Solo Savings Account: Reduced from 2 transactions or ₹1 lakh to 1 free transaction or ₹10,000 per month.
ATM Transaction Limit:
Everyday Savings, Classic Savings, Pro Savings, Ace Savings and Privy Programs:
Kotak ATM: 7 free transactions per month.
Other Bank ATMs: 7 free transactions per month.
Maximum 30 free transactions per month combined for Kotak and other bank ATMs.
Daily Salary and Edge Salary Account:
Kotak ATM: 10 free transactions per month.
Other Bank ATMs: No change, unlimited free transactions.
Transaction Failure Fees:
A new charge of ₹200 per instance has been introduced for all Savings and Salary plans.
Cheque Book Limit:
Single Savings Account: The number of free cheque book pages has been reduced from 25 per annum to 5 per annum.
Transaction Charges
Fund Transfer (IMPS/NEFT/RTGS): Charges will be applicable after 5 free transactions per month.
Transaction Fail Charges:
Debit Card/ATM Usage Charges: Increased from ₹20 to ₹25 per transaction in case of transaction failure due to insufficient balance.
ECS/Cheque issued and then returned:
The fee has been increased from ₹150 to ₹250.
