Kotak Mahindra Bank charges are fees levied for various banking services. Understanding and adhering to these charges ensures disciplined banking and facilitates the growth of your money.
What are Bank Charges?
Banks and financial institutions levy fees for the services they provide. These charges are a primary source of revenue for them to cover the costs incurred in processing transactions, maintaining accounts, and offering value-added services. Knowledge about these charges will help manage your finances effectively and optimise banking activities.
Different Types of Kotak Mahindra Bank Charges
Kotak Mahindra Bank provides various services and products including technology-based services and products, trade transactions, forex transactions, value-added services, various modes of funds transfer, etc. The bank has structured fees for these services and products. The different types of Kotak Mahindra Bank Charges are discussed below.
Account Maintenance Charges
The bank levies charges for maintaining the accounts which cover the administrative and operational costs of the bank. These charges are collected every month.
ATM Withdrawal Charges
For transactions using Kotak Mahindra Bank debit card at non-Bank ATMs the bank collects charges for ATM transactions beyond the free limit stipulated by the bank. This is due to the charges incurred by the bank for interbank transaction processing.
Cheque Bounce Charges
Customers are penalised by way of cheque bounce charges for issuing cheques without verifying the available balance in their accounts. The cheque bounce charges are collected for both cheques issued by customers as well as for cheques deposited by customers.
Fund Transfer Charges
Transfer of funds through NEFT/RTGS/IMPS to accounts maintained in other banks is made available to all Kotak Mahindra Bank customers. The charges levied for these transitions are termed funds transfer charges.
SMS Alert Charges
Kotak Mahindra Bank sends regular notifications about the transactions (both debit and credit) initiated from and to your account. It also provides you with information about the available balance in your account on request. The bank charges a quarterly fee for these SMS Alerts.
Debit Card Annual Maintenance Charges
Yearly fees in the form of Kotak Mahindra Bank Debit Card Charges are collected by the bank for maintaining an active debit card linked to your account for cash withdrawals, online transactions, and shopping are collected by the Bank.
Demand Draft Charges
Kotak Bank levies charges for issuing Demand Drafts which are used for making payments or transferring money to a specified beneficiary. The charges for issuing these demand drafts are based on the DD amount.
Statement Issuance Charges
Kotak Mahindra Bank collects charges for issuing physical copies of account statements that provide a record of transactions and balances in your account.
Locker Rent Charges
Kotak Mahindra Bank Locker Charges are collected annually in the form of locker rent for providing safe custody facilities for the customers’ valuables.
Mobile Banking Charges
Fees associated with accessing and using mobile banking services, enabling convenient account management and transactions via mobile devices.
Tips to Avoid Kotak Mahindra Bank Charges
If you have to fulfil your intention of enhancing your savings with interest income, you should learn ways to avoid Kotak Mahindra Bank Charges and protect the income on your savings from drifting. Here are some of the tips you can follow:
- Stay updated with the latest fee structure and policies of Kotak Mahindra Bank to make informed decisions and avoid any unexpected charges.
- Maintain the minimum balance required for your account type to avoid account maintenance charges.
- Use Kotak Mahindra Bank ATMs for cash withdrawals to avoid ATM withdrawal charges from non-Kotak ATMs.
- Utilise online fund transfer methods like NEFT, RTGS, or IMPS to minimise or eliminate fund transfer charges.
- Opt for email statements instead of physical statements to avoid statement issuance charges.
- Evaluate your usage and opt for a debit card with no or lower annual maintenance charges.
- Plan your demand draft requirements to minimise demand draft charges.
- Utilise digital banking channels, such as mobile banking, to avoid transaction charges beyond the free limit.
- Ensure sufficient funds are in your account to prevent cheque bounce charges.
- Consider alternative methods for secure storage instead of renting a locker to avoid locker rent charges.
Kotak Mahindra Bank Savings Account Charges
Kotak Mahindra Bank savings account opening charges refer to the fees incurred when initiating a new savings account with the bank, covering administrative expenses and account setup processes. The details of the various types of Kotak Mahindra Bank Savings Account Charges levied by the bank at the time of opening an account associated with different categories of accounts are given below:
Account Type | Charges |
Kotak 811 Digital Bank Account | Zero |
Kotak 811 Edge Digital Bank Account | Rs. 10000 |
Kotak Edge Savings Account | Rs. 10000 |
Kotak Junior Account | Zero |
Kotak Pro Savings Account | Rs. 20000 |
Kotak My Family Savings Account | For Edge Account (for up to 3 family members): Rs. 50000 (AMB) For Pro Account (for up to 5 family members): Rs.100000 (AMB) |
Kotak Classic Savings Account | Rs. 10000 |
Kotak Sanman Savings Account | Rs. 2000 |
Kotak Ace Savings Account | Rs. 50000 |
Kotak Mahindra Bank ATM Withdrawal Charges
Kotak Mahindra Bank provides 5 free ATM transactions for transactions at Kotak Bank ATMs and 5 transactions for non-Kotak Bank ATMs (at non-Metro locations) and 3 for non-Kotak Bank ATMs (at Metro locations). These free transactions include both financial as well as non-financial transactions. The Kotak Mahindra Bank ATM Withdrawal Charges for transactions beyond the limit are given below:
Cash Withdrawals (Financial Transactions) beyond the limit | Rs. 21 + GST for each instance |
Balance Enquiry (Non-Financial Transaction) beyond the limit | Rs. 8.50 + GST for each instance |
Kotak Mahindra Bank Locker Charges
Kotak Mahindra Bank provides Safe Deposit Locker facilities to its customers but for a fee. The list of Kotak Mahindra Bank Locker Charges depending on the size of the lockers and the category of the branches is given below.
Locker Size | Charges |
A+ | Rs.3750 to 12500 |
A | Rs. 3000 to 10000 |
B | Rs. 2250 to 7500 |
C | Rs. 1500 to 5000 |
D | Rs.750 to 2500 |
Kotak Mahindra Bank NEFT Charges in 2023
The NEFT Charges collected by the bank depend on the type of account you hold. For some categories of accounts, the charges are waived. Have a conversation with the Bank for information about types of accounts with free services and opt for the one that saves your expenses to the maximum. Here is the general fee collected by the Bank for NEFT transactions.
Transaction Amount | Charges |
Up to Rs. 10000 | Rs. 2.50 + GST |
Above Rs. 10000 up to Rs. 1.00 lac | Rs. 5 + GST |
Above Rs. 1,00 lac up to Rs. 2.00 lacs | Rs. 15 + GST |
Above Rs. 2.00 lacs | Rs. 25 + GST |
Kotak Mahindra Bank RTGS Charges in 2023
The details of Kotak Mahindra Bank RTGS Charges for funds transferred above Rs. 2.00 lacs through electronic mode are given below.
Transaction Amount | Charges |
Rs. 2.00 lacs to Rs. 5.00 lacs | Rs. 25 + GST |
Above Rs. 5.00 lacs | Rs. 50 + GST |
Kotak Mahindra Bank IMPS Charges in 2023
Kotak Mahindra Bank has waived IMPS charges for translations initiated through the branch. However, no charges are levied for IMPS transactions initiated through mobile banking or Internet Banking.
Kotak Mahindra Bank Charges : FAQs
The bank provides one cash deposit transaction in a month or up to Rs. 10000/- whichever is earlier without any charges. Post this, the bank charges Rs. 4.50 per 1000/- with a minimum of Rs. 50/- per transaction.
The Bank charges Rs. 4 per 1000/- with a minimum of Rs. 50 and a maximum of Rs. 1000/- For senior citizens, the charges will be Rs. 3/- per 1000.
The bank charges Rs. 100/-Â for issuing physical statements. The bank does not collect charges for e-statements
The bank collects Rs. 150/- per visit for pick-up and delivery of cash.
The bank charges Rs. 100/- per request for PIN generated or regenerated and sent by courier.