Kotak Mahindra Bank news:
Kotak Mahindra Bank, a private lender, has made adjustments to the charges associated with certain services on both salary and savings accounts. These modifications took effect from May 1, 2024. Kotak Mahindra Bank has revised criteria for the average balance, limits for cash and ATM transactions, fees for standing instruction failures, and the limit for free chequebooks. These changes are outlined in the bank’s updated General Schedule of Features and Charges (GSFC). Here are the key updates:
Kotak Mahindra Bank Average Balance Criteria:
– Sankalp Savings Account: Remains at Rs 2,500 for Semi-Urban & Rural areas.
– Everyday Savings Account:
1. Metro & Urban: Rs 15,000.
2. Semi-Urban: Rs 5,000.
3. Rural: Rs 2,500.
Free Cash Transaction Limits:
– Everyday Savings/Salary Account, Pro Savings, Classic Savings Accounts: Limited to 5 free transactions or Rs 2 lakh per month.
– Privy Neon/Maxima Programmes: Limited to 7 free transactions or Rs. 5 lakh per month.
– Solo Savings Account: Reduced to 1 free transaction or ₹10,000 per month.
ATM Transaction Limits:
– Everyday Savings, Classic Savings, Pro Savings, Ace Savings, and Privy Programmes: 7 free transactions per month at Kotak ATM and other bank ATMs combined.
– Everyday Salary and Edge Salary Accounts: 10 free transactions per month at Kotak ATM and unlimited free transactions at other bank ATMs.
Standing Instruction Failure Fee:
– A new fee of Rs 200 per instance will be imposed on all savings and salary schemes, where previously there were no charges.
Cheque Book Limit:
– Solo Savings Account: Reduced from 25 free cheque leaves per year to 5 free cheque leaves per year.
Additional Revisions:
– Transaction Fee for Withdrawals: Fees applicable after 5 free withdrawals per month as per the mode of withdrawal.
– Transaction Failure Fees: Rs 25 per transaction for debit card/ATM usage transactions declined due to insufficient funds.
– ECS/Cheque Issued & Returned: Fee increased to Rs 250 per instance.
– Standing Instruction (SI) Failure: Increased to Rs 200 per instance.
