Kotak Mahindra Bank, the country’s largest private lender, has given a big blow to its customers. Giving information about the annual charge of the debit card, the bank said that it has been increased by 30 percent.
The new rates will be applicable from May 22. In a mail sent to customers, Kotak Mahindra Bank told its customers that on May 22, there will be a change in the annual charge on debit cards.
Under which it will be increased from 199 plus GST to 259 plus GST. This means that the charge will be increased by Rs 60. Kotak Mahindra Bank offers a variety of savings accounts and debit cards depending on the account, limit and features of the customer.
Charges for not maintaining minimum balance
Kotak Mahindra Bank charges 6% for non-maintenance of minimum balance, which will range from Rs.500 to Rs.600 depending on the product variant. Salary Account for Civil Services/Salary Account of Uniformed Services/University Account is not included.
transaction failure fee
Check issuance and return charges for non-financial reasons Rs.50. Fees are collected for non-financial reasons such as incomplete signature of the payee, misunderstanding of signature, separation of signature, not being legally correct, etc.
There are charges on these too
Rs 200 is charged as bank standing instruction failure charge. The check deposit and return deposit charges are Rs 200. Initially, the bank provides check books of 25 leaves free of cost, thereafter it charges per check book which is based on the number of check book leaves. There is a charge of Rs 200 for replacement, lost and stolen debit cards. 25 per transaction fee if the transaction is declined due to insufficient balance. Under cardless withdrawal, one transaction will be free in a month and Rs 10 will be charged for every transaction thereafter.
(PC current affairs)
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