Kotak Mahindra Bank has increased the annual fee for debit card users. Along with this, the rates of transaction failure, check return and account balance maintenance fees have also been changed.
The bank has sent an email to its customers informing them about the increase in debit card charges. The bank has said that the revised rates will be applicable from 22 May 2023.
Kotak Mahindra Bank has told in its email sent to select customers that we would like to inform you that with effect from May 22, 2023, the annual charge on your Kotak Bank Debit Card (Debit Card Charges Hike) has been revised from Rs 199 + GST . Rs 259 + GST. Has been done.
Explain that Kotak Mahindra Bank offers different types of savings accounts to its customers. At the same time, Kotak Mahindra Bank has implemented new rates of fees for savings account, salary account from June 1, 2022.
Charges for not maintaining minimum balance in the account
Kotak Mahindra Bank charges 6% if the maximum limit of rupees in the account is less than Rs 500-600.
transaction failure fee
There is a charge of Rs 50 for issuing and returning a check for non-financial reasons.
Standing Instruction (SI) Failure Fee
The bank charges Rs 200 as a fee for failure of a Standing Instruction (SI).
Transaction fee for check deposit and return
Kotak Mahindra Bank charges Rs 200 for checks deposited and returned.
Free limit for issue of check books
Kotak Mahindra Bank provides 25 checks free of cost.
Other Debit Card related charges
For replacement of lost or stolen Debit Card – A fee of Rs 200 is applicable.
Domestic ATM transaction declined due to insufficient balance will attract a charge of Rs 25 per transaction.
Cardless Cash Withdrawal (IMT):
Zero charges up to 1 transaction per month and Rs 10 per transaction for subsequent transactions.
(pc freepik)
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