Customers of this bank have been informed about the changes through emails. The changes will take place from May 22, 2023.
Kotak Mahindra Bank, a private sector bank has increased its annual charge under the debit card facility which will take effect on May 22, 2023. A 60 rupee increase has been made to the annual debit fee. According to the data provided by Kotak Mahindra Bank, this fee is being collected at a rate of Rs 199 plus GST per year.
This fee will be charged to all account types at Kotak Mahindra. The bank has mailed its customers about the latest hike in debit card charges effective from May 22.
We would like to inform you that w.e.f. May 22, 2023, Annual Charges on your Kotak Bank Debit Card will be revised from Rs. 199 + GST to Rs. 259 + GST.”
Kotak Mahindra Bank offers a variety of types of savings accounts and debit cards as well depending on the account, credit limit, and services that clients want. Here are bank charges that will take effect from June 1, 2023:
Fees for failing to maintain a minimum balance
In accordance with the Product Variant, Kotak Mahindra Bank charges 6% of any shortfall up to a limit of Rs. 500/600. Payroll accounts for uniformed services, public services, and university accounts are not included.
Charge for transaction failure
For checks that are issued and returned for non-financial reasons, there is a cost of Rs 50 each time.
Fees for transactions involving deposited and returned checks
For each occurrence of a deposited and returned cheque, there is a fee of Rs 200.
Fees for disregarding Standing Instructions (SI)
The bank assesses a Standing Instruction (SI) failure fee of Rs 200 for every incident.
Other fees associated with debit cards:
- The cost to replace a lost or stolen debit card is Rs 200.
- Domestic ATM withdrawals that were declined because there wasn’t enough money: Rs. 25 per withdrawal
- Up to one cardless cash withdrawal (IMT) per month, there are no fees; any additional withdrawals will incur a fee of Rs. 10 per withdrawal.
