Kotak Mahindra Bank Increases Annual Charges On Debit Cards; Details Here

Kotak Mahindra Bank has determined to hike its annual prices on debit playing cards. The financial institution has mailed its prospects relating to the rise in prices. As reported by the Economic Times, the costs will soar from Rs 199 to Rs 259. The new debit card prices will come into impact 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,” mentioned a mail quoted by the Economic Times.

Kotak Mahindra Bank levies quite a lot of different prices as properly on prospects. These embrace non-maintenance of steadiness prices, transaction failure prices and extra.

For non-maintenance of steadiness, Kotak Mahindra Bank will levy 6 % of the shortfall, with a cap of Rs 500/600 per product. “Salary account for public services/ Salary account for Uniformed services/Uni Account” will likely be excluded from the costs, in keeping with the financial institution’s web site.

The financial institution will problem 25 free cheques per quarter. Kotak Mahindra Bank prospects must pay Rs 200 for every case of cheque deposited and returned payment. In case the standing directions given by the financial institution fail, the purchasers must shell out Rs 200 per occasion. For cheque issued and returned on account of non-financial purpose, the fee per occasion will likely be Rs 50.

Kotak Mahindra financial institution has given quite a lot of conditions that come beneath non-financial causes for a transaction not going via. These are:

• Drawer’s signature incomplete

• Drawer’s signature differs

• Drawer’s signature not as per mandate

• Kindly contact Drawer/Drawee Bank and please current the cheque once more

• Drawer’s signature illegible

• Drawer’s signature to function account wad not acquired

• Drawer’s signature required

• Drawer’s authority to function account was not acquired

• Alteration require drawer’s authentication

• Cheque irregularly drawn/ the quantity talked about in phrases and figures differ

Kotak Mahindra is providing prospects 3.5 % curiosity on financial savings accounts, if their deposited quantity is under Rs 50 lakh. In case the quantity is above Rs 50 lakh, the financial savings account will earn 4 % deposit. For fastened deposits, the financial institution is providing curiosity between 2.75 and seven.2 %. The charges got here into impact from April 28.

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