Kotak Mahindra Bank has decided to hike its annual charges on debit cards. The bank has mailed its customers regarding the increase in charges. Like other banks, Kotak Mahindra Bank levies a number of other charges as well on customers. These include non-maintenance of balance charges, transaction failure costs and more.
According to a report by ET, the charges will jump from Rs 199 to Rs 259. The new debit card charges will come into effect 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,” the report said citing an e-mail.
For non-maintenance of balance, Kotak Mahindra Bank will levy 6 percent 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 be excluded from the charges, according to the bank’s website.
The bank will issue 25 free cheques per quarter. Kotak Mahindra Bank customers will have to pay Rs 200 for each case of cheque deposited and returned fee. In case the standing instructions given by the bank fail, the customers will have to shell out Rs 200 per instance. For cheque issued and returned due to non-financial reason, the payment per instance will be Rs 50.
Kotak Mahindra bank has given a number of situations that come under non-financial reasons for a transaction not going through. These are:
• Drawer’s signature incomplete
• Drawer’s signature differs
• Drawer’s signature not as per mandate
• Kindly contact Drawer/Drawee Bank and please present the cheque again
• Drawer’s signature illegible
• Drawer’s signature to operate account wad not received
• Drawer’s signature required
• Drawer’s authority to operate account was not received
• Alteration require drawer’s authentication
• Cheque irregularly drawn/ the amount mentioned in words and figures differ
Kotak Mahindra is offering customers 3.5 percent interest on savings accounts, if their deposited amount is below Rs 50 lakh. In case the amount is above Rs 50 lakh, the savings account will earn 4 percent deposit. For fixed deposits, the bank is offering interest between 2.75 and 7.2 percent. The rates came into effect from April 28.
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