Kotak Bank customers should take note of the temporary hiatus before planning their online or offline purchases or cash withdrawals via debit card.
New Delhi: Kotak Mahindra Bank has announced that the private lender’s debit card services will remain impacted for a few hours next week. Kotak Mahindra Bank’s customers should take note of the temporary hiatus before planning their online or offline purchases or cash withdrawals via debit card.
“This is to inform you that Bank systems will be undergoing a maintenance activity on Monday 31st January, 2022 during 1.00 AM to 4.00 AM (IST),” Kotak Mahindra Bank said in an email that was sent to bank’s customers today, January 28.
Kotak Mahindra Bank has informed that during the time mentioned above, several debit card services will remain impacted. These services include ATM, POS, Ecommerce, QR payments, payment Tokenization, Cardless cash withdrawal, PIN authentication, PIN generation, and blocking or unblocking of debit cards.
Moreover, customers won’t be able to use card control features such as transaction amount limit modification and activation or deactivation of the card.
Meanwhile, Kotak Mahindra Bank, early this month, hiked the rate of interest the private lenders offers on fixed deposits (FD). The interest rate of FDs with different maturing periods has been increased by the bank. The latest rates have to come into effect from January 6, 2022.
For instance, FDs maturing in 7 to 30 days will now get a return at a 2.5% interest rate. Kotak Mahindra Bank is providing an interest rate on FDs with tenors of 31 to 90 days and 91 to 120 days at 2.75% and 3%, respectively.
The interest rates are applicable for the general public on FD investments of below Rs 2 crore. Moreover, senior citizens will continue receiving 50 basis points higher returns as compared to FD investments made via the general public.
