Private lender Kotak Mahindra Bank has tweaked its charges for a couple of services on salary and savings accounts. The changes are already applicable from May 1, 2024. The bank has updated criteria for average balance, limits for cash and ATM transactions, fee for standing instruction failures, and the limit for free chequebooks. As per the bank, these revisions are part of the bank’s updated General Schedule of Features and Charges (GSFC).
Key changes:
Average Balance Criteria
Sankalp Savings Account: Semi-Urban & Rural: Remains Rs 2,500.
Everyday Savings Account:
1. Metro & Urban: Rs 15,000.
2. Semi-Urban: Rs 5,000.
3. Rural: Rs 2,500.
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Free Cash Transaction Limits
Everyday Savings/Salary Account, Pro Savings, Classic Savings Accounts:
Now limited to 5 free transactions or Rs 2 lakh per month.
Privy Neon/Maxima Programmes: Now limited to 7 free transactions or Rs. 5 lakh per month.
Solo Savings Account: Reduced to 1 free transaction or ₹10,000 per month.
ATM Transaction Limits
Everyday Savings, Classic Savings, Pro Savings, Ace Savings, and Privy Programmes:
Kotak ATM: 7 free transactions per month.
Other Bank ATM: 7 free transactions per month.
Maximum 30 free transactions per month for Kotak and other bank ATMs combined.
Everyday Salary and Edge Salary Accounts:
Kotak ATM: 10 free transactions per month.
Other Bank ATM: No change, remaining unlimited free transactions.
Standing Instruction Failure Fee:
A new fee of Rs 200 per instance will be imposed on all savings and salary schemes. Earlier, there were no charges.
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Cheque Book Limit:
Solo Savings Account: Reduced from 25 free cheque leaves per year to 5 free cheque leaves per year.
Additional Revisions:
Transaction Fee for Withdrawals:
Fund Transfers (IMPS/NEFT/RTGS): After 5 free withdrawals per month, fees will be applicable as per the mode of withdrawal.
Transaction Failure Fees:
Debit Card/ATM Usage Fees: Transactions declined due to insufficient funds: Rs 25 per transaction.
ECS/Cheque Issued & Returned:
Fee increased to Rs 250 per instance
Standing Instruction (SI) Failure:
Increased to Rs 200 per instance
