Kotak Mahindra Bank increases non-maintenance of average balance fees for savings accounts


Come May 1, 2022, Kotak Mahindra Bank savings account customers will be charged revised fees for various services. These rates are applicable to Edge/Pro/Ace/Platina/Nova/Classic from the old ING Vysya Bank sourced after March 31, 2015, according to the Kotak Mahindra Bank website.

Also, the bank has increased charges for non-maintenance of average balance with effect from June 1, 2022.

Here is a look at the revised charges.

Non-maintenance Charges

With effect from June 1, 2022, non-maintenance of average balance will be charged 6% of the shortfall, with a maximum cap of Rs 500/600 as per Product Variant, stated an emailer sent to Kotak Mahindra Bank customers. At present, the charge is 5% of the shortfall with a maximum cap of Rs. 500/600 as per Product Variant.

Here is a look at the other charges on savings accounts effective from May 1, 2022.

Fund Transfers

Below charges are for NEFT / RTGS are applicable only if done in branch

NEFT

  • Upto 10,000: Rs. 2
  • 10,001 to 1,00,000: Rs.4
  • 1,00,001 to 2,00,000: Rs.14
  • > 2,00,000: Rs. 24

RTGS

  • 2,00,000 to 5,00,000: Rs. 20
  • > 5,00,000: Rs. 40

IMPS

  • Up to 10,000: Rs. 5
  • 10,001 to 1,00,000: Rs. 5
  • 1,00,001 to 5,00,000: Rs. 15

Cash Transactions

Cash Transaction at branch or Cash Deposit Machine(CDM) for deposit or withdrawal.

Charges are waived up to four transactions or two thousand dollars each month, whichever comes first. After these limits, customers will be charged Rs 4.5 per Rs 1000 (Minimum Rs 150)

Cash withdrawal via UPI at merchant locations, max will be Rs. 1000 per day, will be charged 1% of withdrawal amount (Max Rs.10).



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