Last update: May 02, 2023, 3:44 PM IST
Kotak Mahindra Bank announced its fourth quarter financial results.
Kotak Mahindra Bank has decided to increase its annual fees on debit cards
Kotak Mahindra Bank has decided to increase its annual fees on debit cards. The bank informed its customers of the increased fees. As reported by the Economic Times, the fee will rise from Rs 199 to Rs 259. The new debit card fee will come into effect from May 22. The bank debit card will be revised from Rs. 199 + GST to Rs. 259 + GST,” a letter quoted by the Economic Times said.
Kotak Mahindra Bank also levies a number of other fees on customers. These include non-balance maintenance fees, failed transaction costs and more.
In case of non-maintenance of the balance, Kotak Mahindra Bank will take 6% of the shortfall, with a ceiling of Rs 500/600 per product. “Utility Salary Account/Uniformed Service Salary Account/Uni Account” will be excluded from the fee, according to the bank’s website.
The bank will issue 25 free checks per quarter. Customers of Kotak Mahindra Bank will have to pay Rs 200 for each case of check deposited and returned. In case of failure of the standing instructions given by the bank, customers will have to pay 200 rupees per instance. For checks issued and returned for non-financial reasons, payment per instance will be Rs 50.
Kotak Mahindra Bank has given a number of situations that fall under non-financial reasons for a transaction not to take place. These are:
• Signature of the shooter incomplete
• The signature of the shooter differs
• The signature of the drawer does not conform to the warrant
• Please contact Drawer/Drawee Bank and resubmit the check
• Signature of drawer illegible
• The drawer’s signature to operate the account has not been received
• Signature of shooter required
• The drawer’s authorization to operate the account has not been received
• Modification requires authentication of the shooter
• Check drawn irregularly/the amount mentioned in words and figures differs
Kotak Mahindra offers its customers 3.5% interest on savings accounts, if their deposited amount is less than Rs 50 lakh. If the amount is more than Rs 50 lakh, the savings account will earn a deposit of 4%. For fixed deposits, the bank offers interest between 2.75 and 7.2%. The tariffs went into effect on April 28.
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