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Forget the hassle of registering beneficiaries; just send money by knowing their email ID and mobile number.
With the Mail Money service, you can send money to a beneficiary by just knowing his/her email ID and mobile number. You don't have to register beneficiaries. You don't need to know beneficiary's bank, account number, IFSC etc.
Currently, this service is available on Kotak Net Banking.
Existing charges if applicable for NEFT/ IMPS will be levied as per General Schedule of Features and Charges (GSFC).
You need to be registered for Net Banking with unconditional transaction rights. Service is available for individual customers only.
Log in to Net Banking --> Banking --> Transfers and Payments -->Mail Money.
Enter the beneficiary details like name, email ID, mobile number and payment amount. 2 OTPs will be generated and shared through SMS - one will be sent to you and the other to the beneficiary. The beneficiary will receive a mail from Kotak Mahindra Bank with the redemption link. Beneficiary needs to enter both the OTPs and then enter his/her account details to receive the amount.
OTP will expire 7 days from the payment date.
You have the option to re-generate the OTP. Use the 'Re-generate OTP' option in Net Banking for the same. A new OTP will be sent to your preferred mobile number too.
Use the 'Re-generate OTP' option in Net Banking. A new link and 2 new OTPs will be generated. The link will be emailed to the beneficiary on the email ID provided by you.
Yes, you can do the same by using the 'Cancel Transaction' option. The transfer request can be cancelled till the time the funds are not debited from your account.
Beneficiary has to input the details for the bank account where he/she wishes to receive the money. The beneficiary account can be with any bank. Beneficiary will need to enter IFSC code, Bank Name, Bank account details and submit the request. Beneficiaries having a Kotak Bank account will only have to enter the Bank account details. The transfer request will be executed via fund transfer modes like NEFT/ IMPS.
Funds will be debited from the remitters account as per the payment date requested by him. The transfer request will be executed via NEFT/ IMPS (Immediate Payment service). If the beneficiary bank participates in IMPS, the transfer will be executed immediately; otherwise it will be processed in the NEFT clearing cycle. The transfer is subject to sufficient balance in the debit account at the time of execution of request.