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Now you can transfer money to your friends even without knowing their account number or adding them as beneficiary. All you require is your friend’s mobile number.
With the "Message Money" feature, you can send money to your friend by just entering his mobile number. You don't have to register a beneficiary or know your friend's bank, account number or IFSC.
This feature is available on Kotak Mobile Banking App for Android phone and iPhone.
Existing charges if applicable for NEFT / IMPS will be levied as per General Schedule of Features and Charges (GSFC).
A Maximum of Rs 50,000 per day can be transferred with an upper limit of Rs. 10,000 per transaction. There is no minimum limit for the same.
The PINs will expire after 7 days.
You can reset the PIN or regenerate the URL by visiting the following section.
Log in to Mobile Banking > Banking > Message Money > Re-initiate / Cancel Transaction
Beneficiary can regenerate the 7 digit PIN by clicking on the "Forgot PIN" link given on the first page of URL shared by you.
Yes. You can log in to Mobile Banking App and go to Banking > Message Money > Re-initiate / Cancel Transaction to cancel a transfer request.
Please note that only a request with a "Pending" status can be cancelled.
Beneficiary has to input the details for the Bank account where he wishes to receive the money. The beneficiary account can be with any Bank. Beneficiary will need to enter IFSC, Bank account details and submit the request.
A "Select Bank" option is provided to the beneficiary if he does not remember the IFSC.
The transfer request will be executed via fund transfer modes like NEFT / IMPS.
Funds will be debited from the remitters account as soon as beneficiary submits his account details on the URL & completes the transaction. 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.