Neo Current Account
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This powerhouse of a small business current account has all its systems primed to support and boost your business. Attractive features include lowest balance obligation, Business Power Platinum Debit Card, Kotak ActivMoney, and great overdraft facilities.
Maintain an Average Quarterly Balance of Rs.10000
Daily purchase limit of Rs. 1.75 lakh and daily ATM cash withdrawal limit of Rs. 50,000
Current account balance converts to term deposits - to help earn attractive returns on idle balances
Unsecured overdraft facility up to Rs. 15 lakhs for short-term business needs (1)
The first cheque book is free
All the features and benefits are subject to terms, conditions, and exclusions. Please refer to the 'General Schedule of Features and Charges, for more details.
Available for:
| General Schedule of Features & Charges (GSFC) | |||
|---|---|---|---|
| For Retail Current Accounts & Current Accounts with OD/CC facility (w.e.f. 1st September, 2018) | |||
| Particulars | Standard Charges (in Rs.) | Product Level NIL Charges Limits & Charges (in Rs.) | |
| Product Name | Neo## | ||
| Average Quarterly Balance (AQB) in Rs. | 10000.0 | ||
| Remittances/Payments: | |||
| Demand Draft/ Banker's Cheque | Payable at Branch Locations | 1/1000 (Min 50 Max 5000) |
* |
| Payable at Non- branch Locations | 2/1000 (Min 50 Max 5000) |
* | |
| RTGS | Through Branch | 2 - 5 L: 25/ txn; > 5 L: 50/ txn |
* |
| NEFT** | Through Branch | Upto 10k: 2.5/txn; >10K to 2L: 5/txn; | * |
| IMPS | Upto Rs. 100000: Rs.5 / txn; Rs. 100001 to Rs. 200000: Rs. 15 / txn |
* | |
| Cheque Book | Default Cheque Book is Payable At-par Only | Upto 500 leaves/p.m. - 2/leaf; Above 500 leaves/p.m. - 3/leaf |
NIL Charges for 1st Chq Book (25 leaves); then Std Charges |
| Receipts/ Collections: | |||
| Out-station Cheque (Cheques drawn on non-speed clearing branches) |
Drawn at Kotak Branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | * |
| Drawn at Kotak Non - branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | * | |
| Home Banking: | |||
| On Call Requests | Cheque Pick-up/DD Delivery/ Cash Pick-up or Delivery |
Cheque/DD - 75/Request Cash - < 2L: 200/Request; 2-5L: 400/Request + Registration Fee Rs.250 p.a. |
* |
| Beat Service | Cash Pickup | Rs. 1.25/1000 Cash Pickup | * |
| Cheque Pick-up | 500 p.m. | 300 p.m. | |
| Cash Deposit & Withdrawal: | |||
| Cash Deposits | At Home Branch & non Home Branch Location | Rs. 3.5/1000 Min 50 per txn | NIL Charges upto 2L p.m.; thereafter Std Chrgs |
| Cash Withdrawal | For Non - home Branch Location | Rs. 2/1000 Min 50 per txn | NIL Charges upto 10K per day; thereafter std charges |
| Automated Teller Machine (ATM): Kotak ATM Txn - Nil Charges | |||
| Other Bank's VISA ATMs - Domestic | Non Financial Txn | 8.50 per txn | * |
| Cash Withdrawal | 20 per txn | ||
| Other Bank's VISA ATMs - International | Non Financial Txn | 25 per txn | * |
| Cash Withdrawal | 150 per txn | * | |
| ATM Txns Declined ^^ Transactions declined at merchant outlets/websites/ATMs^^(w.e.f April 1,2019) |
Insufficient Funds | 25 per txn | * |
| Debit Card: | |||
| Debit Card Charges | Annual Fee | Rs. 250 p.a. | * |
| Card Replacement | Lost / Stolen Card | Rs. 200 | * |
| Other Charges: | |||
| Account Related | |||
| AQB Non - maintenance <> | Non maintenance charges per quarter | If AQB < 50% of the required Product AQB | 1200.0 |
| If AQB >=50% but < 100% of the required Product AQB | 750.0 | ||
| Account Closure Charges | Customer Indused Closure | <30 Days & > 181 Days: Nil; 31 - 181 Days: Rs. 600 | |
| Cheque Returns <> | |||
| Cheques Deposited & Returned (Outward) | Local & Out-station | Rs. 100 per Cheque | * |
| Cheques Issued and Returned (Inward) & ECS returns |
Financial Reasons | Rs. 500/instance | * |
| SMS Alerts & Updates | |||
| Balance (Daily/Weekly), Txn & Value Added Alerts | SMS - Rs. 20 p.m. Email - Nil charges |
* | |
| Charges Common for All Products | |||
| Account Statements (Through Email -Nil charges ) | |||
| Weekly | Physical | Rs. 300 per Quarter | * |
| Annual Combined Statement (Physical) | Through Branch & Phone Banking : Rs 100 | * | |
| Ad- hoc Statements Request | At Branch/ Phone Banking | <=365 Days: Rs.100 | * |
| >365 Days: Rs. 200 | * | ||
| On Net Banking/ ATM | Rs. 50 | * | |
| Foreign Currency Payments & Collections | |||
| DD Issuance/DD Cancellation /DD Revalidation/Cheque Collection | Rs. 500 | * | |
| TT Transfer ~ | Corr Bank Chrgs Borne by Beneficiary | Rs. 250 | * |
| Corr Bank Chrgs Not Borne by Beneficiary | Rs. 1000 | * | |
| Cheque Deposited and Returned ~ / Cheque Issued and Returned ~ <> (Financial Reasons) | Rs. 1000 | * | |
| Miscellaneous Charges | |||
| PIN Regeneration | ATM/ Phone/ Net Banking (only if sent through courier) | Rs.50 | * |
| Fund Transfer Return | Financial Reasons | Rs.300 | * |
| Cheque Purchase Charges | Rs. 0.5/1000/Day | * | |
| Travelers Cheque Encashment ~ | 1% of TC Amount | * | |
| Mandate Registration Charges | Rs.50/Instance | * | |
| Standing Instruction | Set-up & Failure | Rs.100 | * |
| Amendment | Rs.25 | * | |
| TDS Certificate(Duplicate only) | Rs. 200/Request | * | |
| Interest Statement(Duplicate only)/ Stop payment/ DD/BC Cancellation & Revalidation/Signature Verification/Address Confirmation/Balance Statement(Other than 31st March)/Record retrieval charges/Photo Attestation | Rs.100/Request | * | |
| Solvency Certificate | Rs. 10000 | * | |
| Confidential Report/Credit Confirmation/ TOD Charges | Rs. 500 | * | |
| GST on Foreign Currency Conversion Charges (FCY) ~ | |||
| Value of purchase or sale of Foreign Currency | Value on which GST rate will be applicable | ||
| Up to 1,00,000 | 1% of the gross amount of currency exchanges or minimum of Rs.250/- | ||
| Above Rs.1,00,000/- to Rs.10,00,000/- | 1000 + 0.50% of the gross amount of currency exchanged less 1,00,000. | ||
| Above Rs.10,00,000/- | Rs.5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of Rs.60,000/- | ||
| Please Note: | |||
| 1 Classic Card will not be available to customers whose Current Account has been opened with Kotak Bank post 20th Dec,2011. Charges against Classic Card will be same as that of Business Gold | |||
| Coin Deposit charges: "Nil Charges" upto deposit value of Rs 50 ; Beyond Rs 50 per instance, 5% on entire amount of coins deposited will be charged. Low Denomination Charges: 0.5% of the value above Rs 5000 deposit per instance ; Only Rs 10 and Rs 20 notes will be considered. | |||
| Non financial Txn under debit card section includes Balance enquiry , Mini Statement & PIN Change. | |||
| * Indicates Standard Charges are Applicable | |||
| Abbreviations Used: For all value figures L=Lakhs & K=Thousand; Chq = Cheque; Std = Standard; Chrg = Charge; Txn=Transaction; p.m.=per month; p.a.=per annum; Avg=Average; FCY= Foreign Currency; FT=Fund Transfer; Corr=Correspondent; TOD=Temporary Overdraft; w/o= without | |||
| "NIL Charges" are not applicable for Current Accounts Maintaining Less than 75% of the Required Product AQB: | |||
| Product wise limits offered on various transactions and services with "NIL Charges" shall be applicable only if the Average Quarterly Balance (AQB) maintained in the account in that quarter is atleast 75% of the product AQB; else standard charges shall apply as per the GSFC in effect. Additionally, AQB non-maintenance charge will also be applicable as mentioned in GSFC. | |||
| **Indo - Nepal Remittance Scheme (NEFT Charges): | |||
| If beneficiary maintains an account with Nepal SBI Bank Ltd (NSBL): Rs 25 per txn (incl all taxes) | |||
| If beneficiary does not maintain an account with Nepal SBI Bank Ltd (NSBL): Upto Rs 5000 - Rs 75 per txn & beyond Rs 5000 - Rs 100 per txn (incl all taxes) | |||
| # Applicable for all transactions which involve foreign currency conversion. This charge is applicable from May 16, 2008 as per the CBDT Circular | |||
| ~ Any purchase / sale of foreign exchange will attract GST on the gross amount of currency exchanged as per GST on Foreign Currency Conversion Charges (FCY) table above | |||
| Please note any rejections in applications made through ASBA mode due to insufficient funds will attract charges of Rs 300/- per rejection. | |||
| ## Neo Current Account is available in select locations only. | |||
| @ Nil charges Cash Deposit Limits & Cash Handling Charges for OD Accounts: | |||
| Nil charges at Home Branch Location Only: Home branch location is defined as all the branches belonging to the same clearing zone in which the account is opened. | |||
| For CA with ODAGR (Agri Finance Overdraft Account) - 1 times of previous month’s Avg OD Utilization or Avg Debit Balance and 5 times of the previous month's Avg Credit Balance. | |||
| Charges applicable : | |||
| Rs 3.5/1000 of cash deposited and part thereof + GST as applicable. | |||
| *Nil charges on Transaction and Value added SMSalerts to the customers who have subscribed for Daily/Weekly balance alert facility. | |||
| *Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent without any charges, even if Daily/Weekly Balance SMS alerts facility has not been subscribed. | |||
| Trader Classic would follow Classic GSFC; General CA would follow CA Neo GSFC; Comfort CA would follow CA Edge GSFC; Advantage CA, Flexi CA, Pro Plus & Trader Pro would follow CA Pro GSFC; Orange CA & Elite Plus would follow Elite GSFC; Ace Plus would follow Ace GSF; Platina 5, Platina 10 & Astra 10 would follow Astra 5 GSFC; and Platina 25, Platina 50 & Astra 25 will follow Astra 15 GSFC, effective 1st November'17 | |||
| GTA Pro, GTA Elite and GTA ACE products would follow the transaction banking related features and charges of the underlying generic products namely Pro, Elite and ACE. For more details related to Trade Service charges refer the Trade GSFC respectively. |
|||
| Service Charges to Account Holders in Rural / Semi-urban locations: | |||
| Classic Current Account is available in Rural / Semi-urban branches with reduced AQB requirement of Rs 10,000. The features offered and charges applicable shall be the same as Pro Current Account (except for Home Banking Service which is offered only at select locations). | |||
| Kotak Synergy Current Account is available to customers of other businesses within the group, same features & charges as EDGE (CAEDG) Current Account are applicable at a reduced AQB of Rs 10,000. Features & charges as ELITE (CAELT) Current Account are offered at NIL AQB for all below mentioned accounts, except ODRET (Retail Overdraft Account) where charges as EDGE Current Account are offered at NIL AQB. Home Banking services which will be offered at standard charges plus registration fee of Rs 250/- per annum for these customers. | |||
| Product Name | Business Group | Product Name | Business Group |
| Retail Overdraft Account (ODRET) | Business Banking Group | Business Finance Current Account (CABFA) | Business Banking Group |
| Business Plus Current Account (CAPPV) | Home Finance Division | Business Current Account (CABUS) | Personal Loan Divison |
| Kotak Logistics Overdraft Account (ODLOG) | Commercial Vehicles Finance Division | Agri Finance Overdraft Account (ODAGR) | Agri Finance Division |
| The Bank will charge cross-currency mark-up of 3.5% on foreign currency transactions carried out on Debit Cards. The exchange rate used will be the VISA/Master Card wholesale exchange rate prevailing at the time of transaction. | |||
| A charge of 1% on the transaction amount + GST will be applicable on cash withdrawal transactions done at merchant outlets (Cash@PoS) [w.e.f April 1,2019] | |||
| Annual maintenance charge (AMC) for Easy Pay debit card will be Rs. 250 p.a. and reissuance / replacement fee will be Rs. 200 per card.Unlimited free withdrawal at Kotak ATM and all domestic / international non Kotak ATM transaction will be chargeable for Easy Pay debit card(Rs. 20 per domestic financial transaction, Rs. 8.5 per non-financial domestic transaction, Rs. 150 per international financial transaction and Rs. 25 per non-financial international transaction) w.e.f April 1, 2019. | |||
| <> Indicates penalty charges | |||
| Charges are exclusive of the Goods and Service Tax (GST). With effect from July 1, 2017 the effective Goods and Service tax rate will be 18% on taxable value. The GST rate is subject to change from time to time. | |||
| The above charges are applicable for all states other than Jammu & Kashmir. GST is applicable in the state of Jammu & Kashmir. For charges applicable to Jammu & Kashmir, please contact the respective Branch Manager. | |||
| All charges are subject to revision with an intimation of 30 days to account holders. Closure of account due to revision of charges will not be subject to account closure charges. | |||
| General Schedule of Features & Charges (GSFC) for Current Account | |||
|---|---|---|---|
| For Privy League Members | |||
| Particulars | Standard Charges (in Rs.) | ||
| Product Name | Privy League Prima | ||
| Remittances/Payments: | |||
| Demand Draft/ Banker's Cheque | Payable at Branch Locations | 1/1000 (Min 40 Max 5000) | Free Unlimited |
| Payable at Non- branch Locations | 2/1000 (Min 40 Max 5000) | Free upto 30L p.m.; thereafter Std Chrgs | |
| RTGS | Through Branch | 2 - 5 L: 25/ txn; > 5 L: 50/ txn | Free |
| Through Net Banking | Free | ||
| NEFT** | Through Branch | Upto 2L: 5/ txn; > 2L: 25/ txn | Free |
| Through Net Banking | Free | ||
| Fund Transfer | Branch & Net Banking | Nil | Free |
| Cheque Book | Default Cheque Book is Payable At-par Only | 2/Leaf | Free |
| Receipts/ Collections: | |||
| Local Clearing Cheque | Nil | Free | |
| ^Intercity Clearing Cheque | 1.5/1000 (Min 50 Max 500) | Free | |
| Out-station Cheque | Drawn at Kotak Branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | Free |
| Drawn at Kotak Non - branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | <10K: 50/Chq; 10K - 1L: 25/Chq; >1L: Free | |
| RTGS | Inward | Nil | Free |
| NEFT | Inward | Nil | Free |
| Fund Transfer | Inward | Nil | Free |
| Home Banking: | |||
| On Call Requests | Cheque Pick-up/DD Delivery/Cash Pick-up or Delivery | Cheque/DD - 75/Request Cash - < 2L: 200/Request; 2-5L: 400/Request |
Free 1 per Day |
| Beat Service | Cheque Pick-up | 500 p.m. | Free |
| Cash Deposit & Withdrawal: | |||
| Cash Deposits | At Home Branch Location @ | 2.5/1000 | Free upto 8 times of prev month's avg credit balance or 25 L whichever is higher; thereafter Std Chrgs |
| At Non - home Branch Location | 4.5/1000 Min 50 per txn | Free upto 5L per month; thereafter std charges | |
| Cash Withdrawal | From Home Branch Location | Nil | Free |
| From Non - home Branch Location | 2/1000 Min 50 per txn | Free upto 5 L per day; thereafter std charges | |
| Automated Teller Machine (ATM): | |||
| Kotak ATMs | Balance Enquiry | Nil | Free |
| Cash Withdrawal | Nil | Free | |
| Other Bank's VISA ATMs - Domestic | Balance Enquiry | 8.50 per txn | Free |
| Cash Withdrawal | 17.80 per txn | ||
| Other Bank's VISA ATMs - International (Debit Card-Classic/Gold/Paltinum) |
Balance Enquiry | 15 per txn | 1Classic (*), Platinum (Free) |
| Cash Withdrawal | 110 per txn | ||
| ATM Txns Declined ^^ | Insufficient Funds | 25 per txn | * |
| Debit Card: | |||
| Primary Card | Issuance Fee | 100.0 | Free |
| Annual Fee | 250 p.a. | Free | |
| Supplementary Card | Issuance Fee | 250.0 | * |
| Annual Fee | 250 p.a. | Free for 1st Year thereafter Std Chrgs | |
| Add-on Card | Issuance Fee | 250.0 | * |
| Annual Fee | 250 p.a. | Free for 1st Year thereafter Std Chrgs | |
| Card Replacement | Lost Card | 200.0 | Free |
| Damaged Card | Nil | Free | |
| VISA Global Assist | USD 5 | * | |
| VISA Global Assist | Lost Card | USD 35 | * |
| POS Txns Declined ^^ | Insufficient Funds | 25 per txn | * |
| Other Charges: | |||
| Account Related | |||
| AQB Non - maintenance ^^ | Non maintenance charges per quarter | If AQB < 50% of the required Product AQB | Not Applicable till the time the customer is under Privy program |
| If AQB >=50% but < 100% of the required Product AQB | |||
| Account Closure Charges | - | <30 Days: Nil; 31 - 181 Days: 5000; >181 Days: Nil | |
| Cheque Returns ^^ | |||
| Cheques Deposited & Returned (Outward) | Local | 100 per Cheque | 10 Free p.m.; thereafter std charges |
| Out-station | 100 per Cheque + Corr Bank Chrgs | 50 per Cheque + Corr Bank Chrgs | |
| Cheques Issued and Returned (Inward) & ECS returns | Financial Reasons | Upto 3 returns - 350/instance; 4th return onward 750/instance | * |
| Technical Reasons | Nil | Free | |
| SMS Alerts & Updates | |||
| Updates | Daily Balance | 25 per Quarter | Free |
| Weekly Balance | 25 per Quarter | Free | |
| Phone Banking | |||
| Phone Banking | IVR Assisted | Nil | Free |
| Agent Assisted | 25 per Call | Free | |
| Charges Common for All Products | |||
| Account Statements | |||
| Monthly | Physical/ Email | Physical - 75/quarter; Email - Free | Free |
| Weekly | Physical | 300 per Quarter | * |
| By Email | Nil | Free | |
| Daily | By Email Only | Nil | Free |
| Annual Combined Statement (Physical) | Through Net Banking : Free Through Branch : Rs 85, Through Phone Banking : Rs 110 | * | |
| Ad- hoc Statements Request | At Branch/ Phone Banking | <90 Days: 100 | * |
| 91-365 Days: 200 | * | ||
| >365 Days: 1000 | * | ||
| On Net Banking/ ATM | 50.0 | * | |
| On Mobile Banking | Nil (by email only) | Free | |
| Standing Instruction | |||
| Set-up | 100.0 | * | |
| Execution | Nil | Free | |
| Amendment | 25.0 | * | |
| Failure ^^ | 100.0 | * | |
| Statement/ Certificate / Report Issuance | |||
| Balance Statement | Other than 31st March | 100.0 | * |
| Interest Statement | Duplicate Only | 100.0 | * |
| TDS Certificate | Duplicate Only | 200.0 | * |
| Confidential Report | 500.0 | * | |
| Paid Cheque Report | Nil | Free | |
| Signature Verification | 100.0 | * | |
| Photo Attestation | 300.0 | * | |
| Solvency Certificate | 10000.0 | * | |
| Credit Confirmation | 500.0 | * | |
| Address Confirmation | 100.0 | Free | |
| Foreign Currency Payments & Collections | |||
| DD Issuance ~ | 500.0 | * | |
| DD Cancellation ~ | 500.0 | * | |
| DD Revalidation | 500.0 | * | |
| TT Transfer ~ | Corr Bank Chrgs Borne by Beneficiary | 250.0 | * |
| Corr Bank Chrgs Not Borne by Beneficiary | 1000.0 | * | |
| Cheque Collection~ | 500.0 | * | |
| Cheque Deposited and Returned ~ ^^ | 1000.0 | * | |
| Cheque Issued and Returned ~ ^^ | Financial Reasons | 1000.0 | * |
| Cheque Issued and Returned ^^ | Technical Reasons | Nil | Free |
| Miscellaneous Charges | |||
| PIN Regeneration | ATM/ Phone/ Net Banking (only if sent through courier) | 50.0 | * |
| DD/BC Cancellation / Revalidation | 100.0 | * | |
| Fund Transfer Return ^^ | Financial Reasons | 300.0 | * |
| Technical Reasons | Nil | Free | |
| Online Tax Payment (E Tax) | Through Net Banking | Nil | Free |
| Through Branch | 100 per request | Free | |
| Cheque Purchase Charges | 0.5/1000 per Day | * | |
| Travelers Cheque Encashment ~ | 1% of TC Amount | * | |
| TOD Charges | 500.0 | * | |
| Stop Payment | Individual or Range | 100.0 | Free |
| Inactive Account Charges ^^ | No customer induced transaction for a year | 50 / Quarter | Free |
| Record retrieval charges | 100 / Request | Free | |
| Service Tax on Foreign Currency Conversion Charges (FCY) ~ | |||
| Value of purchase or sale of Foreign Currency | Service Tax Amount | ||
| Up to Rs 1,00,000 | 0.1% of the gross value or Rs 25/- whichever is higher | ||
| Above Rs 1,00,000 to Rs 10,00,000 | Rs 100 / plus 0.05% of the amount exceeding Rs 1 L | ||
| Above Rs 10,00,000 | Rs 550 / plus 0.01% of the amount exceeding Rs 10 L, subject to a maximum of Rs 5000 | ||
| In addition to the above service tax, 2% secondary education cess and 1% higher secondary education cess will also be applicable. | |||
| Please Note: | |||
| 1 Classic Card will not be available to customers whose Current Account has been opened with Kotak Bank post 20th Dec, 2011. | |||
| * Indicates Standard Charges are Applicable | |||
| The Bank shall review the relationship value on a periodical basis, if the same is below the program threshold value, then the Bank shall reserve the right to levy penalty charges Rs 5000/- p.a. after giving a notice of 30 days. | |||
| Abbreviations Used: For all value figures L = Lakhs & K - Thousand; Prev = Previous; Chq = Cheque; Std = Standard; Chrg = Charge; Txn= Transaction; p.m.=per month; p..a.= per annum; Avg= Average;FCY= Foreign | |||
| Currency; Corr = Correspondent; TOD = Temporary Overdraft; w/o = without | |||
| No Free Limits for Current Accounts Maintaining Less than 75% of the Required Product AQB: (Not Applicable for customers under Privy Program) | |||
| Product wise free limits offered on various transactions and services shall be applicable only if the Average Quarterly Balance (AQB) maintained in the account in that quarter is atleast 75% of the product AQB; else standard charges shall apply as per the GSFC in effect. Additionally, AQB non-maintenance charge will also be applicable as mentioned in GSFC. | |||
| **Indo - Nepal Remittance Scheme (NEFT Charges): | |||
| If beneficiary maintains an account with Nepal SBI Bank Ltd (NSBL): Rs 25 per txn (incl all taxes) | |||
| If beneficiary does not maintain an account with Nepal SBI Bank Ltd (NSBL): Upto Rs 5000 - Rs 75 per txn & beyond Rs 5000 - Rs 100 per txn (incl all taxes) | |||
| # Applicable for all transactions which involve foreign currency conversion. This charge is applicable from May 16, 2008 as per the CBDT Circular | |||
| ~ Any purchase / sale of foreign exchange will attract Service Tax on the gross amount of currency exchanged as per Service Tax on Foreign Currency Conversion Charges (FCY) table above | |||
| On all foreign currency conversion transactions, an additional foreign currency conversion service tax at the rate of 0.103% will be applicable on the gross value of transaction | |||
| Please note any rejections in applications made through ASBA mode due to insufficient funds will attract charges of Rs 300/- per rejection. | |||
| @ Free Cash Deposit Limits & Cash Handling Charges for OD Accounts: | |||
| Free Limit (Home Branch Location Only): | |||
| For CA with OD facility - 2 times of previous month’s Avg OD Utilization or Avg Debit Balance. | |||
| Charges Beyond Free Limit: | |||
| Rs 2.50/1000 of cash deposited and part thereof + Service Tax as applicable. | |||
| Kotak Synergy Current Account is available to customers of other businesses within the group, same features & charges as Edge Current Account are applicable at a reduced AQB of Rs 10,000. | |||
| Features & charges as Pro Current Account are offered at NIL AQB for all below mentioned acccounts, except Home Banking services which will be offered at standard charges plus registration fee of Rs 250/- per annum for these customers. | |||
| Product Name | Business Group | Product Name | Business Group |
| Retail Overdraft Account | Business Banking Group | Business Finance Current Account | Business Banking Group |
| Kotak Logistics Overdraft Account | Commercial Vehicles Finance Division | Business Pro Current Account | Emerging Corporates Group |
| Business Plus Current Account | Home Finance Division | Agri Finance Overdraft Account | Agri Finance Division |
| Business Current Account | Personal Loan Division | ||
| ^Intercity clearing charge on cheque collections is a charge levied on the Drawee of a cheque if an “AT Par” cheque is presented for collection under clearing at other than Home Branch Location of the Drawee. | |||
| The above charges are applicable for all states other than Jammu & Kashmir. GST is applicable in the state of Jammu & Kashmir. For charges applicable to Jammu & Kashmir, please contact the respective Branch Manager. | |||
| All charges are subject to revision with an intimation of 30 days to account holders. Closure of account due to revision of charges will not be subject to account closure charges. | |||
| ^^ Indicates penalty charges | |||
| General Schedule of Features & Charges (GSFC) for Current Account | |||
|---|---|---|---|
| For Privy League Members | |||
| Particulars | Standard Charges (in Rs.) | ||
| Product Name | Privy League Optima | ||
| Remittances/Payments: | |||
| Demand Draft/ Banker's Cheque | Payable at Branch Locations | 1/1000 (Min 40 Max 5000) | Free Unlimited |
| Payable at Non- branch Locations | 2/1000 (Min 40 Max 5000) | Free upto 50 L p.m.; thereafter Std Chrgs | |
| RTGS | Through Branch | 2 - 5 L: 25/ txn; > 5 L: 50/ txn | Free |
| Through Net Banking | Free | ||
| NEFT** | Through Branch | Upto 2L: 5/ txn; > 2L: 25/ txn | Free |
| Through Net Banking | Free | ||
| Fund Transfer | Branch & Net Banking | Nil | Free |
| Cheque Book | Default Cheque Book is Payable At-par Only | 2/Leaf | Free |
| Receipts/ Collections: | |||
| Local Clearing Cheque | Nil | Free | |
| ^Intercity Clearing Cheque | 1.5/1000 (Min 50 Max 500) | Free | |
| Out-station Cheque | Drawn at Kotak Branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | Free |
| Drawn at Kotak Non - branch Locations | <10K: 50/Chq; 10K - 1L: 100/Chq; >1L: 150/Chq | Free | |
| RTGS | Inward | Nil | Free |
| NEFT | Inward | Nil | Free |
| Fund Transfer | Inward | Nil | Free |
| Home Banking: | |||
| On Call Requests | Cheque Pick-up/DD Delivery/Cash Pick-up or Delivery | Cheque/DD - 75/Request Cash - < 2L: 200/Request; 2-5L: 400/Request |
Free |
| Beat Service | Cheque Pick-up | 500 p.m. | Free |
| Cash Deposit & Withdrawal: | |||
| Cash Deposits | At Home Branch Location @ | 2.5/1000 | Free upto 10 times of prev month's avg credit balance or 25 L whichever is higher; thereafter Std Chrgs |
| At Non - home Branch Location | 4.5/1000 Min 50 per txn | Free upto 5L per month; thereafter std charges | |
| Cash Withdrawal | From Home Branch Location | Nil | Free |
| From Non - home Branch Location | 2/1000 Min 50 per txn | Free | |
| Automated Teller Machine (ATM): | |||
| Kotak ATMs | Balance Enquiry | Nil | Free |
| Cash Withdrawal | Nil | Free | |
| Other Bank's VISA ATMs - Domestic | Balance Enquiry | 8.50 per txn | Free |
| Cash Withdrawal | 17.80 per txn | ||
| Other Bank's VISA ATMs - International (Debit Card-Classic/Gold/Paltinum) |
Balance Enquiry | 15 per txn | 1Classic(*), Platinum (Free) |
| Cash Withdrawal | 110 per txn | ||
| ATM Txns Declined ^^ | Insufficient Funds | 25 per txn | * |
| Debit Card: | |||
| Primary Card | Issuance Fee | 100.0 | Free |
| Annual Fee | 250 p.a. | Free | |
| Supplementary Card | Issuance Fee | 250.0 | Free |
| Annual Fee | 250 p.a. | Free | |
| Add-on Card | Issuance Fee | 250.0 | Free |
| Annual Fee | 250 p.a. | Free | |
| Card Replacement | Lost Card | 200.0 | Free |
| Damaged Card | Nil | Free | |
| VISA Global Assist | USD 5 | * | |
| VISA Global Assist | Lost Card | USD 35 | * |
| POS Txns Declined ^^ | Insufficient Funds | 25 per txn | * |
| Other Charges: | |||
| Account Related | |||
| AQB Non - maintenance ^^ | Non maintenance charges per quarter | If AQB < 50% of the required Product AQB | Not Applicable till the time the customer is under Privy program. |
| If AQB >=50% but < 100% of the required Product AQB | |||
| Account Closure Charges | - | <30 Days: Nil; 31 - 181 Days: 5000; >181 Days: Nil | |
| Cheque Returns ^^ | |||
| Cheques Deposited & Returned (Outward) | Local | 100 per Cheque | 10 Free p.m.; thereafter std charges |
| Out-station | 100 per Cheque + Corr Bank Chrgs | Nil + Corr Bank Chrgs | |
| Cheques Issued and Returned (Inward) & ECS returns | Financial Reasons | Upto 3 returns - 350/instance; 4th return onward 750/instance | * |
| Technical Reasons | Nil | Free | |
| SMS Alerts & Updates | |||
| Updates | Daily Balance | 25 per Quarter | Free |
| Weekly Balance | 25 per Quarter | Free | |
| Phone Banking | |||
| Phone Banking | IVR Assisted | Nil | Free |
| Agent Assisted | 25 per Call | Free | |
| Charges Common for All Products | |||
| Account Statements | |||
| Monthly | Physical/ Email | Physical - 75/quarter; Email - Free | Free |
| Weekly | Physical | 300 per Quarter | * |
| By Email | Nil | Free | |
| Daily | By Email Only | Nil | Free |
| Annual Combined Statement (Physical) | Through Net Banking : Free Through Branch : Rs 85, Through Phone Banking : Rs 110 | Free | |
| Ad- hoc Statements Request | At Branch/ Phone Banking | <90 Days: 100 | Free |
| 91-365 Days: 200 | * | ||
| >365 Days: 1000 | * | ||
| On Net Banking/ ATM | 50.0 | Free | |
| On Mobile Banking | Nil (by email only) | Free | |
| Standing Instruction | |||
| Set-up | 100.0 | Free | |
| Execution | Nil | Free | |
| Amendment | 25.0 | Free | |
| Failure ^^ | 100.0 | Free | |
| Statement/ Certificate / Report Issuance | |||
| Balance Statement | Other than 31st March | 100.0 | Free |
| Interest Statement | Duplicate Only | 100.0 | Free |
| TDS Certificate | Duplicate Only | 200.0 | Free |
| Confidential Report | 500.0 | * | |
| Paid Cheque Report | Nil | Free | |
| Signature Verification | 100.0 | Free | |
| Photo Attestation | 300.0 | Free | |
| Solvency Certificate | 10000.0 | * | |
| Credit Confirmation | 500.0 | * | |
| Address Confirmation | 100.0 | Free | |
| Foreign Currency Payments & Collections | |||
| DD Issuance ~ | 500.0 | * | |
| DD Cancellation ~ | 500.0 | * | |
| DD Revalidation | 500.0 | * | |
| TT Transfer ~ | Corr Bank Chrgs Borne by Beneficiary | 250.0 | * |
| Corr Bank Chrgs Not Borne by Beneficiary | 1000.0 | * | |
| Cheque Collection~ | 500.0 | * | |
| Cheque Deposited and Returned ~ ^^ | 1000.0 | * | |
| Cheque Issued and Returned ~ ^^ | Financial Reasons | 1000.0 | * |
| Cheque Issued and Returned ^^ | Technical Reasons | Nil | Free |
| Miscellaneous Charges | |||
| PIN Regeneration | ATM/ Phone/ Net Banking (only if sent through courier) | 50.0 | Free |
| DD/BC Cancellation / Revalidation | 100.0 | Free | |
| Fund Transfer Return ^^ | Financial Reasons | 300.0 | * |
| Technical Reasons | Nil | Free | |
| Online Tax Payment (E Tax) | Through Net Banking | Nil | Free |
| Through Branch | 100 per request | Free | |
| Cheque Purchase Charges | 0.5/1000 per Day | * | |
| Travelers Cheque Encashment ~ | 1% of TC Amount | * | |
| TOD Charges | 500.0 | * | |
| Stop Payment | Individual or Range | 100.0 | Free |
| Inactive Account Charges ^^ | No customer induced transaction for a year | 50 / Quarter | Free |
| Record retrieval charges | 100 / Request | Free | |
| Service Tax on Foreign Currency Conversion Charges (FCY) ~ | |||
| Value of purchase or sale of Foreign Currency | Service Tax Amount | ||
| Up to Rs 1,00,000 | 0.1% of the gross value or Rs 25/- whichever is higher | ||
| Above Rs 1,00,000 to Rs 10,00,000 | Rs 100 / plus 0.05% of the amount exceeding Rs 1 L | ||
| Above Rs 10,00,000 | Rs 550 / plus 0.01% of the amount exceeding Rs 10 L, subject to a maximum of Rs 5000 | ||
| In addition to the above service tax, 2% secondary education cess and 1% higher secondary education cess will also be applicable. | |||
| Please Note: | |||
| 1 Classic Card will not be available to customers whose Current Account has been opened with Kotak Bank post 20th Dec, 2011. | |||
| * Indicates Standard Charges are Applicable | |||
| The Bank shall review the relationship value on a periodical basis, if the same is below the program threshold value, then the Bank shall reserve the right to levy penalty charges upto Rs 5000/- p.a. after giving a notice of 30 days. | |||
| Abbreviations Used: For all value figures L = Lakhs & K - Thousand; Prev = Previous; Chq = Cheque; Std = Standard; Chrg = Charge; Txn= Transaction; p.m.=per month; p..a.= per annum; Avg= Average;FCY= Foreign | |||
| Currency; Corr = Correspondent; TOD = Temporary Overdraft; w/o = without | |||
| No Free Limits for Current Accounts Maintaining Less than 75% of the Required Product AQB: (Not Applicable for customers under Privy Program) | |||
| Product wise free limits offered on various transactions and services shall be applicable only if the Average Quarterly Balance (AQB) maintained in the account in that quarter is atleast 75% of the product AQB; else standard charges shall apply as per the GSFC in effect. Additionally, AQB non-maintenance charge will also be applicable as mentioned in GSFC. | |||
| **Indo - Nepal Remittance Scheme (NEFT Charges): | |||
| If beneficiary maintains an account with Nepal SBI Bank Ltd (NSBL): Rs 25 per txn (incl all taxes) | |||
| If beneficiary does not maintain an account with Nepal SBI Bank Ltd (NSBL): Upto Rs 5000 - Rs 75 per txn & beyond Rs 5000 - Rs 100 per txn (incl all taxes) | |||
| # Applicable for all transactions which involve foreign currency conversion. This charge is applicable from May 16, 2008 as per the CBDT Circular | |||
| ~ Any purchase / sale of foreign exchange will attract Service Tax on the gross amount of currency exchanged as per Service Tax on Foreign Currency Conversion Charges (FCY) table above | |||
| On all foreign currency conversion transactions, an additional foreign currency conversion service tax at the rate of 0.103% will be applicable on the gross value of transaction | |||
| Please note any rejections in applications made through ASBA mode due to insufficient funds will attract charges of Rs 300/- per rejection. | |||
| @ Free Cash Deposit Limits & Cash Handling Charges for OD Accounts: | |||
| Free Limit (Home Branch Location Only): | |||
| For CA with OD facility - 2 times of previous month’s Avg OD Utilization or Avg Debit Balance. | |||
| Charges Beyond Free Limit: | |||
| Rs 2.50/1000 of cash deposited and part thereof + Service Tax as applicable. | |||
| Kotak Synergy Current Account is available to customers of other businesses within the group, same features & charges as Edge Current Account are applicable at a reduced AQB of Rs 10,000. | |||
| Features & charges as Pro Current Account are offered at NIL AQB for all below mentioned acccounts, except Home Banking services which will be offered at standard charges plus registration fee of Rs 250/- per annum for these customers. | |||
| Product Name | Business Group | Product Name | Business Group |
| Retail Overdraft Account | Business Banking Group | Business Finance Current Account | Business Banking Group |
| Kotak Logistics Overdraft Account | Commercial Vehicles Finance Division | Business Pro Current Account | Emerging Corporates Group |
| Business Plus Current Account | Home Finance Division | Agri Finance Overdraft Account | Agri Finance Division |
| Business Current Account | Personal Loan Division | ||
| ^Intercity clearing charge on cheque collections is a charge levied on the Drawee of a cheque if an “AT Par” cheque is presented for collection under clearing at other than Home Branch Location of the Drawee. | |||
| The above charges are applicable for all states other than Jammu & Kashmir. GST is applicable in the state of Jammu & Kashmir. For charges applicable to Jammu & Kashmir, please contact the respective Branch Manager. | |||
| All charges are subject to revision with an intimation of 30 days to account holders. Closure of account due to revision of charges will not be subject to account closure charges. | |||
| ^^ Indicates penalty charges | |||
| ID Documentation for Non individual Entities |
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| Public or Private Limited Companies: |
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| Partnership Firms: |
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| Limited Liability Partnership signatories |
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| Proprietorship Concerns |
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| Trusts / Association / Society/ Club |
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| Address Proof Documentation for Non individual Entities |
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| Basic Common Documentation for Proprietor/Partner/Authorised Signatory |
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| Beneficial Owner (BO) details to be obtained for Pvt. Ltd/Limited Company and Partnership Firm/LLP |
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Note: This is not an exhaustive list. In case of non-availability of the above documents, please contact your bank official for a complete list of acceptable documents.
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