FAQs for SDS

Q: As a merchant, where and how do I find out if a payment was settled early?

Same-day settlements are the same as normal settlements except that it is settled on the day of the transaction. So, you can find the settlements in the settlement report (MPR).

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What is Same Day Settlement?

For any transactions done on POS terminals or QR, the settlement usually happens on T+1 day (i.e. the next day after the transaction is done) in the registered Current Account of the merchants.

However, if opted for the Kotak Same Day Settlement Service, merchants can receive funds on the same day, within a few hours for transactions done that day.

How can the Same Day Settlement help a merchant’s business?

Kotak Bank’s Same Day Settlement can help merchants in more ways than one. With this, merchants can get access to their funds on the day of the transaction. This enables them with cash flow to manage stock & inventory, provide advance salaries, and pay vendors on time. It ensures monetary liquidity even on holidays.

Are there any limits to Same Day Settlements?

No, the merchants can settle unlimited amounts through Same Day Settlements.

If I opt for Same Day Settlement, will I get a settlement on all days including public holidays?

Yes, Same Day Settlement is available on all days, except Sundays.

What is the settlement schedule for Same Day Settlements?

The service is available in two cycles with a cut-off time of 2 pm and 5 pm respectively.

Merchants can opt for either one or both cycles and receive the settlement credits in just a few hours. For all transactions recorded in these cycles, the funds will be credited to the merchant’s Current Account on the same day.

Cycle 1 - Transactions successfully completed between 12:00 am to 2:00 pm (same day) shall be settled to the merchant account by 5:30 pm on the same day (except Sunday)

Cycle 2 - Transactions successfully completed between 2:00 pm to 5:00 pm (same day) shall be settled to the merchant account by 8:30 pm on the same day (except Sunday)

For merchants who have opted for the cycle option as both, the settlement will happen the same day twice as per the cycles mentioned above. Merchants need to manually close the batches on the terminal before the cut-off time to ensure the settlement happens on the same day.

And, for all transactions between 5:00 pm to 12:00 am, the settlement will happen by the next day morning, 10:00 am.

Are there any charges?

We offer simple pricing with no hidden charges. A nominal fee of 0.20% + GST is applied to the settlement value for each Same Day Settlement cycle.

There are no charges for transactions done on UPI and Rupay Debit Cards.

Where are Same Day Settlement additional charges deducted from?

The charges will be deducted from the settlement amount based on your confirmation while opting for the service.

Is there any opt-out option for Same Day Settlements i.e. can I switch back to my standard settlements?

In case a merchant doesn’t want to settle as per the cycle selected, he/she can avoid manually settling the batch & get the settlement done the next day for all transactions completed on the previous day.

If the merchant wants to disable the service completely and switch back to the standard settlement, then the merchant must reach out to their Relationship Manager or visit the nearest branch.

Will the settlements happen automatically if I opt for this service?

Merchants need to manually close the batches on the terminal before the cut-off time, i.e., 2 pm and 5 pm, to ensure the settlement happens on the same day

As a merchant, where and how do I find out if a payment was settled early?

Same-day settlements are the same as normal settlements except that it is settled on the day of the transaction. So, you can find the settlements in the settlement report (MPR).

Can anyone avail of Same Day Settlement?

Only Kotak merchants who hold Kotak Current Accounts are eligible to apply for this service.

How do I apply for the Same Day Settlement?

You can apply by reaching out to your Relationship Manager or by visiting the nearest branch.

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