To enjoy "Zero balance " on your corporate salary account, your account needs to have monthly Salary credits. In case salary credits have stopped for two or more months you are required to maintain AMB (Average monthly balance) as per the product variant or AMB of Rs 10,000 (whichever is lower) ,failing which applicable charges will be levied.
As a bank, we are transparent in communicating the rates and charges of our products and services. Apart from communication about applicable charges as a part of account opening documentations, bank also sends regular SMS/email alerts prior to levy of non-maintenance charges on your registered mobile number and email id.
Click here to know details of General Schedule of Features & Charges (GSFC) applicable on your account.
Tips to avoid charges for non-maintenance of AMB:
1. Ensure regular Salary credits in your Corporate Salary account - In case you have changed your emlpoyer, check with your new employer on provision of linking your existing Kotak Corporate Salary Account for receiving your salary from new employer
2. Avoid maintaining multiple accounts: This way you don’t have to worry about tracking different accounts, plus you can access your funds with much more ease, rather than blocking them through these conditions of AMB requirement under all accounts
3. Smart withdrawals: Instead of withdrawing excess funds from your account in advance, use your debit card or digital mode of payments for transactions as and when needed. Advance withdrawals impact opportunity to earn interest on your savings account balance & also AMB requirement
4. Pay attention to notifications sent by the bank regarding your accounts - Bank sends regular notification on your registered mobile number/email id regarding non credit of salary, on maintenance of AMB prior to levy of these charges. Basis these initmations, you can fund your account suitably to meet the required AMB and there by avoid charges
5. In case you are certain of no further salary credit in your corporate salary account & are not able to maintain AMB requirement, reach out to any of our branches for conversion of account to different Savings account variant with lower or Nil AMB requirement as applicable as per bank's policy