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Frequently Asked Questions
For Kotak Bank Customers
For Kotak811 Customers
Experience the all-new Kotak Netbanking Lite
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New account opening for this variant is only applicable under Private Banking
Fee type | Details | Kotak Ace Savings Account-wealth |
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AMB (Average Monthly Balance) | Average Monthly Balance (AMB) | INR 50,000 |
Non Maintenance Fee | Fee for non maintenance of minimum monthly average balance |
6% of the shortfall in required AMB per month (Max upto INR 600/-) |
Family Banking | NA | NA |
Cheque Book | FCY - DD/ TT / Cheque Collection / Revalidation / Cancellation / FCY Cheque Deposited and Return |
INR 500 / instance |
At-par Cheque Book Fee | Free up to 100 Cheque Ieaves per year thereafter INR 3/ cheque leaf | |
Debit Card / ATM Usage Fee | Kotak Bank‘s ATM - Cash Withdrawal / Non Financial Transactions | Nil Charges upto 30 transactions per month (Financial + Non-Financial on Kotak ATM + other Bank ATM), thereafter INR 23 per Financial txn and INR 10 per Non-Financial txn |
Other Domestic ATMs - Cash Withdrawal / Non Financial Transactions ## |
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Transactions declined at merchant outlet / websites / ATMs, due to insufficient balance <> |
INR 25 / Transaction at Non-Kotak ATM | |
Cash Withdrawal / Non-Financial Transactions at International ATMs + | INR 150 per cash withdrawal transaction & INR 25 per non-financial transaction | |
Cardless cash withdrawal (IMT) | Nil up to 1 transaction per month and subsequent transactions will be charged INR 10/- per transaction | |
Dynamic Currency Conversion (DCC) | Mark-up fee of 1% plus GST will be applicable on your Kotak Bank Debit Card for transactions done in Indian currency (INR) at international locations or transactions done in Indian currency (INR) with merchants located in India but registered in an international locations. DCC mark-up fee will be applicable on all ATM, POS/In-store or Online transactions. | |
Other Debit Card Related fee | Replacement of Lost /Stolen Debit Card | NIL |
Image Debit Card Issuance fee | Image Debit Card - INR 199 |
Fee type | Fee type | Kotak Ace Savings Account- Wealth |
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Fund Transfers | NEFT / RTGS / Fund Transfer (Through Netbanking / Mobile Banking) | Nil |
NEFT / RTGS - Applicable only if done in Branch | Nil | |
IMPS | Nil | |
Cash Transactions Fee | Cash Transaction at Branch / CDM (Cash Dispensing Machine) (Deposit or withdrawal) |
Nil upto 5 transactions or 5 lac / month whichever is earlier. Post free limits, charged at INR 5 / 1000 with minimum INR 150 |
Debit Card Annual Fee/ Issuance Fee | Pay Shop More Debit Card | Nil |
Silk Debit Card | Nil | |
Visa Platinum / My World Debit Card | Nil | |
Kotak PVR Debit Card | 499.0 | |
EveryDay Debit Card | INR 259* | |
Visa Signature Pro Debit Card | 750.0 | |
Privy League Platinum Card | 750.0 | |
Privy League Signature Card | 750.0 | |
Privy league Business Card | 750.0 | |
Privy League Neon Debit Card | 1500.0 | |
Privy league LED Debit Card | 2500.0 | |
Privy League Black Metal Debit card | 5000.0 | |
Private Banking Infinite Debit Card | 1500.0 | |
Goqii Wearable Payment | Issuance fee — INR 3499 & Annual fee — INR 259 from 2nd year onwards |
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Default Card | Visa Platinum Debit Card | |
Branch Request | Duplicate Ad-hoc statement, Duplicate Passbook, TDS Certificate Through Branch or any other Record Retrieval, Stop Payment - Single / Ranpe of cheque through branch; DD Revalidation; PO / BC Revalidation / Cancellation (INR); Annual Combined 5latement-Physical; Monthly Physical Statement; |
NIL |
Foreign Inward Remittance Certificate | Nil | |
Regeneration of PIN (sent through courier) | Nil | |
Other Fee | Temporary Over Draft | TOD: INR 500; |
Fee type | Details | Kotak Ace Savings Account- Wealth |
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Failure Fee | ECS / Cheque Issued & Returned (due to non availability of funds) | INR 500 / instance |
ECS Mandate Verification | Nil | |
SI Failure | INR 100 / instance | |
Cheque deposited and returned (INR) | INR 200 / instance | |
Cheque Issued and Returned for Non-Financial Reason | INR 50 / instance |
Fee type | Details | Kotak Ace Savings Account- Wealth |
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Home Banking | Cash / Instrument - Pick Up / Delivery | NIL |
Complimentary Services | Passbook (in lieu of Account Statement) Current Year Balance and interest statement Signature Verification Cenificate Photo Attestation Address Confirmation, Balance & interest Statement, Regeneration of PIN of Net Banking / Phone Banking / Debit Card courier), Account Closure, Cash / Instrument Pick up / Delivery / KYC Pick Up |
Nil |
Statements & Alerts | statements | Email Statement (Monthly): Nil Physical Statement (Quarterly): Nil |
Balances Value added alerts (Daily / Weekly) | 50p. per SMS (Daily ) & Weekly-Nil | |
Forex Card | Issuance Fee | Rs 250 (exclusive of GST) |
Reload Fee | Rs 75 ( exclusive of GST) | |
Foreign Exchange Services (FES) - Outward Remittances - Individual Fee | Telegraphic Transfer Fees (other than payment for imports) | NA |
Correspondent Bank Fees (Outward remittance wherein the foreign bank Fees are paid by remitter) | NA | |
Issue of FCY DD's | NA | |
Commission in lieu of exchange (in case of debit from EEFC/RFC/SFC account) | NA | |
GST on Foreign Currency Conversion Fee (FCY) ~ | Value of purchase or sale of Foreign Currency | NA |
Up to INR 1,00,000 | NA | |
Above INR1,00,000/- to INR10,00,000/- | NA | |
Above INR 10,00,000/- | NA |
Terms & Conditions:
outward Remittances - Individual |
Standard Fee |
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Value of purchase or sale of Foreign Currency |
Value on which GST rate will be applicable |
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Telegraphic Transfer fee (other than payment for import) |
INR 1250 + Tax |
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Up to INR 1,00,000 |
1% of the gross amount of currency exchanges or minimum of INR250/- |
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Correspondent Bank Fee (Outward remittance wherein the foreign bank |
INR 1000 + Tax |
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Above INR1,00,000/- to INR10,00,000/- |
1000 + 0.50% of the gross amount of currency exchanged less 1,00,000 |
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Issue of FCY DD's |
INR 750 + Tax |
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Above INR10,00,000/- |
INR5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of INR60,000/- |
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Commission in lieu of exchange (in case of debit from EEFC/RFC/SFC account) |
0.125 %; minimum INR 1,000 +Tax |
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Fees mentioned for Debit card are subject to default classification of mentioned scheme codes. In case of upgrade/downgrade/classification change the same will be impacted
As per RBI guidelines, Business / Commercial transactions are not permitted in the Savings Accounts.
## Cash withdrawal limit from other Domestic ATM is INR 10000 per transaction.
#+ Top 6 Cities - Transactions done in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad ATMs.
Mandatory Alerts will not be charged. Alerts that have been mandated by RBI as well as alerts which are deemed appropriate by the Bank, will be sent free of charge, even if Daily / weekly Balance SMS alerts facility has not been subscribed.
Indo - Nepal Remittance Scheme (NEFT fee):
If Beneficiary maintains an Account with Nepal SBI Bank Ltd. (NSBL): INR 25 per txn (incl all taxes).
If Beneficiary does not maintain an Account with Nepal SBI Bank Ltd (NSBL): Upto INR 5000 - INR 75 per txn. & beyond INR 5000 - INR 100 per txn. (incl all taxes).
All Services, where a free limit is specified, usage beyond the free limit will be charged as per the standard charge of the respective service.
Fee applicable for Silk debit card will be same as Classic Debit card. Monthly physical statements will be issued free to account holders on them personally visiting the home branch for the same.
The Bank will charge cross-currency mark-up charge 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]
Any rejections in applications made through ASBA mode due to insufficient funds will attract fee of INR 350/- per rejection <>
+ Additional fee levied by another bank on international ATM transactions will also have to be borne by the card holder.
The above fee are subject to revision with a prior intimation of 30 days to all account holders Closure of account due to revision of fee will not be subject to account closure fee.
<> Penalty fee. Not applicable once the account becomes inoperative/ dormant.
Non-financial transactions are Balance Enquiry, Mini Statement & PIN Change
Please note that the Cash Pickup/ Delivery fee pertain to the “ Cash Pick-up/ Delivery” service offered to the customer. Additional fee for cash transactions shall be levied basis the Cash Transaction limits offered under the respective variant. The Cash pick-up amount shall be a part of the overall Cash transaction limits offered under the variant.
Balance (AMB) as per the product variant to continue with account features and avoid non maintenance Fee. The bank may choose to notify by SMS / email / letter. It will be the responsibility of the customer to have a valid email id, mobile number and address updated with the bank at all times, failing which, customer may not receive the notification/s. The NMC Fee will be based on the shortfall observed in the AMB and as specified in the slabs in GSFC
Fee 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.
State government taxes/ Cess as applicable shall be charged
W.e.f 1st July,2020; threshold as well as Rate of TDS applicable for CASH withdrawal will dependent on submission of proof of Income Tax Return filed. Revised TDS rates will be as under:
Effective 1st Nov, 24 a Dynamic Currency Conversion (DCC) mark-up fee of 1% plus GST will be applicable on your Kotak Bank Debit Card for: transactions done in Indian currency (INR) at international locations or transactions done in Indian currency (INR) with merchants located in India but registered in an international locations. DCC mark-up fee will be applicable on all ATM, POS/In-store or Online transactions
Aggregate Cash withdrawals in all accounts in a Financial Year |
Income tax Return copy Submitted to Bank |
Income Tax return copy Not Submitted to bank |
Upto INR20 Lakhs |
Nil |
Nil |
INR20 lakhs to INR 1 crore |
Nil |
2%@ |
In Excess of INR 1crore |
2%@ |
5%@ |
.@If PAN is not updated in the account then the TDS deduction at the rate 20% as per section 206AA of the Income Tax Act will apply. For foreign companies, foreign partnership firms, Non-residents additional surcharge and health & education cess will be applicable as per Income Tax law.
Effective 1st Nov, 24 a Dynamic Currency Conversion (DCC) mark-up fee of 1% plus GST will be applicable on your Kotak Bank Debit Card for: transactions done in Indian currency (INR) at international locations or transactions done in Indian currency (INR) with merchants located in India but registered in an international locations. DCC mark-up fee will be applicable on all ATM, POS/In-store or Online transactions