17 AUGUST, 2023

If you want to transact in bulk or frequently for your business needs, you must apply for a current online account. While such accounts do not offer you any interest earnings on the current account balance, they provide a wide range of current account benefits like an overdraft facility, free cheque collection via speed clearing, free cash withdrawal at home branch locations, a free cash deposit of up to a predetermined amount, free 24X7 internet, mobile, SMS and phone banking, cash management services, better forex rates, etc. 

To open this account, you must meet the eligibility criteria and keep a few required current account documents handy. These documents include your business proof (Central State Tax/Value Added Tax/Goods and Service Tax certificate, utility bill bills, Tax Deduction and Collection Account Number (TAN) allotment letter issued by the NSDL, etc.), your identity and address proof (passport, voter ID card, driving license, PAN card, Aadhaar card, etc.) and self-declaration on bank’s prescribed format.

Discussed here are the common current account fees and charges you must be well-versed with before opening this account –

To meet the varying needs of customers, current accounts provide different variants offering the required benefits and features. Different kinds of current accounts offered by Kotak Mahindra Bank are Astra 15 current account, Astra 05 current account, Ace current account, ActivMoney current account, Elite current account, Startup current account, Pro current account, etc. These accounts aim to meet the varying needs of small enterprises or professionals, corporates, and others. Note that the current bank account opening fees and charges might differ from one account type to another, depending on the available features. Below mentioned are some common charges on the current account that you must know. 

Current account minimum balance requirement – 

Variants of all current accounts require you to maintain a minimum balance amount. Such minimum quarterly balance requirement usually begins from Rs 50,000. Note that if you opt for a Kotak Startup regular account, you may get the benefit of a first-year non-maintenance fee waiver. 

Non-maintenance charges – 

You may incur fees for non-maintenance of the minimum balance as per the requirement of the current account chosen.

Additional Read: How can you handle your current account more effectively?

Fees for facilities offered – 

Banks levy a nominal fee for various current bank account facilities like demand draft, NEFT or RTGS transactions (applicable only if performed in bank branch), IMPS, cash pick-up and delivery, debit card charges, SMS alerts and updates, interest on overdraft facility, etc. 

Bulk transaction fees – 

There is a specific limit on the allowed free bulk transactions that you can conduct monthly. Beyond this, a nominal fee is levied per transaction. 

Cheque bounce fees – 

While most transactions can be performed digitally today, you might require making specific payments via cheques. In case your cheque bounces owing to technical difficulties on the bank’s end, you may not be charged any fee. However, you might require paying a charge if your cheque gets bounced owing to inadequate funds, incorrect details, or a signature mismatch. 


A current bank account has various benefits attached and comes with the assurance of allowing unlimited transactions. An overdraft facility on your current account helps your company with distinct business-linked expenses when you lack the required funds. However, before opting for any current account, you must ensure to check out the fees and charges attached to it. Go for the account offering optimal benefits at minimal fees and charges. 

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.