Starting February 1, 2025, Kotak Mahindra Bank will introduce new charges and transaction limits for customers holding Kotak811 accounts, including 811 EDGE, 811 Limited KYC, and 811 Full KYC variants.
Here’s a detailed breakdown of the upcoming changes:
Key Updates for Kotak811 Account Holders
1. Revised Service Charges
- Demand Drafts / Banker’s Cheque: ₹1/₹1000 (Min ₹50, Max ₹5000) for up to 15 transactions/month.
- RTGS (Branch): ₹20/transaction (₹2-5 lakh) | ₹40/transaction (above ₹5 lakh).
- NEFT Charges: ₹2 (up to ₹10K) | ₹4 (up to ₹2 lakh).
- Cheque Books:
- Previously: Free for first 25 leaves.
- Revised: Free for first 50 leaves for select accounts.
2. ATM Transaction Limits
- Top Cities: Free for 3 transactions/month.
- Non-Top Cities: Free for 5 transactions/month.
3. Cash Withdrawal (Non-Home Branch)
- Free for transactions up to ₹25,000/day (previously ₹10,000/day).
4. Cash Deposit & Withdrawal Limits
- Free up to ₹4 lakh/month for select variants (previously ₹2 lakh/month).
Changes for Kotak Retail Current Accounts
- Cash Pick-Up & Delivery: Updated charges based on transaction volumes. Fees will increase for higher amounts.
What Does This Mean for Kotak811 Customers?
- Savings Accounts: Some accounts will enjoy extended free limits for cheque books, ATM withdrawals, and cash deposits/withdrawals.
- Fee Increases: RTGS, NEFT, and other banking services will see updated charges.
- Plan Ahead: Customers should review their account usage to avoid unexpected charges.
Stay updated with Kotak Mahindra Bank to ensure seamless account management. For more details, refer to the official General Schedule of Features and Charges (GSFC).