Kotak Mahindra Bank to Revise Charges for Kotak 811 Accounts and ATM Limits

Kotak Mahindra Bank has announced changes to its charges and features for 811 Savings Account holders and certain debit cardholders, effective February 1, 2025. The revisions impact account variants under the 811 EDGE, 811 Limited KYC, and 811 Full KYC schemes, along with free ATM transaction limits for specific debit cards.

Revised GSFC

The updated General Schedule of Features and Charges (GSFC) outlines changes to various banking services for Kotak811 account holders:

Changes to ATM Transaction Limits

The bank is revising the free ATM transaction limits for specific debit cards. Customers in metro cities will continue to receive three free transactions, while those in non-metro areas will have five. The limits and fees may vary based on the card type and location.

Updates for Retail Current Accounts

Additional revisions have been introduced for retail current account holders:

• Cash Handling: Charges for cash pick-up services will now depend on transaction volumes, with higher fees for larger amounts.
• Cheque Services: Accounts exceeding their monthly limit for chequebook requests or pick-ups will incur additional charges.

Share Price Performance

At 3:05 PM today, Kotak Mahindra Bank’s shares were trading at ₹1,749.40, showing a decline of ₹13.40 (0.76%) for the day and an 8.40% drop year-to-date.

In conclusion, Customers are encouraged to review the revised charges applicable to their accounts to avoid surprises in February 2025. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.