Big news for the customers of Kotak Mahindra Bank, the country’s largest private-sector bank. The bank has changed the rules related to its savings and salary accounts, including the average balance of its savings account, free transaction limit, ATM transaction limit, and chequebook limit. The bank has shared information about the changes made on its official website.
Changes Made In The Rules Of Average Balance
Kotak Mahindra Bank has changed the rules of the average balance of its savings account. The average balance in daily savings accounts in metro and urban areas has been reduced from Rs 20,000 to Rs 15,000. It has been reduced from Rs 10,000 to Rs 5,000 in semi-urban areas. This limit has been reduced in rural areas from Rs 5,000 to Rs 2,500. The average balance in the Sankalp Savings Account in semi-urban and rural areas has only been fixed at Rs 2,500.
Changes Also Made In Free Cash Transaction Limit
The bank has changed the transaction limits of its daily savings, salary, pro saving and classic saving accounts. Earlier, through these accounts, customers could transfer up to Rs 5 lakh in 10 transactions in a month, which has now been reduced to a limit of 5 transactions and Rs 2 lakh.
The bank allows customers to transfer Rs 5 lakh through 7 monthly transactions to the Privy Neon or Maxima program account. Customers can also transfer up to Rs 10,000 in their Solo Savings Account only once a month.
ATM Transaction Limit Also Changed
The bank has also changed its ATM transaction limit. You can do 7 free transactions in a month through Kotak ATM. At the same time, customers can get 7 transactions for free through ATMs of other banks.
Changes Made In These Charges Also
The bank has also changed the transaction failure fee and fixed it at Rs 200. The checkbook limit has been reduced from 25 free pages annually to only 5. Now, customers can transfer free funds online only 5 times a month through IMPS, NEFT, and RTS. After this, you will have to pay the charges. ATM card transaction failure charges due to low balance have increased from Rs 20 to Rs 25.
