Kotak Mahindra Bank hikes annual charges on debit cards: Check latest charges

Kotak Mahindra Bank has mailed its customers about a hike in their debit card charges which will come into effect from May 22, 2023.

In its mail to select customers, “We would like to inform you that w.e.f. May 22, 2023, Annual Charges on your Kotak Bank Debit Card will be revised from Rs. 199 + GST to Rs. 259 + GST.”

Also read: Kotak Mahindra Bank hikes FD interest rate; now earn 7% on this tenure


Kotak Mahindra Bank offers different types of savings account and debit card also varies depending on the account, limit, and features required by customers.

Here are charges for savings, salary accounts effective from 1st June, 2022.

Charges for non-maintenance of minimum balance
Kotak Mahindra Bank charges 6% of the shortfall with maximum cap of Rs. 500/600 as per Product Variant. Salary account for public services/ Salary account for Uniformed services/Uni Account, not included.

Transaction failure charge
The charge is Rs 50 per instance for cheque issued & returned fee for non-financial reasons.
Non-Financial Failure reasons to be considered for charging:

• Kindly contact Drawer/Drawee Bank and please present again
• Drawer's signature incomplete
• Drawer's signature illegible
• Drawer's signature differs
• Drawer's signature required
• Drawer's signature not as per mandate
• Drawer's signature to operate account not received
• Drawer's authority to operate account not received
• Alteration require drawer's authentication
• Cheque irregularly drawn/ amount in words and figures differ

Fees for Standing Instruction (SI) failures
The bank charges Rs 200 per instance as Standing Instruction (SI) failure fee

Fees for Cheque deposited and returned transactions
The fee is Rs 200 per instance for cheque deposited and returned Fee.

Free limits for Cheque Book issuance
The bank provides 25 free cheques leaves.

Other Debit Card Related Charges

• Replacement of Lost / Stolen Debit Card- Rs 200.
• Declined Domestic ATM Transactions due to insufficient balance: Rs.25 per transaction
• Cardless cash withdrawal (IMT): Nil charges up to 1 transaction per month and subsequent transactions will be charged Rs. 10/- per transaction.