Kotak Mahindra Bank revises savings, salary account charges, limits: Know latest cash transaction limits, ATM charges & more

Kotak Mahindra Bank has revised charges for certain services on salary and savings accounts. The new charges are applicable from May 1, 2024. The bank has revised average balance criteria, free cash transaction limits, free ATM transaction limits, standing instruction failure fee, free cheque book limit.

1. Revision in Average Balance criteria
The average balance criteria for Everyday Savings Account and Sankalp Savings Account revised as under:

Account Variant	Balance Criteria	Existing	Revised
Everyday Savings Account	Average Monthly Balance (AMB)	Rs.20,000*	Rs. 15,000 Metro & Urban
		(All Locations)	Rs. 10,000 Semi-Urban & Rural
Sankalp Savings Account	Average Quarterly Balance (AQB)	Rs. 2,500 (Semi-Urban & Rural)	Rs. 5,000 Semi-Urban
			Rs. 2,500 Rural

*The existing feature of waiver on non-maintenance charges (NMC) by transacting 30 times in a month to be discontinued.


2. Rationalization of Free Cash Transaction Limits: Cash Transaction Limits are being revised as per the details given below:

Applicable to	Existing	Revised
Everyday Savings Account! Everyday Salary Account! Pro Savings Account!	Nil charges up to 5 transactions or	Nil charges up to 5 transactions or
Classic Savings Account	Rs. 3 Lakh! month whichever is earlier	Rs. 2 Lakh/ month whichever is earlier
Privy Neon Programme! Privy Maxima Programmes	Nil charges up to 10 transactions or	Nil charges up to 7 transactions or
	Rs. 5 Lakh! month whichever is earlier	Rs. 5 Lakh/ month whichever is earlier
Solo Savings Account	Nil charges up to 2 transactions or	Nil charges up to 1 transaction or
	Rs. 1 Lakh! month whichever is earlier	Rs. 10,000/ month whichever is earlier

3. Rationalization of Free ATM Transaction Limits: ATM Transaction Limits are being revised as per the details given below:

Applicable to	Existing	Revised
Everyday Savings Account	Kotak ATM: Unlimited free	Kotak ATM: 7 transactions free per
	Other Bank ATM: 10 transactions free	month*
	per month	Other Bank ATM: 7 transactions free
		per month*
Classic Savings Account! Pro Savings Account ! Ace Savings Account ! Ace Salary Account !	Kotak ATM: Unlimited free	Kotak ATM & Other Bank ATM:
Privy Programmes (Black, Platinum, Neon & Maxima)	Other Bank ATM: Unlimited free	Maximum 30 free transactions in a month*
Everyday Salary Account	Kotak ATM: Unlimited free	Kotak ATM: 10 transactions free per
	Other Bank ATM: Unlimited free	month*
		Other Bank ATM: 7 transactions free
		per month*
Edge Salary Account	Kotak ATM: Unlimited free	Kotak ATM: 10 transactions free per
	Other Bank ATM: Nil charges up to 3	month*
	transactions in **top 6 cities and 5 in	Other Bank ATM: No change
	other cities

*(Financial + Non-Financial) **Top 6 cities include Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.

4. Revision of Standing Instruction Failure Fee:

Applicable to	Existing	Revised
All Savings and Salary schemes# having NIL charges	Nil charges	Rs. 200 per instance

Ace Savings/ Salary, Salary Account for Public Services, Platina Savings/ Salary schemes, Everyday Account for Salaried Professionals, Salary Account for Uniformed Services, Kotak Uni Account, Erstwhile ING schemes. Does not include Privy Programmes & BSBDA schemes.

5. Revision of Free Cheque Book Limit:

Applicable to	Existing	Revised
Solo Savings Account	Free up to 25 chq leaves/ year	Free up to 5 chq leaves/ year