Understanding Fees and Charges for Kotak Edge Savings Account
Kotak Mahindra Edge Savings Account is one of the best regular savings accounts in the financial and banking market, which offers privileged services to its customers. It is one of those few savings accounts that makes the banking experience of every consumer memorable.
This savings account allows free access to all domestic VISA ATMs, nil charges on NEFT when you transact through Net banking, attractive interest rates, access to Classic Debit Card, Kotak ActivMoney, free at-par cheque, digital banking, and free NEFT/RTGS. Here is a guide on fees and charges on Kotak Edge Savings Account.
List of Fees and Charges of Kotak Edge Savings Account
Here is the complete list of applicable fees and charges for the Kotak Mahindra Edge Savings Account. These are with effect from June 1, 2022.
- Average Monthly Balance (AMB) – Rs. 10,000.
- Non-maintenance charge of minimum average balance – 6% of the shortfall in required AMB per month.
Netbanking/Mobile Banking – NEFT/RTGS/Fund Transfer – Zero Charges
NEFT/RTGS – If done in Branch NEFT
- Up to 10,000: Rs. 2
- 10,001 to 1,00,000: Rs. 4
- 1,00,001 to 2,00,000: Rs. 14
- > 2,00,000: Rs. 24
- 2,00,000 to 5,00,000: Rs. 20
- > 5,00,000: Rs. 40
- Up to 10,000: Rs. 5
- 10,001 to 1,00,000: Rs. 5
- 1,00,001 to 5,00,000: Rs. 15
- Cash Transaction at Branch/Cash Deposit Machine (CDM) – Zero Charges up to 4 transactions or 2 lac per month, whichever is earlier. Post these limits, charged at Rs. 4.5/1000 (Minimum Rs. 150)
- Cash withdrawal at Merchant Locations via UPI (Maximum Rs. 1000 per day) – 1% of Withdrawal amount (Max Rs. 10)
Debit Card and ATM Charges
- Cash Withdrawal or Non-Financial Transactions through Kotak Bank’s ATM – Nil Charges
- Other Domestic ATMs – Cash Withdrawal and Non-Financial Transactions – Nil Charges up to 3 transactions (In Top 6 Cities) and 5 transactions (Non-Top Cities) per month, and after that, Rs. 21 per cash withdrawal and Rs. 8.5 per Non-Financial transactions
- Insufficient balance that leads to declined domestic ATM transactions due to – Rs. 25 per transaction
- Transactions declined at merchant outlets/websites/ATMs due to insufficient balance (with effect from April 1, 2019)
- Cash Withdrawal/Non-Financial Transactions at International ATMs – Rs. 150 per cash withdrawal transaction and Rs. 25 per non-financial transaction
Cardless cash withdrawal (IMT):
- Nil charges – 1 transaction per month
- Subsequent transactions – Rs. 10/- per transaction
DD/ Cheque Book
- DD – Rs. 4 per 1000 and for Senior citizens Rs. 3 per 1000
- Cheque Book Charges – 25 Cheque leaves – Nil Charges per year, after which the charges will be Rs. 3/cheque leaf.
- ECS/Cheque Issued and Returned (due to non-availability of funds) – Rs. 500/instance
- ECS Mandate Verification – Rs. 50/instance
- SI Failure – Rs. 200/instance
- Cheque deposited and returned (INR) – Rs. 200/instance
- Cheque Issued and Returned for Non-Financial Reason – Rs. 50/instance
- Branch Requests – Rs. 100/Request, but for senior citizens: Rs. 75/Request.
- DD Cancellation (INR) – Rs. 100/Request, but for senior citizens: Nil.
- Foreign Inward Remittance Certificate – Rs. 100/Request.
- Cash/Instrument Pick Up/Delivery – Rs. 150 per visit
- KYC Pickup – Only for senior citizens and differently-abled – Rs. 150 per visit. Under Home Banking cash pick-up services, lower denomination.
Statements and Alerts
- Statements – Email Statement (Monthly): Nil Charges
- Physical Statement (Quarterly): Nil Charges
- Balances Value added alerts (Daily/Weekly) – 50 p. per SMS(Daily and Weekly)
- Account Closure charges: (if closed after 1 month and before 6 months of A/C opening) – TOD: Rs. 500
- Account Closure charges: 500
Complimentary Services – Nil Charges
- Passbook (instead of Account Statement)
- Current Year Balance and interest statement
- Signature Verification Certificate
- Photo Attestation
- Address Confirmation
Debit Card Annual Charges
|Classic Debit Card||Rs. 259|
|Silk Classic/Platinum||Rs. 259|
|Gold Debit Card||Rs. 500.0|
|Platinum/My World Debit Card||Rs. 750.0|
|World/World Exclusive Debit Card||Rs. 750.0|
|Kotak PVR Debit Card||Rs. 499.0|
|Visa Signature Debit Card||Rs. 750.0|
Other Debit Card-Related Charges
|Replacement of Lost/Stolen Debit Card||Rs. 200|
|Issuance Charges Image Debit Card||Rs. 199|
|Regeneration of PIN (sent through courier)||Rs. 50 per request|
You can compare Kotak Edge Savings Account and Kotak 811 Mahindra Bank‘s zero balance account. You can choose from various savings account variants depending on your needs and preferences. However, exploring the features, benefits, fees, and charges of different kinds of Kotak accounts is paramount before settling for one.