Country’s largest private lender Kotak Mahindra Bank has given a big blow to its customers. Giving information about the annual charge of the debit card, the bank said that it has been increased by 30 percent.
The new rates will be applicable from 22 May. In the mail sent to the customers, Kotak Mahindra Bank told its customers that on May 22, there will be a change in the annual charge on the debit card.
Under which it will be increased from 199 plus GST to 259 plus GST. This means that the charge will be increased by Rs 60. Kotak Mahindra Bank provides many types of savings accounts and debit cards are also given on the basis of customer’s account, limit and features.
Charges for not maintaining minimum balance
Kotak Mahindra Bank levies a charge of 6% for non-maintenance of minimum balance, which will be maximum of Rs 500 to Rs 600 depending on the product variant. Salary Account for Public Service/Salary Account of Uniformed Service/Uni Account is not included.
Transaction failure charge
Check issue and refund charges for non-financial reasons Rs.50. In non-financial reasons, the charge is recovered in many ways like incomplete sign of the drawee, not understanding the sign properly, separation of the sign, not being legally correct etc.
Charges apply to these too
- Rs 200 is charged as bank standing instruction failure charge.
- The check deposit and return deposit charge is Rs 200.
- Initially, the bank provides checkbooks of 25 leaves for free, after that it charges per checkbook which is based on the number of checkbook leaves.
- There is a charge of Rs 200 for replacement, loss and theft of the debit card.
- 25 per transaction charge if the transaction is declined due to insufficient balance.
- Under cardless withdrawal, one transaction will be free in a month and thereafter Rs 10 will be charged for each transaction.
