Private sector bank Kotak Mahindra Bank has increased the annual charges for debit card facility. The new rule will be effective from 22 May 2023.
As per the data provided by Kotak Mahindra Bank, the debit card annual charges are currently being charged at Rs 199 plus GST. The bank has mailed its customers regarding the increase in debit card charges with effect from 22nd May.
Let us tell you that apart from debit card, Kotak Mahindra Bank has increased the charges on other services as well. This includes non-maintenance of minimum balance, transaction failure, check related transactions, etc. These charges will be taken from all types of accounts of Kotak Mahindra Bank.
How much will be the annual charge on debit card now?
Kotak Mahindra Bank has increased the existing rate of Debit Card Annual Charges by Rs 60. Currently this charge is being taken at the rate of Rs 199 plus GST. On the other hand, from May 22, 2023, you will have to pay an annual charge of Rs 259 plus GST on Kotak Mahindra Bank Debit Card.
Apart from this, you will have to pay Rs 200 to get a new card if the debit card is lost or stolen. In case of transaction failure due to insufficient balance in your account, you will be charged Rs.25 per transaction. At the same time, for more than one cardless withdrawal every month, you will have to pay Rs 10 for each transaction.
This much will be charged for not maintaining minimum balance
If you are unable to maintain the minimum balance in your Kotak Mahindra Bank account, then the bank can charge up to 6%. Apart from this, a charge of Rs 50 will be taken every time a check is issued and returned for non-financial reasons. At the same time, a charge of Rs 200 each has been fixed for deposited and returned cheques. While Rs 200 will be charged for disobeying the standing instructions (SI) of the bank.
