Kotak Mahindra Bank has made revisions to the average balance requirements for its savings accounts.
Now, the required average balance in daily savings accounts has been lowered from Rs 20,000 to Rs 15,000 in metro and urban areas.
Similarly, in semi-urban areas, it has been reduced from Rs 10,000 to Rs 5,000, and in rural areas, the limit has been decreased from Rs 5,000 to Rs 2,500.
For Sankalp Saving Account holders in semi-urban and rural areas, the average balance requirement has been fixed at Rs 2,500.
Changes in Free Cash Transaction Limits
The bank has also modified the transaction limits for its daily savings, salary, pro savings, and classic savings accounts.
Previously, customers could make up to Rs 5 lakh in monthly transfers across a total of 10 transactions. Now, this has been reduced to 5 transactions with a limit of up to Rs 2 lakh.
Additionally, customers with Privy Neon or Maxima program accounts can now transfer a total of Rs 5 lakh in a month through 7 transactions.
Solo Savings account holders can transfer up to Rs 10,000 in a single transaction per month.
Alterations in ATM Transaction Limits
Kotak Mahindra Bank has also revised its ATM transaction limits.
Customers can now avail 7 free transactions per month at Kotak ATMs and 7 free transactions at other banks’ ATMs.
Apart from these changes, there have been adjustments in charges as well.
The bank has set the transaction failure fee at Rs 200, reduced the free check book pages from 25 per year to 5,
and limited the free online fund transfers to 5 times a month through IMPS, NEFT, RTS. Subsequent transactions will incur charges.
Additionally, the ATM card transaction failure charge has been increased from Rs 20 to Rs 25 for low balance situations.
