Bank SMS charges: Kotak Mahindra Bank will now charge for SMS alerts. The bank stated that this move will cover operational expenses. It remains committed to providing timely account information to customers.
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Bank SMS charges: Kotak Mahindra Bank will now charge for SMS alerts. The bank stated that this move will cover operational expenses. It remains committed to providing timely account information to customers.
The bank will charge ₹0.15 for each SMS.
According to a notification issued by Kotak Mahindra Bank, 30 SMS alerts per month will be free for customers. However, if customers receive more SMS than this, they will be charged a fee of ₹0.15 per SMS. This means that any new SMS received after 30 SMS will be charged ₹0.15.
That means, if you are a Kotak Mahindra Bank customer and you make UPI, NEFT, RTGC and IMPS transfers, ATM withdrawals, cash transactions, cheque deposits, use of debit or credit cards, this SMS alert fee will be applicable.
These customers will not have to pay any fees.
Customers with ₹10,000 or more in their savings or salary accounts will not have to pay any fees for more than 30 monthly SMS alerts.
Kotak Reduces Debit Card Fees
The bank has reduced the annual and issuance fees for debit cards, effective November 1st. Effective the first of this month, the annual fee for the Privy League Black Metal Debit Card has been reduced from ₹5,000 to ₹1,500. The bank now charges ₹1,500 for the Privy League LED Debit Card, up from ₹2,500.
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