Mumbai: Leading private sector bank in the country, Kotak Mahindra Bank has decided to hike its annual charges on debit cards. The bank has informed its customers regarding the increase in charges.
As per reports, the lender has decided to hike charges from Rs 199 to Rs 259. The new debit card charges will come into effect from May 22. For non-maintenance of balance, Kotak Mahindra Bank will levy 6% of the shortfall, with a cap of Rs 500/600 per product.
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‘We would like to inform you that w.e.f. May 22, 2023, Annual Charges on your Kotak Bank Debit Card will be revised from Rs. 199 + GST to Rs. 259 + GST. ‘Salary account for public services/ Salary account for Uniformed services/Uni Account’ will be excluded from the charges,’ said the lender.
The bank will issue 25 free cheques per quarter. Customers will have to pay Rs 200 for each case of cheque deposited and returned fee. For cheque issued and returned due to non-financial reason, the payment per instance will be Rs 50.
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