Kotak Mahindra Bank SMS alert charges revised from December; check details

This Rs 0.15 per SMS charge will have to be paid if you receive more than 30 alerts per month.

Kotak Mahindra Bank SMS charges: What will trigger the Kotak Bank SMS alert charge?

If you are a Kotak Mahindra Bank customer, you will have to shell out this charge if you receive more than 30 SMS alerts every month.

This can include

1. UPI/NEFT/RTGS/IMPS transfers
2. ATM withdrawals
3. Cash transactions
4. Cheque deposits
5. Debit & credit card usage, etc

Kotak Mahindra Bank SMS service: Who won’t have to pay

The bank also clarified that certain sections of its customers won’t have to pay this charge. Those excluded are its private banking customers and non-resident accounts, among others.

1. Private Banking
2. Floating Rate Linked Savings Scheme
3. Solitaire
4. Kotak Easy Savings Account
5. Privy League Program (Neon,Platinum,Black)
6. Pragathi Deposits
7. Non Resident Accounts
8. Retail Banking RERA Savings Account
9. Financial Inclusion Savings Accounts
10. FCRA Utility Account
11. Salary Account For Uniformed Services
12. BSBDA For BSS Microfinance
13. Easy Savings Account
14. Institutional Savings Account
15. Kotak Government Business Savings Account
16. Retail Banking Self Maintaining RERA SB A/C
17. Kotak Retail Institutional Savings Account
18. ESCROW Saving Account
19. Salary Account For Public Services
20. Xpress Limited KYC Saving Account
21. Corporate Salary Tax Refund Account
22. Kotak FCRA Savings Account
23. SPENDZ

Here’s the full document

Kotak Mahindra Bank SMS alert charges: How to avoid paying Kotak Bank SMS alert charge?

The bank said the charge won’t be levied if customers maintain a combined total of Rs 10,000 in their savings/salary accounts. The monthly average balance and the funds kept with the bank in the form of term deposits will also be taken into consideration.

The statement on the bank website noted: “Please note: You will not incur any charges as long as your savings/salary account maintains a combined balance of ₹10,000 or more (including Monthly Average Balance and Term Deposits)”

Also, if your account receives regular salary credits according to your account type, you will also not . This ensures you continue to enjoy our services at no extra cost.

Kotak Mahindra Bank SMS alert: What all charges does Kotak Mahindra Bank levy

The bank levies a host of charges divided under four subheads

1. Basic Service Fees
2. Transaction Fees
3. Transaction Failure Fees
4. Other Fees

The whole list can be checked at the following link: https://www.kotak.bank.in/en/personal-banking/accounts/savings-account/saving-accounts-fees-and-charges.html