A private sector bank in the country has increased the annual fee for the debit card facility provided to its customers. This hike of Kotak Mahindra Bank will be effective from 22nd May 2023. In this regards, he has mailed to his customers. Bank Customers Alert: this bank increased debit card charge.
It has been informed that the increased fees will be effective from May 22. Customers have been informed that debit card charges will be increased by 30 percent. Annual Debit Card Fee Rs 60 percent increase. According to the information provided by the bank, this fee is currently Rs 199 is being levied. This fee applies to all account types.
Also, the annual charges on Mahindra Bank Savings and Salary Accounts have been increased as follows.
Charges for minimum balance:
A charge is applied if the minimum balance is not maintained in the Kotak Mahindra Savings Account. 6 per cent or as per bank’s various products on top of Rs. 500/600 will be charged. For each transaction of check issue and returns for non-financial reasons Rs 50 will be charged. 200 if a specific standing order fails.
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On check deposit and return transaction Rs 200 fee is also there. Also for check book Rs 25 fee will also be charged. If the card is lost or stolen, the debit card fee will be Rs 200. There will be an increase Rs 25 if the transaction is rejected due to low balance in the domestic ATM machine. Also one withdrawal in a month is free on card cash transactions.
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