Starting May 1, 2025, customers of the mahindra BANK' target='_blank' title='kotak mahindra-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra financial institution will need to shell out extra cash for using ATMs. The financial institution has revised its ATM transaction costs, growing the fee of financial and non-monetary offerings.
The hike comes following the latest directive issued by the reserve bank of india (RBI), which allows banks to raise ATM transaction costs.
Let's check the brand-new fees, the quantity of loose transactions allowed, and the everyday withdrawal limits as in keeping with your account type.
expanded ATM charges From May 1
As consistent with mahindra BANK' target='_blank' title='kotak mahindra-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra Bank's authentic statement, the price for monetary transactions at ATMs (like coin withdrawals, fund transfers, and bill payments) will be increased from ₹21 to ₹23 per transaction beginning May 1, 2025.
This price applies while clients exceed their monthly free transaction limit, no matter whether or not they use a Kotak ATM or some other financial institution's ATM.
Non-monetary transaction costs are also revised.
no longer simply withdrawals— Kotak has also raised charges for non-economic ATM services, which include
bank account balance
asking for mini-statements
converting ATM PIN
Ordering a checkbook
The fee for these non-financial offerings will grow from ₹8.50 to ₹10 in step with the transaction as soon as the unfastened usage restriction is crossed.
What number of unfastened ATM transactions are allowed?
Clients are entitled to five free ATM transactions per month. These can encompass any mix of economic or non-economic activities. After these 5 unfastened makes use of, prices will apply as per the revised quotes noted above.
So, to keep away from useless fees, customers are encouraged to keep track of their month-to-month ATM usage.
every day ATM Withdrawal restriction based totally on account type
The maximum quantity a consumer can withdraw in an unmarried day from a mahindra BANK' target='_blank' title='kotak mahindra-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra financial institution ATM depends on the kind of account they preserve:
side, pro, or Ace money owed: ₹100,000 withdrawal restriction consistent with day
Clean Pay debts: ₹25,000 withdrawal limit in step with day
These limits continue to be unchanged as of now, and clients can maintain the usage of their playing cards consequently.
communique dispatched through email
Kotak mahindra Bank has already informed its clients through e-mail about the imminent revision in expenses. The adjustments align with the RBI's updated guidelines, which allow banks to price up to ₹23 for ATM withdrawals beyond loose limits.
✅ What you can do as a consumer
To keep away from extra expenses:
Restrict your ATM usage to 5 unfastened transactions per month.
Use virtual banking or mobile banking apps for offerings like stability assessments or fund transfers.
Tune your transactions through SMS indicators or financial institution apps.
Plan withdrawals smartly to minimize ATM visits.
click and follow Indiaherald WhatsApp channel