As of May 1, 2025, customers of Kotak Mahindra Bank will have to pay extra to use ATM’s. The cost of financial and non-financial services has increased due to the bank’s revision of its ATM transaction fees. The increase follows the Reserve Bank of India’s (RBI) recent regulation allowing banks to increase ATM transaction fees.
Let’s examine the new fees, the daily withdrawal caps based on your account type, and the quantity of free transactions permitted.
Increased ATM Charges From May 1
Beginning on May 1, 2025, Kotak Mahindra Bank will raise the cost for financial transactions at ATMs (such as cash withdrawals, money transfers, and bill payments) from ₹21 to ₹23 per transaction. Regardless of whether a consumer uses an ATM operated by Kotak or another bank, this fee is applied when they surpass their monthly free transaction limit.
Non-Financial Transaction Charges Also Revised
Kotak has increased fees for non-financial ATM services in addition to withdrawals, such as:
- Checking account balance
- Requesting mini-statements
- Changing ATM PIN
- Ordering a cheque book
After the free use limit is reached, the cost of these non-financial services will rise from ₹8.50 to ₹10 per transaction.
What is the maximum number of free ATM transactions permitted?
Five complimentary ATM transactions are granted to customers each month. Any combination of non-financial and financial activities can be included. Following these five complimentary uses, fees will be assessed at the previously stated updated rates.
Therefore, it is advised that users monitor their monthly ATM usage to prevent needless expenses.
Limit On Daily ATM Withdrawals Per Account Type
Depending on the kind of account they have, a customer’s daily withdrawal limit from a Kotak Mahindra Bank ATM is as follows:
- Accounts that are Edge, Pro, or Ace have a daily withdrawal cap of ₹1,00,000.
- Easy Pay accounts have a daily withdrawal cap of ₹25,000.
Customers are free to keep using their cards despite these constraints, which are currently unaltered.
Communication Sent via Email
Customers have already received an email from Kotak Mahindra Bank alerting them to the impending price adjustment. The modifications are by the RBI’s most recent rules, which allow banks to charge up to ₹23 for excessive ATM withdrawals.
What You Can Do as a Customer
To prevent additional fees:
- Don’t use more than the five free ATM transactions each month.
- Use mobile banking applications or online banking to access services like fund transfers and balance checks.
- Use bank applications or SMS notifications to keep tabs on your transactions.
- Make intelligent withdrawal plans to reduce ATM visits.
Even while the increase in ATM fees might not seem like much, if you often use the services over the free limit, it might add up. Customers are reminded by Kotak Mahindra Bank’s new pricing structure to optimise their banking practices and adopt digital whenever feasible. Keep yourself updated and take advantage of your monthly free transactions!
