Kotak Mahindra Bank has announced to revise its transaction fees for both its own ATMs (Automated Teller Machines) and other bank ATMs across the country. The revised fees will be effective from May 1, 2025. Notably, the change applies to transactions exceeding free monthly limits, whether done at Kotak’s ATMs or other machines of other banks.
The revision in ATM transaction charges follows recent regulatory guidelines issued by the Reserve Bank of India (RBI). According to a notice issued by Kotak Bank, customers will now be charged Rs 23 per transaction for ATM banking services, up from the earlier RBI-mandated fee of Rs 21 per transaction.
It is important to note that the increased ATM charges will be applicable if the bank’s customer exhaust his/her free ATM transactions limit in a month.
According to the bank’s email, customers will continue to get a fixed number of free ATM transactions each month (for example, 5 free withdrawals at other bank ATMs). These benefits remain unchanged. The new charges will only apply if you go beyond the free transaction limit of your account.
The daily ATM withdrawal limit depends on your account type. For Kotak Edge, Pro, and Ace account holders, the limit is Rs 1,00,000. However, for Easy Pay account holders, it’s Rs 25,000.
Customers can withdraw Rs 50,000 in a day from an ATM if you have certain debit card types, like Kotak Edge, Kotak Pro, or Kotak Ace. However, this limit applies only to transactions made within India.
The fee for non-financial transactions, like balance enquiries or mini statements, will increase from Rs 8.5 to Rs 10 per transaction. The bank put out a table about the new charges.
Stay informed on all the , real-time updates, and follow all the important headlines in and on Zee News.
