Kotak Mahindra Bank hikes ATM transaction charges from this date
What's the story
Kotak Mahindra Bank has announced a revision in its Automated Teller Machine (ATM) transaction fees.
The change is applicable for transactions at the bank's own ATMs as well as at other banks' machines.
The adjustment comes in accordance with the Reserve Bank of India (RBI)'s recent regulatory guidelines, under which customers will be charged a fee of ₹23 per transaction for ATM banking services from May 1, 2025.
Fee structure
Charges applicable after exceeding free transaction limits
As per the bank's email notification, effective May 1, 2025, all financial and non-financial transactions done at ATMs will be charged with revised fees after the monthly free transaction limit is crossed.
This applies uniformly across all account types and customer segments. However, existing benefits of free limits will remain unchanged.
The increased charges only apply if a customer exhausts their free ATM transactions limit within a month.
Transaction types
What are financial and non-financial ATM transactions?
Financial transactions at an ATM mainly include accessing funds/information related to a user's bank account. These include withdrawing cash, transferring funds, paying bills, or making deposits.
Non-financial transactions include services like balance inquiries, mini statements, ATM PIN changes, checkbook requests, etc.
The maximum withdrawal amount from Kotak Mahindra Bank's ATMs depends on the type of account the customer holds.
Account limits
Different withdrawal limits for various account types
For Kotak Edge, Pro, and Ace accounts, the daily withdrawal limit is ₹1 lakh. However, for Easy Pay accounts, the limit is capped at ₹25,000.
Customers can check their bank account's withdrawal limits by referring to the terms and conditions provided by Kotak Mahindra Bank or by contacting customer service directly.
They can also monitor their account balance and recent transactions through Kotak online banking/mobile banking app.