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Easy Guide For Kotak Mahindra Bank Accounts

Kotak Types of Accounts

The main types of accounts for Kotak Mahindra Bank are

Savings Account

Everybody earn money in life to meet their day to day expenses and livelihood, one of the key essential thing to look up for is to save the money we make, the concept of savings account is to help the people to save the left out money in their bank for future use.

You can start your savings account in Kotak and avail all the exciting benefits offered by the bank you also get a very good amount of interest rate on your savings per annum. You can also check your account status with Kotak Mahindra Net Banking without visiting the bank.

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Current Account

If you are an entrepreneur and interested to make your banking experience wonderful you can sign in to the Kotak current account section, to have a wonderful banking experience, both offline and online. This bank also provides different Kotak Mahindra Bank Deposit schemes to their customers.

Corporate Salary Account

Corporate salary account is one of the most useful account for both employer and employee of a large organization to easily distribute the salary among the employees and they also get benefits.

811 Account

811 account is a post demonetization revolution introduced by Kotak Mahindra that lets the user use the bank one hundred percent paper free and the user can set up the account from their mobile and use the account from the mobile without even entering the bank… it’s more like you carrying a mobile branch in your hands.

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Kotak 3 in 1 Account

This account is a unique account which consist of 3 in 1 account, such as:

  • Online trading account
  • Demat account
  • Bank account

This account lets you make the trading much easier and simplified by accessing only one account. This bank also provides Koatk Mahindra Credit and Debit Cards for hassle free banking to their customers.

FAQ’ Related to Kotak Accounts & Transfers

  1. What is RTGS fund transfer?
View Answer
RTGS or Real Time Gross Settlements is like its name a facility that enables the user to make transfer of money from one bank to another real time basis and there is no time taken for the transactions to happen, this transfer is fast and reliable.

2. What are the timings for RTGS fund transfer?

View Answer
The standard RTGS timing in India is before 4pm from Monday to Friday and on working Saturdays, all the RTGS done before this time will be cleared and send to RBI for further request, RTGS can be done online too and the RTGS done beyond the working time will be considered the next working day.

3. What are the methods of doing RTGS fund transfer?

View Answer
The three main RTGS methods to transfer funds are

  • Net Banking: you can use your net banking service anytime and anywhere according to your convenience.
  • Phone Banking: this service enables you to make RTGS payments through a phone call.

4. What are the charges applied for RTGS fund transfer?

View Answer
The charges depends on the on each transactions for the saving account the inward transfer is totally free of cost, and for the outward charges, any amount between 2,00,001 to 5,00,000 will cost you around 25 and for any transaction above this amount 5,00,000 will cost you 50.

And for the current account the inward charges are free and for the outward transaction done through the branch will cost you 25 for any transactions between 1-5 lakhs and for any transaction above 5 lakhs will cost you 50 per transaction.

5. What is the minimum and maximum amount that can be transferred through RTGS?

View Answer
For RTGS you can transfer a minimum amount of 2lakhs and there is not maximum amount, you can transfer as much as you want with a minimum transaction of 2 lakhs.

6. How to make an RTGS Fund transfer?

View Answer
You can transfer fund using RTGS using 3 methods

  • Internet banking
  • Phone banking
  • Branch

7. What is IMPS fund transfer?

View Answer
Immediate Payment Service or IMPS is a service that enables you to transfer money safe and securely on a 24X7 basis, to avail this service one must have a valid MMID, you can only use this service to transfer money to the banks that have the IMPS fund service.

8. How to do IMPS fund transfer?

View Answer

  • You can use two methods for IMPS fund transfer
  • You can transfer fund using account number and IFSC.
  • Fund transfer the funds using Mobile number and MMID.

9. What is MMID?

View Answer
MMID or Mobile Money Identifier is a 7 digit code that is allotted to ever mobile number that is attested with the bank and has chosen this facility of fund transfer, once can register all his accounts under one mobile number and will get an MMID for each account which will help you transfer fund using IMPS.

10. What are the timings for receiving and sending IMPS?

View Answer
IMPS is an immediate fund transfer is a facility that enables you to transfer the money any time anywhere, therefore this facility has no restrictions on timing for sending and receiving money.

11. How long does it take to transfer the money?

View Answer
You can transfer the money from your account to the receivers account at an instant using this service; it doesn’t take anytime and is a much easier mode of money transfer.

12. Is separate registration required for IMPS?

View Answer
Yes you will need to enter the details of the receivers and register that to make payment to that particular person, if you are using an internet banking facility then you need to log in to your internet banking account then click on transfers and payments, click on add/manage benefiter, add the details of the receiver then click add transfer type and select IMPS, select the IMPS transfer type and enter the details asked and verify the details and click on confirm.

13. What is the eligibility to avail the IMPS Fund transfer?

View Answer
All the customer of Kotak Mahindra bank be it savings account holder or the current account holder if this person has an internet banking facility or mobile banking facility or an MMID for his registered mobile number then he or she will be totally eligible for IMPS fund transfer.

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