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It is important that the bank’s customers are aware of the various features of Kotak Mahindra Bank’s NEFT/RTGS/IMPS mechanisms to ensure smooth and easy transfer of their funds to the right beneficiary.
About Kotak Mahindra Bank NEFT RTGS IMPS
Transaction Limit & Charges
NEFT Charges (exclusive of taxes)
Home Branch Charges
Kotak 811 Limited Full KYC
Kotak 811 Lite
Kotak 811 Full KYC account
Up to Rs 10,000
Rs. 10,000 – Rs. 1 lakh
Rs. 1 lakh – Rs. 2 lakhs
Above Rs. 2 lakhs
NEFT Charges at Kotak Mahindra Bank via Net Banking/Mobile Banking
Net Banking/Mobile Banking Charges
Monday - Friday
8.00 am to 6.00 pm
8.00 am to 12.00 pm
NEFT services not available on bank holidays, including, 2nd and 4th Saturday
RTGS Charges (exclusive of taxes)
Rs. 2 lakhs – Rs. 5 lakhs
Above Rs. 5 lakhs
RTGS Charges at Kotak Mahindra Bank via Net Banking/Mobile Banking
Monday – Friday
8.00 am to 4.00 pm
RTGS services not available on 2nd and 4th Saturday
Kotak Mahindra Bank has waived off any IMPS fees, so now there are no charges levied for your online IMPS transaction from the bank.
Timings: Available 24/7 including bank and public holidays
Kotak Mahindra Bank has various digital products on offer for its customers to conduct their banking transactions in an easy and convenient manner. Such services can be availed by their customers by visiting the nearest Kotak Mahindra branch or internet banking or mobile banking mode.
NEFT is an electronic payment mechanism which is governed by the Reserve Bank of India to transfer fund from one account to another. Such transfer facility can be availed by customers of Kotak Mahindra Bank by transferring their money to other branches of the bank or to NEFT enabled banks in the country either through branch visit, internet banking or mobile banking.
Steps - Kotak Mahindra Bank NEFT Fund Transfer
RTGS System implies a real-time transfer of money from one individual account to an RTGS enabled beneficiary bank account. This facility falls under the Reserve Bank of India purview wherein immediate transfer of funds is undertaken. As such, RTGS is a popular mode of transferring funds for both individuals and businesses.
Apart from getting RTGS done at any of their RTGS enabled bank branch, the facility can also be undertaken by using Kotak Mahindra mobile banking app. The minimum amount that needs to be transferred by this option is Rs.2 lakh. Kotak Mahindra Bank customers will need to first add a beneficiary before undertaking any transfer of funds through RTGS mode.
Steps - Kotak Mahindra Bank RTGS Fund Transfer
IMPS refers to an instant mode of fund transfer from one bank account to another. This facility is available 24/7 which include all bank holidays and public holidays. IMPS facility is offered by Kotak Mahindra Bank to help its customers to deal with any emergency situation by helping them transfer their funds instantly and conveniently. IMPS is available through internet banking and mobile banking mode.
To be eligible for Kotak Mahindra Bank’s IMPS facility one should be
Steps to transfer funds through Kotak Mahindra Bank IMPS
How to add beneficiary in IMPS?
Steps to transfer funds using account number and IFSC
Mobile Banking: Steps to transfer funds using mobile number and MMID
Steps for making IMPS Merchant Payment
The internet wave over the past few years had led to many organizations, including banks in India, upgrading their digital technologies to facilitate online banking transactions. The current Covid-19 pandemic situation has further augmented the need for having a robust digital networking system due to customer preference for digital transactions for doing shopping, money transfer and such related online activities.
An important aspect of a bank’s fund transfer is its NEFT/RTGS/IMPS mechanism which ensures that its customers can now easily, quickly and safely get their money transferred to another beneficiary account without indulging in any kind of hassles.
Kotak Mahindra Bank is one of the most admired banks in India with head office in Mumbai. The bank offers various functionalities like transaction banking, operates lending verticals, managing IPOs and working capital loans apart from the electronic money facilities like National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). Customers at Kotak Mahindra Bank can carry out money transfers through the bank’s internet banking or branch visit or mobile banking.
1. How much time does NEFT transfer happen at Kotak Mahindra Bank?
All NEFT transactions of Kotak Mahindra Bank happen in hourly batches. As such NEFT requests within a 30-minute time frame get credited together.
2. How can one access IMPS at Kotak Mahindra Bank?
IMPS facility at Kotak Mahindra Bank can be accessed through internet bank or their mobile banking app.
3. What is MMID for availing IMPS at Kotak Mahindra Bank?
MMID stands is the short form of Mobile Money Identifier, which relates to a 7 digit code issued by Kotak Mahindra Bank to its customers for availing IMPS facility.
4. How fast is a RTGS transaction?
RTGS transaction ensures that your funds get credited within 30 minutes of transfer initiation into the specified beneficiary account.
5. Is RTGS/NEFT facility available across India?
No, only RTGS/NEFT enabled banks can provide this facility in India.
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