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All That You Need To Know About NEFT/RTGS/IMPS at Kotak Mahindra Bank

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.

NEFT Charges at Kotak Mahindra Bank Home Branch

Kotak Mahindra Bank Neft Rtgs Imps

Transaction Limit & Charges

Account Type

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

Not available

Not available

Rs. 2

Rs. 10,000 – Rs. 1 lakh

Not available

Not available

Rs. 4

Rs. 1 lakh – Rs. 2 lakhs

Not available

Not available

Rs. 14

Above Rs. 2 lakhs

Not available

Not available

Rs. 24

NEFT Charges at Kotak Mahindra Bank via Net Banking/Mobile Banking

Transaction Limit & Charges

Account Type

NEFT Charges (exclusive of taxes)

Net Banking/Mobile Banking Charges

Kotak 811 Limited Full KYC

Kotak 811 Lite

Kotak 811 Full KYC account

Up to Rs 10,000

Free

Not available

Free

Rs. 10,000 – Rs. 1 lakh

Free

Not available

Free

Rs. 1 lakh – Rs. 2 lakhs

Free

Not available

Free

Above Rs. 2 lakhs

Free

Not available

Free

Timings

Days

Time Slot

Monday - Friday

8.00 am to 6.00 pm

Saturday

8.00 am to 12.00 pm

NEFT services not available on bank holidays, including, 2nd and 4th Saturday

RTGS Charges at Kotak Mahindra Bank Home Branch

Transaction Limit & Charges

Account Type

RTGS  Charges (exclusive of taxes)

Home Branch Charges

Kotak 811 Limited Full KYC

Kotak 811 Lite

Kotak 811 Full KYC account

Rs. 2 lakhs – Rs. 5 lakhs

Not available 

Not available

Rs. 20

Above Rs. 5 lakhs

Not available 

Not available 

Rs. 40

RTGS Charges at Kotak Mahindra Bank via Net Banking/Mobile Banking

Transaction Limit & Charges

Account Type

RTGS  Charges (exclusive of taxes)

Net Banking/Mobile Banking Charges

Kotak 811 Limited Full KYC

Kotak 811 Lite

Kotak 811 Full KYC account

Rs. 2 lakhs – Rs. 5 lakhs

Not available 

Not available

Free

Above Rs. 5 lakhs

Not available 

Not available 

Free

Timings

Days

Time Slot

Monday – Friday

8.00 am to 4.00 pm

Saturday

8.00 am to 12.00 pm

RTGS services not available on 2nd and 4th Saturday

IMPS Charges at Kotak Mahindra Bank

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

Overview of Kotak Mahindra Bank Fund Transfer

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.

Kotak Mahindra Bank NEFT

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

  • Login to the Kotak Mahindra Bank portal with your correct login credentials 
  • Click on the ‘Payments & Transfers’ option and go to the ‘Fund Transfer’ option
  • Different options for fund transfer will pop up
  • Select Inter Bank i.e., transfer to other bank or Intra Bank, i.e., transfer within Kotak Mahindra Bank
  • Select NEFT option
  • Select the appropriate beneficiary from the drop-down list of beneficiaries to whom the funds are to be transferred
  • Key in the amount
  • Type transfer narration, which relates to a track of your NEFT transaction particulars
  • Click on the “ I accept terms and conditions” check box which is present at the bottom of the page
  • Select the “Confirm” or “Continue” tab
  • NEFT transfer will then take place
  • Take a screenshot or print the page
  • Once the transaction is complete, confirmation would be received on your registered email id and your mobile number

Kotak Mahindra Bank RTGS

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

  • Login to the Kotak Mahindra Bank official website with your username and password
  • Select the ‘Payments & Transfers’ tab and click the ‘Fund Transfer’ tab
  • Various options for the transfer of money will be listed
  • Click on Inter Bank (transfer to another bank) or Intra Bank (transfer within Kotak Mahindra Bank ) option
  • Click on the RTGS option
  • Click the beneficiary from the list of beneficiaries which show up, to whom you wish to transfer funds through RTGS
  • Type the amount
  • Type narration of the transaction undertaken for further records
  • Select “ I accept terms and conditions”  box at the end of the page
  • Click the “Confirm” or “Continue” tab
  • RTGS transfer will get initiated
  • Either take a screenshot or print the page for future reference
  • Confirmation is received on your registered email id and your mobile number on successful completion of the transaction

Kotak Mahindra Bank IMPS

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 

  • Resident current or savings account holders of Kotak Mahindra Bank
  • Customers should have registered for the Net Banking or Mobile Banking app of the bank
  • Customers should have a valid Mobile Money Identifier (MMID) linked to their Kotak Mahindra Bank account
  • Valid MPIN required

Steps to transfer funds through Kotak Mahindra Bank IMPS

How to add beneficiary in IMPS?

  • On the bank’s Net Banking portal, click the “Transfers and Payments” option
  • Click “Add / Manage Beneficiaries” and then add relevant beneficiary details
  • Select the “Add Transfer Type” option and select the IMPS option
  • Click IMPS transfer type and key in the details
  • Verify the particulars and click the “Confirm” tab
  • Activation code sent to your registered mobile number
  • Key in the activation code 
  • Beneficiary gets added and activated

Steps to transfer funds using account number and IFSC

  • On the bank’s net banking portal, select the “Make a Transfer” option
  • Click the IMPS button and then select the IFSC option
  • Key in the details and select “Submit Transaction”
  • Authenticate transfer details and select the “Confirm & Transfer” option

Mobile Banking: Steps to transfer funds using mobile number and MMID

  • Download Kotak Mahindra Mobile Banking app
  • Click the “Banking” option, then the “IMPS” tab and the “IMPS Fund Transfer” option
  • Click MMID tab
  • Key in the required details and select the “Pay Now” tab
  • Check the transaction particulars and select the “Confirm” tab

Steps for making IMPS Merchant Payment

  • Download Kotak Mahindra Mobile Banking app
  • Click the “Banking” option, then the “IMPS” tab and the “IMPS Fund Transfer” option
  • Key in the merchant's MMID and mobile number
  • Key in the amount to be transferred 
  • Select the “Pay Now” tab
  • Verify transaction particulars and select the “Confirm” tab

About Kotak Mahindra Bank Digital Fund Transfers

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.

FAQs

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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