With the new ‘Payment/Transfer’ section in Net Banking & ‘Payments’ section on Mobile Banking, we have enhanced the Fund Transfer experience for our customers. Highlights of this enhancement:
- One Time Fund Transfer: You can now do One Time Fund Transfer (IMPS, NEFT or to another Kotak account) without adding beneficiary. To complete the transaction through Net Banking, you will be required to enter One Time Password (OTP) which will be sent to your registered mobile number. On Mobile Banking app, you will need to validate with MPIN for every transfer. Per day limit is Rs. 1,00,000 on Mobile Banking and Rs. 50,000 on Net Banking
- If you activate Kotak Mobile Banking App on a new device or re-install it on the same device or a secondary CRN has been added in your existing App, the 'One Time Transfer' limit will be reduced to Rs. 5,000 per day for the next 7 days on the newly registered device.
- Simplified beneficiary registration: Once you register a beneficiary, all transfer types (NEFT, RTGS & IMPS or Kotak-to-Kotak transfer) will be automatically activated. You have option to activate / deactivate a transfer type for any beneficiary. Earlier each transfer type had to be individually registered.
- You will be able to activate five (5) beneficiaries per day through Mobile Banking App & Net Banking. During next 24 hours, you can transfer maximum Rs. 25,000 to the newly activated beneficiary through the Mobile Banking App & Net Banking
- ‘Favourites’ feature: Option to set a beneficiary as favourite, making it easier to do future transactions.
- Tag a beneficiary as 'My Account': Now you can tag a beneficiary as “My Account”. If a beneficiary is tagged as ‘My Account’, it will come on top of the beneficiary list, making it easier to select and transfer funds.
- 'Repeat' Transaction feature: If you have earlier done a fund transfer and want to again do a fund transfer to the same beneficiary, you can use the ‘Repeat’ feature. This will open the fund transfer page with all the details pre-populated. You can use this feature for all types of transfer viz. Own Account funds transfer, Transfer to existing beneficiary or One Time transfer. Repeat link is available in “Recent Transfers” section on the home page.
- 'Pay' feature: If someone has sent money to you, you can easily send the money back using the Pay functionality – this will open the One Time Fund Transfer page with key beneficiary data (like IFSC and account number) pre-populated. You only need to enter amount, few other details and complete the transfer.
- ‘Send Receipt ‘ feature: On successful completion of a fund transfer, you can enter mobile number and/or email ID of the beneficiary and Kotak Mahindra Bank will send SMS/email to the beneficiary with transaction details.
- Share functionality: On successful completion of a fund transfer, you can choose to share the transfer receipt using email. You can also download the receipt and take a print out.
Click here to go to the Payment section.
Note:
- The new feature will be available only to Retail Individual customers with Transaction Rights
- All Non-individual customers (and Individual Customers with maker/checker functionality) can continue to use 'Transfers & Payments' section under 'Banking' in Net Banking & Under 'Payments' section on Mobile Banking App.
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Fund Transfer limits:
| Fund Transfer Type |
Transaction Limit Per Beneficiary (Rs.) |
Channel wise Daily Transaction Limit (Rs.) |
|---|
NEFT
|
5,00,000
|
10,00,000
|
RTGS
|
5,00,000
|
10,00,000
|
IMPS
|
5,00,000
|
5,00,000
|
One Time Fund Transfer via Mobile Banking
|
1,00,000
|
1,00,000
|
One Time Fund transfer via Net Banking
|
50,000
|
50,000
|
To another Kotak Bank Account
|
5,00,000
|
10,00,000
|
Consolidated ( Net + Mobile Banking )
Transaction Limit
|
|
11,00,000
|
Own Kotak Account Transfer
|
No Limit
|
No Limit
|
*Transfer money without registering a beneficiary, UPI and Scan & Pay (Consolidated for Net & Mobile Banking)
Note:
- If you had increased the daily fund transfer limit for Kotak Net Banking, the increased limit will also include the daily fund transfer limit of Rs.11,00,000 through Kotak Mobile Banking.
Example: If your daily limit for fund transfer using Net Banking after the increase is Rs.25,00,000 and you carry out a transaction of Rs.7,00,000 using Mobile Banking, you can transfer the remaining Rs.18,00,000 using Net Banking.
- If you had reduced the daily fund transfer limit for Kotak Net Banking, the reduced limit will also include the daily fund transfer limit of Rs.11,00,000 through Kotak Mobile Banking.
Example: If your daily limit for fund transfer using Net Banking after the reduction is Rs.5,00,000 and you carry out a transaction of Rs.5,00,000 using Net Banking, then you can transfer the remaining amount of Rs.6,00,000 through Mobile Banking.
- One-time fund transfer will have a combined limit of Rs. 1,00,000 across Net Banking & Mobile Banking. Example: If you carry out a one-time transfer on Net Banking for Rs. 50,000, the remaining limit on Mobile Banking for one time transfer would be Rs. 50,000.
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