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For Kotak Bank Customers
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Kotak Spendz is a prepaid offering for your small, daily expenses. It is specially designed to help track your day to day expenses separately, making it easier to manage budget and avoid overspending.
Here’s how you can manage your budget smartly with Spendz:
a. Add money in Spendz (Preferably your monthly expenses budget)
b. Make all your daily payments from Spendz via Spendz Card or UPI
c. Track your expenses easily in the Spendz statement
This way you can control your monthly expenses and avoid overspending.
The card is valid for a period of five years and the expiry date is mentioned on the face of the card.
Spendz can be opened by any existing Full KYC Kotak Savings Account or Full KYC Individual Current Account customer via the Kotak Mobile App.
You can open Spendz at ZERO cost via the Kotak Mobile App. Simply follow the below steps to get Spendz in just a few seconds:
a. Login to Kotak Mobile App
b. Tap on Spendz Prepaid under the Bank section
c. Agree to the T&C and tap on Apply Now
d. Enter your MPIN & you’re done!
Follow the below steps to add money in Spendz:
a. Log into Kotak Mobile App
b. Tap on 'Spendz' under 'Bank' section
c. Tap on Add money
d. Select the account from which you want to transfer money to Spendz
e. Enter your MPIN & you’re done!
The default limits for Spendz Prepaid Instrument are as follows:
Default transaction limits for Spendz Card are as follows:
Kindly note:
The card limits are pre-set limits and can be edited through the Spendz ‘Card Control’ section in the Kotak Mobile Banking App.
The above default limits are subject to change as per bank’s discretion from time to time.
To set/reset the transaction limit on your Spendz card, you must first enable it for E-com / online transactions:
There is no commitment of maintaining a minimum balance in Spendz. However, you can maintain a maximum of Rs. 1.75 lakhs in Spendz, at any point of time.
Since Spendz is a Prepaid Payment Instrument, as per regulatory guidelines, no interest will be paid on the Spendz balance.
Yes, you can transfer your money from Spendz back to your Kotak account, without any charges.
You can avail Spendz at zero cost! We ensure that the super cool Spendz services are fairly charged and no hidden fees are applied.
Here is a complete list of charges applicable on the services: General Schedule of Features & Charges
Cash withdrawal/ balance enquiry at Kotak Bank ATMs |
Nil Charges |
Cash withdrawal at other domestic banks’ ATM |
Rs. 21 + taxes (first transaction onwards) |
Balance enquiry at other domestic banks’ ATM |
Rs. 8.5 + taxes (first transaction onwards) |
For further details on fees & charges, please refer to the General Schedule of Features & Charges
Please note that applicable charges are subject to change as per Bank’s discretion from time to time.
Since Spendz is a prepaid product, no cheque book is issued with Spendz
No, you cannot deposit cash in Spendz via branches / CDM or withdraw cash from the branch.
However, in case you need to withdraw money from Spendz, you can use your Physical Spendz Card to withdraw cash via ATMs.
Please contact your Relationship Manager or visit your nearest Kotak Bank branch to close Spendz.
You can also transfer the balance available in your Spendz, back to your Kotak Account before closing Spendz.
You need to enable e-com transactions to view your Spendz Card details for the first time.
Once you have enabled it from the control center section on the Spendz main screen, follow these steps to view your card details:
You can get FLAT 1% cashback on making offline and online payments with Spendz Card (both virtual and physical).
You can also enjoy rewarding and faster checkouts by making contactless payments via Tap & Pay facility. (Tips & surcharge are not eligible for cashback)
As soon as you open Spendz, you get a complimentary virtual Spendz Card by default. However, in case you wish to avail physical Spendz Card, you can order it at no extra cost (limited period offer), from the Kotak Mobile App.
Here’s how you can go about it:
Virtual Spendz Card is a complimentary card that you get with Kotak Spendz, by default. You can also avail a physical Spendz Card at no extra cost (limited period offer)!
However, in case you need to reissue / replace the card, then a nominal fee of Rs.200 + taxes will be levied.
We do not levy any extra charge (surcharge) on payments made through your Spendz Card. However, a surcharge of 2.5% of the purchase amount may be levied by some merchants such as IRCTC, fuel stations, etc., as per industry practice.
A Debit Card is linked to your main Savings Account / Current Account and can be used for making domestic as well as international payments.
Whereas, a Spendz Card is a Prepaid Card which is pre funded and is specially designed to help you manage your everyday domestic payments.
Cashback is only offered on offline and online spends made via the Spendz Card.
No cashback shall be offered on UPI based payments (Scan & Pay or Pay Your Contact), Billpay payments or ATM cash withdrawals.
The cashback will be credited in your Spendz. You can view the amount of cashback credited in your Spendz statement.
The cashback will be credited, in your Spendz, on the very next day of making the payment via Spendz Card.
In case you make a purchase via Spendz Card and raise a return request, the cashback amount will be reversed.
No, cashback is not offered on the additional charges.
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