Kotak Mahindra Bank: Kotak Mahindra Bank will now charge for SMS alerts. The bank stated that this move will cover operational expenses. It remains committed to providing timely account information to customers.
The bank will charge Rs 0.15 for every SMS
According to a notification issued by Kotak Mahindra Bank, 30 SMS alerts per month will be free for customers. However, if customers receive more SMS than this, they will be charged a fee of ₹0.15 per SMS. This means that any new SMS received after 30 SMS will be charged ₹0.15.
That means, if you are a Kotak Mahindra Bank customer and you make UPI, NEFT, RTGC and IMPS transfers, ATM withdrawals, cash transactions, cheque deposits, use of debit or credit cards, this SMS alert fee will be applicable.
These customers will not have to pay fees
Customers having Rs 10,000 or more in their savings or salary account will not have to pay any fee for more than 30 monthly SMS alerts.
The bank has reduced the annual and issuance fees for debit cards, effective November 1st. Effective the first of this month, the annual fee on the Privy League Black Metal Debit Card has been reduced from Rs 5,000 to Rs 1,500. The bank now charges Rs 1,500 instead of Rs 2,500 for the Privy League LED Debit Card.