Healthcare Finance Solutions FAQs

Frequently Asked Questions

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What is Micro ATM?

Micro ATM is a mini version of an ATM. Micro ATMs are like modified Point of Sales (POS) terminal, this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility. 

This initiative aims to bridge the gap between the need and availability of cash requirement in the eco-system.

What is Google Pay?

Google Pay is secure and easy-to-use mobile payment service which can be used to make purchases and payments nearly everywhere.

How to open the Kotak UNI Student Bank Account?

You can open a Kotak UNI Student Bank Account digitally, from anywhere, thanks to the Video KYC feature. It involves getting on a video call with a Kotak bank executive to complete your KYC process, essentially ruling out a visit to a Kotak bank branch completely.

Can I get any benefit if I am an existing Kotak Bank current account or savings account customer?

Yes. We offer preferential interest rate, faster processing & doorstep service to existing bank customers while taking our business loan.

Can I get any benefit if I am an existing Kotak Bank current account or savings account customer?

Yes. We offer preferential interest rate, faster processing & doorstep service to existing bank customers while taking our business loan.

What is Kotak 811?

Kotak 811 is a new age bank account offered by Kotak Mahindra Bank.

You can open a Kotak 811 account by downloading the Kotak Mobile Banking App or by visiting www.kotak.com and registering using your Aadhaar number (optional) ,PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.

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Can I have both Non Resident and Resident Savings Account?

No, a person can either have a Resident saving account or Non-Resident accounts (NRE /NRO)
 

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What is Kotak Debit Card EMI?

Debit Card EMI is the program offering EMI schemes to Kotak Bank customers who shop with their Debit Cards. Bank provides pre-approved limits to customers based on their relationship with the Bank and based on the Bank’s credit policies. Customers who enjoy pre-approved limit from the Bank can avail No Cost EMI and regular EMI by transacting with their Kotak bank Debit Card in selected stores.

What is the eligibility criterion to avail Personal Accident Insurance cover on my RuPay India Debit Card?

Eligibility criteria:

The claim under Personal Accident Insurance shall be payable only if the card holder has carried out at least one transaction i.e. at a Merchant Establishment/ATM /ecommerce /Micro ATM/Business Correspondent of the bank at locations, within 90 days for RuPay Classic card prior to the date of accident including accident date. The Personal Accident Insurance (Death and Permanent Total Disability) would be an Open policy for any kind of accident leading to death or disability.

What is Forex Card?

The Forex Card is a Chip based pre-paid card introduced in association with Visa. It is the first card to offer you the option of loading up to 13 currencies in a single card in a convenient and secure way.

This card gives you the freedom to shop anywhere in the world and provides access to the currency of your destination at competitive market rates.

It can be used at all VISA ATMs and merchant establishments accepting VISA Cards worldwide except for a few countries which are listed in FAQ (2)
 

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How do I check whether my Kotak Debit Card is enabled for International payments?

You can check your International enabled status as below:

  • Login to Kotak Mobile Banking App
  • In ‘Service Requests’ select ‘Debit Card’
  • Choose ‘Card Control’
  • Scroll and select your Debit Card Number
  • Choose International/Domestic Controls
  • International Usage should be On

If your card is not ON, you can enable it by switching it ‘On’

Alternatively, you can also enable your International payments by visiting Kotak Net Banking page. Simply follow the steps mentioned in the “How to enable” section.

 

What is Kona Kona Cricket?

Kona Kona Cricket is a platform that allows anyone to support their favourite team, participate in cricket trivia quizzes to earn reward points. Anyone who has a MyTeam card will also be able to earn points for the transactions that they do on their MyTeam cards.

What is a personal loan eligibility calculator?

The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.

How many Easy Pay accounts can be opened with a Current Account?

There are no limits on the number of accounts that can be opened or linked to a Current Account.

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What are the different categories of bill payments available?

Bill payments available on Kotak BillPay are for the following categories:

  • Electricity bill
  • Gas bill
  • Mobile post-paid bill
  • Water bill
  • Mobile Prepaid & DTH recharge
  • Insurance premium
  • Credit card bill
  • Landline & Internet bill

How do I avail a Payday Loan?

This product is available to pre-approved customers. 

PayDay loan can be instantly availed by logging onto Kotak Mobile Banking application or Net banking. 

How do I register on the developer platform?

Registration is simple!

  • Click on Register and complete the Personal Information form.
  • Accept the Term and Conditions and then click Next Step.
  • Fill out the Additional Information form and then click “Register Now” button.
  • Your request will be shortly approved by the admin


Note
: The Kotak Developer Connect Portal does not permit registration of duplicate organization names. As a result, after the first developer from an organization has registered an account with the portal, subsequent developers from that same organization require an invitation to be registered.


Registering as a new Developer (also becomes the organisation admin).

How is loan against property eligibility criteria decided?

Your LAP eligibility depends on your current and future prospects, both financially as well as physically. Lenders tend to issue loans to those who are most likely to repay them successfully.

How do they assess this?

Your credit score, previous debts, income proof, and work record: all of these are helpful documents deemed necessary during the loan assessment.

What is FASTag?

FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid account linked to it. It is affixed on the windscreen of your vehicle and enables you to drive through toll plazas, without stopping for cash transactions. The tag has a validity of 5 years and after purchasing, you only need to recharge/ top up the tag as per your requirement.

Once, the tag is scanned, a prepaid account linked to the tag is automatically debited for the corresponding amount. The linked account can be topped up/recharged as required.
 

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Can I open a DEMAT Account with my Savings Account?

Yes. Kotak offers a 3-in-1 account called 'Trinity''. It includes : Kotak Bank Savings Account + Kotak Securities Demat Account + Kotak Securities Trading Account

What is Home Loan EMI?

Home loan EMI is a systematic and easy approach towards home loan repayment. EMI stands for equated monthly installment, which includes principal amount, and the interest payable divided through the tenure chosen. Home loan borrower has to make the repayment of the loan each month in the form of home loan EMI.

What is JioPay?

JioPay is a mobile based payment application available only on Jio Phones that you can use for payments at any contactless merchant terminal. Customer can enroll Kotak VISA Credit/Debit Cards on Jio Phone to make transactions.

What is “Subscription/ Recurring Payment”?

Subscription/Recurring Payment is a payment method under RBI’s e-mandate guideline, where you register your Kotak Bank Credit/Debit card on a merchant’s app/website. Once registered, your payments get automatically debited at pre-defined intervals. 

How can I apply for this card?

If you are an existing Kotak Mahindra Bank customer, you need to have a Savings or Salary account with us to apply for this card. 

You can apply by clicking “APPLY NOW” in the banner above. 

What is JioPay?

JioPay is a mobile based payment application available only on Jio Phones that you can use for payments at any contactless merchant terminal. Customer can enroll Kotak VISA Credit Cards on Jio Phone to make transactions.

What is Samsung Pay?

Samsung Pay is secure and easy-to-use mobile payment service which can be used to make purchases nearly everywhere.

 

What is Kotak 811?

Kotak 811 is a new age bank account offered by Kotak Mahindra Bank.

You can open a Kotak 811 account by downloading the Kotak Mobile Banking App or by visiting www.kotak.com and registering using your Aadhaar number (optional) ,PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.

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Is my UPI handle enabled for IPO payments?

Click on the SEBI link  to check the list of handles, apps & banks enabled for UPI transactions for IPO.

What is a Credit Card?

A credit card is a transactional card that enables the holder to make purchases of goods and services or withdraw advance cash on credit. It is issued by banks and financial institutions to bring convenience of payment. Credit cards act as a micro loan tool where the individual makes purchases under the condition of paying off the same within a specific time period. There are no interest payouts if the due amount is paid within a specific time (interest-free period). A custom borrowing limit is pre-set by the issuer and this determines the maximum amount of credit a user can spend from a credit card. Credit card brings users the opportunity to save big through discounts and deals, making it a popular choice.

Should I pay my credit card in full?

Yes, you should pay your credit card bill in full. If you make a part payment, you will incur interest charges on the outstanding amount. 

Moreover, you would not be able to avail of an interest-free credit period in the next billing cycle.

What is the Restructuring Scheme?

The economic fallout on account of the Covid-19 pandemic has led to significant financial stress for individuals and business entities across the country. 

RBI, therefore, provided a framework to banks & lending institutions for implementation of resolution plans for addressing the financial stress of such customers, who otherwise have a good track record, but due to Covid-19 pandemic, whose  debt burden has become disproportionate  to their cash flow generation abilities. Basis regulatory guidelines and request from  the customer, the bank has decided to restructure loan/s of eligible individuals and business entities that have been impacted due to the pandemic subject to meeting internal norms/ credit assessment and regulatory prescriptions.

What is Kotak’s personal loan interest rate?

Kotak offers personal loans at a reasonable interest rate starting from 10.25% p.a. However, the rate may vary depending upon a customer’s profile, income, previous credit record, among other factors.

Why should I select a Kotak Credit Card?

Kotak Credit Cards symbolize the following guiding principles:

Simplicity

Kotak Credit Cards are simple to understand and use. We have taken special care to make them hassle free so that you can spend time on more important things in life that require your attention.

Transparency

Kotak Credit Cards are transparent in communicating upfront what the Card offers and what you would have to spend for it, if at all. We have taken care that there will be no hidden charges associated with this Card.

Relevance

Kotak Credit Cards have understood what you need the most from your credit Card, and have been designed to give you only those benefits that are most relevant for you.

This promise from Kotak ensures that you only get the best from your credit Card!

Can a subscriber open more than one NPS account?

No

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How to use a personal loan EMI calculator?

To use the PL EMI calculator, you would have to provide three important details: the loan amount, the repayment tenure, and the interest rate. 

Once you enter this information, the personal loan EMI calculator will show the EMI instantly.

 

 

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

How to use a loan against property EMI Calculator?

You can use Kotak Mahindra Bank’s loan against property EMI Calculator to derive your monthly installments. Here is the link to our mortgage loan EMI calculator.

All you have to do is type in the loan amount you want to seek. Make sure that this amount is well-reasoned and within the range of 80% of your property’s market valuation. The next step would be to choose your preferred rate of interest. Post that, you can fill in the loan tenure you are seeking.

Click on “Submit”, and we will give you the answers in a blink! The number derived will be the approximate installment amount.

Please note that factors like your CIBIL Score, age, and the property’s information can influence the final cost.

 

What can loan against property be used for?

Loan Against Property is primarily taken for the purpose of Business Expansion,

 Purchase of Machinery, Debt Consolidation, Funding your other business requirement.

In which currency can I maintain RFC Fixed Deposit?

Your RFC Fixed Deposit can be maintained in permitted currencies such as USD, GBP, JPY, SGD, AUD and EURO.

How do I apply for a new Smart EMI Scheme?

For this, you can visit the nearest store where Kotak  Smart EMI has a tie up.  Click here to find the store near you.

Who can avail Kotak Healthcare Equipment Loan?

Hospitals, Laboratories, Diagnostic Centre's, Nursing Homes, Clinic's or Self-employed Doctor's can avail a Healthcare Equipment Loan.

What is Google Pay?

Google Pay is secure and easy-to-use mobile payment service which can be used to make purchases and payments nearly everywhere.

How to access 'Pay your Contact' feature?

You can access this feature under Quick Access section of Kotak Mobile Banking App or through Kotak Mobile Banking App -> Payments Section (present in bottom menu) -> Send Money

This feature is available only for Kotak Mobile Banking App users.

How fast is a BHIM UPI transaction?

Transactions using BHIM UPI are instant and are completed within seconds.

What are the processing fees for a loan against property?

The processing fee is a one-time non-refundable fee charged for the services provided to process the loan. It is payable at the time of application, and most banks in India charge 1-2% of the total loan amount as processing fees.

At Kotak Mahindra Bank, we charge 1% + GST + statutory charges in processing fees.

 

Can I get a loan against property (LAP) without income proof?

You can easily get a LAP if you show finances that are well-equipped to repay the loan. So, if you do not have income proof, you would need to explain how you plan to repay the loan.

You can present bank statements if you have surplus funds or instruments like insurance papers, investments, etc., which provide some assurance to the bank. Moreover, the lender may ask you to discuss the lack of income sources and whether you plan on remedying that. 

Chances of securing a low interest rate become dim without proper income proof. An income proof assures the lender that you are in a position to repay. However, it is possible to get a loan without but at a higher interest rate. 

 

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account ( w.e.f. April 20, 2020):

  • Interest rate on daily balances in Savings Account above Rs. 1 Lakh stands revised at 4.5% p.a.
  • Daily balances up to Rs. 1 Lakh will continue to earn 3.75% interest p.a.
  • The interest rates mentioned are applicable for Resident Accounts only

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What is Interest Subvention scheme & who all are covered for this benefit?

Interest Subvention scheme is offered by GOI to Micro, Small & Medium enterprise (MSME’s) 2018

What are the Best Credit Cards offered?

Kotak Mahindra Bank offers a range of credit cards ranging from premium cards to lifestyle cards. 

You can choose lifestyle-oriented credit cards, fuel cards, co-branded cards, shopping or entertainment-oriented credit cards, or travel credit cards based on your spending habits. 

What is Kotak MyImage Credit Card?

Kotak MyImage Credit Card is a personalized image card that allows you to choose a design of your choice from the offered digital library, specially curated by the Bank for its cardholders. This personalization will not change the benefits or the base card variant, which you are currently holding. For e.g. If you hold a Kotak Royale Signature Credit Card and choose to personalize it with a Taj Mahal image (Image Code A009), you will continue to enjoy all the existing features of your Royale Signature Credit Card.

What is a Mutual Fund?

Mutual fund (MF) is a mechanism for pooling money by issuing units to the investors and investing funds in securities in accordance with objectives disclosed in the offer document.

Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is diversified because all stocks may not move in the same direction in the same proportion at the same time. Mutual funds issue units to the investors in accordance with the quantum of money invested by them. Investors of mutual funds are known as unitholders.

Investors in proportion to their investments share the profits or losses. Mutual funds normally come out with a number of schemes, which are launched from time to time with different investment objectives. A mutual fund is required to be registered with the Securities and Exchange Board of India (SEBI) before it can collect funds from the public.

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What is Kotak MyTeam Image Debit Card?

As a sports enthusiast here’s a Debit Card to fulfil your sports cravings this season. If you like to binge watch your favorite sports channels / apps, show off your new sneakers, or have fun exercising using fitness apps, here’s a card which is made for you. See your favorite players or team logo every time you perform transactions. This card comes with only VISA services.

Can I transfer money from my credit card to my bank account?

A direct transfer from your credit card to your bank account is not possible. But with the help of intermediaries like BHIM Kotakpay account, you can transfer the amount from your credit card to your UPI wallet and then to your Kotak bank account. 

Although this is not common practise, in some situations this might be helpful. Discretion is advised. 

What is the address of the registered office of the Company?

The address of the registered office of the company is: 

27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

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Where can I use my Kotak Konnect Card?

You can use your Kotak Konnect Card for payment at any of the 800,000+merchant establishments across India, where RuPay cards are acceptable.

How will this work?

The Micro ATM machine is operated by an agent that will include a card reader for all cash withdrawal and balance enquiry transactions from all bank domestic Debit Cards. 

Which devices are compatible with Google Pay in India?

All devices with Android 5.0 (Lollipop) or higher are compatible to use Google Pay App for making merchant payments via Credit Cards. Currently, Apple Phones do not support adding Credit Card to Google Pay app.

Google Pay App is available on Google Play Store and App Store.

What are the steps involved in opening the Kotak UNI Student Bank Account online?

In the Video KYC process, you have to fill up your details online. After you fill up all the required details, the Kotak bank executive will carry out basic checks over video interaction. The agent will guide you through the entire process. Just have your original documents, a blank paper, and a blue/black pen handy. Once this Video KYC is done, you will have a fully-functional Kotak UNI Student Bank Account within 24 hours.

What is the minimum turnover requirement for a Business Loan?

For availing Kotak’s business loan, the minimum turnover required is Rs.40 Lakhs.

What is the minimum turnover requirement for a Business Loan?

For availing Kotak’s business loan, the minimum turnover required is Rs.40 Lakhs.

What are the features of Kotak 811?

811 is a fully loaded Digital Bank Account brought to you by Kotak Mahindra Bank. Below are the key features of your 811 account: 

  • Interest rate: Earn up to 4.5%* interest p.a. on your savings account balance
  • No Minimum Balance: Enjoy banking with no balance commitment
  • Virtual Debit Card: Shop online with ease using your virtual debit card
  • Free funds transfer: Transfer funds online for free using NEFT or IMPS or RTGS
  • Physical Debit card: Request a physical card through Net-banking or Mobile Banking App and get it for Rs.199+applicable GST per annum

Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.

 

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What are the permissible credits in a NRE account?

  • Proceeds of remittances to India in any permitted currency

  • Proceeds of personal cheques drawn by the account holder on his foreign currency account and of traveller’s cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency. These instruments deposited by the account holder in person during his temporary visit to India, provided the authorized dealer/bank is satisfied that the account holder is still resident outside India
  • Proceeds of foreign currency/ bank notes tendered by account holder during his temporary visit to India, provided
    • The amount was declared on a Currency Declaration Form (CDF), where applicable, and
    • The notes are tendered to the authorised dealer in person by the account holder himself and the authorised dealer is satisfied that account holder is a person resident outside India
  • Transfers from other NRE / FCNR accounts
  • Interest on Government securities and dividend on units of mutual funds, provided the securities/ units were purchased by debit to the account holder's NRE/ FCNR account or out of inward remittance through normal banking channels
  • Maturity proceeds of Government securities including National Plans/ Savings Certificates as well as proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India; sale proceeds of units received from mutual funds provided the securities/units were originally purchased by debit to the account holder’s NRE/FCNR account of the account holder or remittance from outside India through normal banking channels

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Where can I shop and avail Debit Card EMI (DC EMI)?

The program is available across 27,000 merchant outlets / stores including all major retail chains like Vijay Sales, Croma, Reliance Digital, Sargam Electronics, Sathya Agencies, Vasanth & Co., Tirupati Electronics, Bajaj Electronics and many more. You can shop for your favorite home appliances, electronics, mobile phones, laptops, etc. using the DC EMI program. Click here for the list of stores where you can avail DC EMI using your Kotak Debit Card.

If the incident occurs in a timeline of 0-90 days of issuance of the RuPay India Debit Card, thereby not giving a window of the 90 days qualifying criteria for doing a transaction in order to be eligible for the insurance benefit, is the Cover still valid?

Yes, as an exception in such cases the cover is still valid and claim can be intimated

Will I be able to use my Forex Card across the World?

Forex Card will work across the world other than the countries mentioned below:

Cuba, Sudan, Yemen, North Korea, Syrian Arab Republic, Nepal, Bhutan, Iran, South Sudan, India

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Will I be charged for enabling the International usage?

No.

However, currency conversion charges and ATM withdrawal charges will be levied wherever applicable.

Please click here for detailed charges. 

How do I register on Kona Kona Cricket?

You can visit the MyTeam card page on the Kotak website and register on Kona Kona Cricket. If you are a MyTeam Card holder, you would receive an email or an SMS with a link to register on the platform. Once registered, you will not be able to de-register yourself.

How to use a personal loan eligibility calculator?

You can visit Kotak Mahindra Bank’s website and use the personal loan eligibility calculator. Just fill in the details required in the calculator, and you will be able to check your eligibility for the loan amount.

Does Easy Pay account holder need to maintain a minimum balance?

Account holder does not have to maintain minimum balance individually for each Easy Pay account. However, minimum balance is to be maintained for the Primary Current Account as per the account type and terms agreed by the account holder.

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How do I register a new biller for payment?

Simply login to your Kotak Mobile Banking app or Net Banking, click on “Bill Pay/Recharge” & select “Add/Manage” option. Then click on “Add Biller” option & enter your biller details & click on “Submit”. Your biller will be registered successfully. In case of any further query, you may contact the call centre or visit the nearest branch also.

What is payday loan @Kotak?

Payday Loan is a term loan, offered for one month, pre-approved at 50% of your net salary, and offered to salary account holders of Kotak. No paperwork required and instant disbursal.

What are the personal & additional details required for registration on the Developer Platform?

Tab

Description

Personal Information

Complete the personal information fields, with all the required fields.

Please keep the following points in mind:

  • Ensure that the email address is entered correctly, as a notification will be sent to that address for the Developer to activate the approved account.
  • The username must be unique.
  • The disclaimer check box must be selected.
  • All fields with an asterisk (*) must be completed in order to access the other tabs. Alternately, you may proceed to step 2, below.

Additional Info

This tab records information about the Developer’s organization as well as any custom information requested by the Portal for registration.

 

  • Organization Name: Optionally enter the name of the Developer’s organization. This will appear as the Organization Name on the Kotak Developer Connect Portal. If left blank, the username with “_org” will be used as the Organization Name.
  • Organization Description: Optionally enter a description about the organization. This will appear as the Organization Description on the Kotak Developer Connect Portal. If left blank, the username will be used in the Organization Description.



How much LAP amount am I eligible for?

While the amount depends on the bank you apply with, Kotak Mahindra Bank gives up to 80% of your property’s market value as a loan.

What are the benefits & features of using FASTag?

Below listed are the benefits of using FASTag:

  • FASTag is read by the tag reader at the plaza and the toll amount is deducted automatically, no need to carry cash for the toll transactions, saves time.

  • You can do recharge of FASTag wallet account through UPI/Credit Card /Debit Card/Net Banking, by logging into your FASTag account or through UPI to NETC.RegisteredVehicleNumber@KOTAK.
  • SMS alerts for toll transactions, low balance, etc.
  • Online Portal for customers to access the FASTag account
  • Tag validity of 5 Years
  • KYC customers can recharge maximum of INR 1,00,000.00 whereas Non KYC customers can recharge for INR 10,000.00
  • Missed Call facility for wallet balance on SMS (Missed Call Balance No. 7406575500)
  • The transaction history can be viewed electronically and used as required from the online customer portal

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At what rate will I earn interest on the balance in my Savings Account?

Prevailing Savings account interest rate on the daily balances is as follows : 

  • Upto 1 lakh - 3.5%
  • 1 lakh to 1 Cr - 4%
  • Above 1 Cr - 3.5%

What is Home loan EMI calculator?

Home Loan EMI calculator is a tool that makes it easy for the home loan borrower to calculate the EMI payable. The calculator is easy to you, assisting the borrower to plan the repayment in a better way.

How does JioPay work?

JioPay uses Near Field Communications (NFC) technology to make contactless payments using the cards enrolled in the application. Kotak VISA Debit/Credit Card can be selected at the time of payment and user can tap the backside of the Jio Phone on NFC enabled terminal to complete the payment. 

What are the regulatory changes for Subscriptions/Recurring payments w.e.f. 1st October 2021?

As per the regulatory requirements, some of the key security & safety measures are as listed below:

  • Subscriptions/Recurring payments registration, modification, deletion on merchant websites will require additional factor authentication (AFA) example: OTP
  • Customers will get a pre-debit (SMS/Email) notification 24 hours prior to the debit
  • The pre-debit notification will have a link for the customer to authenticate the transactions with AFA. Without this authentication, the transaction will not be processed.
  • Customers can opt out of the transaction or the mandate via link provided in the pre-debit notification
  • Customers can view / modify / cancel any standing instructions set on their card
  • Any recurring transaction of amount greater than ₹ 5000 will require AFA each time the amount is debited

How does JioPay work?

JioPay uses Near Field Communications (NFC) technology to make contactless payments using the cards enrolled in the application. Kotak VISA Debit/Credit Card can be selected at the time of payment and user can tap the backside of the Jio Phone on NFC enabled terminal to complete the payment. 

Which devices are compatible with Samsung Pay?

Galaxy Note 8, Galaxy S8+, Galaxy S8, Galaxy Note 8, Galaxy J7 Pro, Galaxy A9 Pro, Galaxy Note 5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A5 (2017), Galaxy A7 (2017), Galaxy A5 (2016), Galaxy A7 (2016)

What are the features of Kotak 811?

811 is a fully loaded Digital Bank Account brought to you by Kotak Mahindra Bank. Below are the key features of your 811 account: 

  • Interest rate: Earn up to 4%* interest p.a. on your savings account balance
  • No Minimum Balance: Enjoy banking with no balance commitment
  • Virtual Debit Card: Shop online with ease using your virtual debit card
  • Free funds transfer: Transfer funds online for free using NEFT or IMPS or RTGS
  • Physical Debit card: Request a physical card through Net-banking or Mobile Banking App and get it for Rs.199+applicable GST per annum

W.e.f. Sep 20, 2021, daily balances in Savings Account up to Rs. 1 lakh will continue to earn 3.50% p.a. interest. Interest rate on daily balances in Savings Account above Rs. 1 lakh stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.

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What is the maximum amount I can apply for IPO using UPI?

The limit for IPO application is 2 Lakhs per transaction on UPI. The consolidated limit in a day towards IPO applications is 4 lakhs. 

Why is a Credit Card Important?

Don’t be put off by the term ‘credit’. If used wisely, credit cards are a convenient tool to manage your short-term financing needs. A credit card is a financial tool that lets you borrow a certain sum of money and repay it back later in instalments. An interest is charged only if the credit amount is not repaid within the grace period which usually ranges between 20 to 60 days. Whether you want to make online payments or swipe the card at a restaurant, everything is possible with a credit card. Besides allowing you to borrow funds conveniently, credit cards also offer a host of benefits such as reward points, cashbacks, frequent flyer miles, credit score etc. A credit card is certainly a must-have item in your wallet. 

What happens if you pay your credit card bill early?

If you pay off your credit card bill early, you eliminate the chances of a default. You can, thus, avoid credit card interest payments on possible defaults or part payments. 

What are the categories of exposure not covered under Restructuring Policy (excluded exposures)?

  • MSME borrowers whose aggregate exposure to all lending institutions collectively is 25 crore or less as on March 1, 2020. 

  • Farm Credit (explained further in FAQ 3 below)
  • Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large-sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture.
  • Exposures to financial service providers.
  • Exposures to Central and State Governments; Local Government bodies (eg. Municipal Corporations); and, body corporates established by an Act of Parliament or State Legislature.
  • Exposures of housing finance companies where the account has been rescheduled [in terms of para 2(1)(zc)(ii) of the Master Circular - The Housing Finance Companies (NHB) Directions, 2010] after March 1, 2020, unless a resolution plan under this framework has been invoked by other lending institutions.
  • Staff loans

Can outstanding credit on previous borrowings or cards influence my personal loan interest rate?

Yes, it most certainly will. If you have a track record of not paying your credit card dues on time or have pending installments for previous debt, you are less likely to be approved. 

Even if you are approved, you are less likely to get a low rate of interest.

Whom has the Kotak Biz credit card been designed for?

The Kotak Biz credit card has been specifically designed for the Self Employed, Proprietors and Partners of Partnership firms

Feature and benefit of the card have been specifically been designed to manage the business expenses.

Is it mandatory to open Tier-II account at the time of opening a Tier 1 account

No

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What are the factors that affect personal loan EMI?

The loan EMI is affected by the following factors:

  • The personal loan amount: The higher the loan amount, the higher would be the EMI and vice-versa.
  • The interest rate: The higher the interest rate, the higher would be the EMI and vice-versa.
  • The repayment tenure: The longer the repayment tenure, the lower would be the EMI and vice versa.

What are the benefits of using a LAP Calculator?

A LAP Calculator or a mortgage EMI calculator can help you plan your finances and assess your application before submitting it. If the EMI derived seems unsupportable by the current income proofs, you can readjust your loan amount, tenure, or rate of interest.

A loan against property calculator also gives you a fair idea of whether or not you can sustain the EMI costs throughout the loan tenure. In the case of floating interest rates, the cost can vary. However, the mortgage loan EMI calculator would give you a precise number and loan map for a fixed interest rate plan.

What will be the maximum Amount and Tenure for which the loan will be offered?

We generally offer a loan up to 10 years, however the maximum permissible tenure is 15 Years 

which is subject to terms and conditions on a Case to Case basis. Though there is no restriction on the amount which you can avail from applying for Loan Against Property, but it greatly relies on the capacity to repay the loan.

What is the frequency of interest payment on RFC Fixed Deposit?

The interest is reinvested and paid at the time of maturity of the deposit

How do I change my EMI date?

Currently there is no option available to change the EMI due date. Payment due dates are as per the schedule shared in the loan sanction letter.

How can I avail Kotak Healthcare Equipment Loan?

You can click on the “Apply Now” tab, share your details and our team will contact you. You can also write to us at empowering.wellness@kotak.com

Which devices are compatible with Google Pay in India?

All devices with Android 5.0 (Lollipop) or higher are compatible to use Google Pay App for making merchant payments via Debit/Credit Cards. Currently, Apple Phones do not support adding Debit or Credit Card to Google Pay app.

Google Pay App is available on Google Play Store and App Store.

How to use this feature?

Please find the steps below to use this feature:

1.  Log into your Mobile Banking App
2. Tap on ‘Pay your Contact’ under the Quick Access section on the home screen
3. Enter or select mobile number of Beneficiary. You can also enter a UPI ID
4. Select Kotak bank/ UPI Apps icon to which you would like to send money
5. Enter the Amount and Remarks
6. Review your Payment details & submit

Note: You can share the Success Confirmation Page on Whatsapp.

What is a VPA?

The Virtual Payment Address (VPA) is a unique identifier assigned to your bank account by any of the UPI apps. The VPA has a format of username@Kotak in Kotak Mobile Banking App.

What are the advantages of Ace Savings Account?

It is power packed with lot of features, which are as follows:

  • Average Monthly Balance (AMB) of Rs. 50,000/-
  • Earn up to 4% interest on your savings account balance1
  • Extended Debit Card withdrawal limit of Rs. 2 Lakh per day through ATM / POS.
  • Free Platinum International Debit Card*
  • Free add-on Platinum International Debit Card*
  • Free Net Banking, Mobile Banking and Phone Banking
  •  Free cash withdrawals at other domestic ATMs3
  • Free Home Banking4
  • Free Demand Drafts (unlimited at Kotak Bank locations)
  • Free RTGS /NEFT/ IMPS
  •  No Annual Maintenance Charges on your Demat Account for the first year
  • Free outstation cheque collection
  • Free multi-city cheque books (at par cheque books)
  • Avail a discount of 15% on Locker Rent5
  • Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
  • Convert savings account balance above a certain amount into Term Deposits with Kotak ActivMoney

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