Kotak Zero Balance really free of charges?

[Ekavya]

Kotak Mahendra bank is sending me messages to open their zero balance account so that I could be eligible for their LTF credit card without any cibil hit. Any kotak cc is beneficial for me as I would give me 10% discount in sales. But is kotak Mahindra zero balance account really free? Suppose if they charges me 250₹+GST for their debit Card or any other services then the LTF card isn't LTF for me. In other words can I operate Kotak Mahendra zero balance account without paying any fees?

 

[Vasuki]

Kotak Mahendra bank is sending me messages to open their zero balance account so that I could be eligible for their LTF credit card without any cibil hit. Any kotak cc is beneficial for me as I would give me 10% discount in sales. But is kotak Mahindra zero balance account really free? Suppose if they charges me 250₹+GST for their debit Card or any other services then the LTF card isn't LTF for me. In other words can I operate Kotak Mahendra zero balance account without paying any fees?

Really ? How much behind are you pre pandemic. !

Its been zero balance best account since 3-4 years .
If u choose physical card you will be charged else no charge for digital dc ..

 

[Vasuki]

. In other words can I operate Kotak Mahendra zero balance account without paying any fees?

IN EVERY WORD WITHOUT DC ( PHYSICAL CARD) ITS FREE IN EVERY SENSE

 

[RAMESH BABU N]

No charges if you do not order a physical debit card. Similarly, no charge if you do not ask for a cheque book.

NIL charges for my account - in the last one year.

 

[Ekavya]

Really ? How much behind are you pre pandemic. !

Its been zero balance best account since 3-4 years .
If u choose physical card you will be charged else no charge for digital dc ..

Thanks Man! 😁

 

[Shoxie]

Yes, there are no hidden charges. Been using the account for about 3 years now.

However, make sure to go through the list of things for which charges are applicable. Most top banks like axis hdfc do not charge for depositing money using CDM, however, Kotak charged me for the same. I could've easily deposited the money in nearby Axis CDM if I had known about the charge.

 

[Dpk6200]

Yes ,
Using from last 4 years
No debit card
No Cash deposit
0 Charges till date

 

[Gaara]

Kotak Mahendra bank is sending me messages to open their zero balance account so that I could be eligible for their LTF credit card without any cibil hit. Any kotak cc is beneficial for me as I would give me 10% discount in sales. But is kotak Mahindra zero balance account really free? Suppose if they charges me 250₹+GST for their debit Card or any other services then the LTF card isn't LTF for me. In other words can I operate Kotak Mahendra zero balance account without paying any fees?

In 2018, I opened a Kotak 811 Edge account. During the KYC process, they converted it to a minimum balance account with a requirement of ₹10,000. As part of this update, they offered me a free checkbook and a physical debit card without any charges. Over the past 7 years, I haven’t paid any fees, and my physical debit card expired—I haven’t requested a new one since I’ve never used it.

 

[The_Unknown]

Kotak Mahendra bank is sending me messages to open their zero balance account so that I could be eligible for their LTF credit card without any cibil hit. Any kotak cc is beneficial for me as I would give me 10% discount in sales. But is kotak Mahindra zero balance account really free? Suppose if they charges me 250₹+GST for their debit Card or any other services then the LTF card isn't LTF for me. In other words can I operate Kotak Mahendra zero balance account without paying any fees?

Absolutely Free if you don't opt for Physical Debit card.

 

[Ekavya]

Absolutely Free if you don't opt for Physical Debit card.

But they aren't serviceable in my PIN code.

 

[The_Unknown]

But they aren't serviceable in my PIN code.

Put your own adress but change the PIN only with the city where Nearest Branch available, it'll work for sure.

 

[Ekavya]

Put your own adress but change the PIN only with the city where Nearest Branch available, it'll work for sure.

It came to my mind. But I read somewhere that if they detects a location (During VKYC) different from the PIN provided at the application, they will terminate the call.

 

[Saiv]

Per month only ₹10,000 cash deposit limit after that they’ll charge ₹5 per every ₹1000.
Also most annoying thing: 6 digit Atm Pin for CC & DC. Also they’re limitations on CDM & cash withdrawals.

 

[The_Unknown]

I

It came to my mind. But I read somewhere that if they detects a location (During VKYC) different from the PIN provided at the application, they will terminate the call.

If it's not that far it won't be an issue. But you can try once.

 

[The_Unknown]

Per month only ₹10,000 cash deposit limit after that they’ll charge ₹5 per every ₹1000.
Also most annoying thing: 6 digit Atm Pin for CC & DC. Also they’re limitations on CDM & cash withdrawals.

Charges are mainly for Physical Transactions, like Branch Deposits or ATM Deposit and Withdrawals. There's no charge for Online Transaction though
And talking about 6 digit pin, it depends on perspectives. For me it's an added security.

 

[The_Unknown]

Charges are mainly for Physical Transactions, like Branch Deposits or ATM Deposit and Withdrawals. There's no charge for Online Transaction though
And talking about 6 digit pin, it depends on perspectives. For me it's an added security.

 

[Gaara]

Per month only ₹10,000 cash deposit limit after that they’ll charge ₹5 per every ₹1000.
Also most annoying thing: 6 digit Atm Pin for CC & DC. Also they’re limitations on CDM & cash withdrawals.

Yeah, this is the downside no one talks about. However, if you use an account exclusively for online transactions, you can enjoy the benefit of zero fees. Personally, I maintain an SBI account for offline deposits, and later transfer the funds to Kotak Mahindra Bank. The availability of Kotak ATMs and CDMs is almost nonexistent. Living in a Tier 2 city, I’ve noticed that the entire city has only 11 Kotak ATMs, whereas SBI boasts 19 ATMs within just a 5-kilometer radius of my home.

 

[Pack_of_Cards]

Yeah, this is the downside no one talks about. However, if you use an account exclusively for online transactions, you can enjoy the benefit of zero fees. Personally, I maintain an SBI account for offline deposits, and later transfer the funds to Kotak Mahindra Bank. The availability of Kotak ATMs and CDMs is almost nonexistent. Living in a Tier 2 city, I’ve noticed that the entire city has only 11 Kotak ATMs, whereas SBI boasts 19 ATMs within just a 5-kilometer radius of my home.

There is a reason it is called as 811 digital account, not meant for physical transactions in ATM or branch, plus you can't expect a digital account to offer everything free. Moreover SBI is way bigger in size compared to Kotak, but still with numerous branches and extended ATM network SBI sucks big time in providing services and customer handling.

 

[Saiv]

Yeah, this is the downside no one talks about. However, if you use an account exclusively for online transactions, you can enjoy the benefit of zero fees. Personally, I maintain an SBI account for offline deposits, and later transfer the funds to Kotak Mahindra Bank. The availability of Kotak ATMs and CDMs is almost nonexistent. Living in a Tier 2 city, I’ve noticed that the entire city has only 11 Kotak ATMs, whereas SBI boasts 19 ATMs within just a 5-kilometer radius of my home.

i live in a city which is the biggest city in my state, where kotak Just got 4 ATMs no CDM at all, where as SBI GOT SO MANY BRANCHES YOU FIND 1 sbi branch for every 1.5Km.

As a solution i use

PNB PMJDY ACCOUNT KINDA MERGES SBI & kotak 811 purpose.
No charges on Cash Deposits & Pnb one app works fine without any charges(NEFT MAB) & even you’ll get RUPAY PLATINUM CARD IF YOU APPLY VIA APP. & Almost every PNB BRANCH I’ve been to is crowd free(at least in my state). So try it & good part is they won’t hesitate to issue a PMJDY ACC OR CONVERT NORMAL ACC TO PMJDY(mine is converted)