Savings Account/Salary account:
ING Vysya Bank is now Kotak Mahindra Bank. Now earn 6% interest p.a. on your savings account balance over Rs. 1 Lakh, and 5%
for balances up to Rs. 1 Lakh. Interest rate for NRE/NRO accounts is 4% p.a. With effect from 1 April 2016, the periodicity of
payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis
will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year
Revision of Service Tax:
As per the Finance Act, 2015, vide Notification No. 22/2015 - Service Tax dated November 6, 2015 issued by the Ministry of
Finance, Govt. of India, Swachh Bharat Cess will be levied @ 0.50% on the taxable value of the service. With effect from
November 15, 2015 the effective Service Tax rate has been revised from 14% to 14.5% (i.e. 14% Service Tax + 0.50% Swachh
Bharat Cess). This Service Tax rate (or the rates applicable to that service) will be applicable on charges levied as per the General
Schedule of Features and Charges for your account/s.
Revision of Charges/Fees w.e.f 1st April 2016 for the following products:
Savings and Salary - Please note, the General Schedule of Features and Charges (GSFC) for Savings/Salary Accounts is being revised
with effect from April 1, 2016. Please check the updated GSFC on www.kotak.com
Current Account- Effective 1st April16, there would be NIL inoperative account charge for Current Accounts .The standard charge
for cash deposit at Home Branch locations in Current Account is getting revised to Rs.3/1000 from the current Rs.2.5/1000. The
same would be applicable to all the Current Accounts apart from the Trader Current Accounts.
Lockers- Locker rentals stand revised depending on type of locker and branch category w.e.f April 1 2016. Please check your
locker details like locker size and branch category by speaking to your Relationship Manager or by calling us at 1800-425-9900,
24 X 7 toll-free to know the revised pricing details.
Current Account:
Enjoy Door Step Banking on Current Accounts
Beat based cash / cheque pickup and cash / DD & PO delivery
Free on call requests for cash / cheque pickup & delivery
Visit your nearest branch or SMS DOORSTEP to 5607099 to start.
Important information regarding your Debit Card: Now enjoy the convenience of enabling your existing Debit card for
international acceptance (whereby your debit card would be accepted for both International and Domestic usage at
International ATMs / International Retail outlets / International Websites) OR you could also choose to keep your debit card
restricted to domestic acceptance only (i.e. enabled for usage in India only).Choose your preference by visiting a branch near
you or by calling our phone banking at 1800 425 9900
NR Related:
Effective April 01, 2015 Resident Foreign Currency Savings Accounts and Term Deposits have been discontinued. Home Banking
service will be available for NRI customers when they are in India.
FATCA Related: To comply with Government of Indias agreement with the Unites States, starting November 1st 2015, the bank
is required to collect FATCA self-declaration form from our customers for banking services which includes opening a new
account, new term deposit/recurring deposit, updating of contact details like address, phone number, mobile number, email id,
modifications to bank account servicing details (change of signature, updating of aadhaar number, minor to major conversion,
etc), purchasing new financial products such as Mutual Funds, Life Insurance, General Insurance, Loans, Credit Cards, Foreign
Exchange transactions, etc.
Term deposit holders are requested to note the following important information:
Rate of interest: Consequent upon merger of ING Vysya Bank with Kotak Mahindra Bank, the Term deposits held by ING Vysya
customers, upon renewal, would carry the rate of interest as published by Kotak Mahindra Bank. New T&C will apply.
Penalty for pre closure: There is no penalty for deposits booked for 180 days and below. The existing penalty for part
withdrawal or part closure is reduced to 0.5% from 1% which means higher returns on pre closures/part withdrawals. This is
applicable to new bookings and renewals, including FD+ deposits.
Senior citizen rate: We offer 0.5% additional rate on senior citizen deposits. However, the senior citizen rate benefit is
continued to be given on deposits of up to Rs.1 cr only (aggregate). Senior citizen customers who have completed the age of 60
years and have not provided the age proof document to the bank are requested to handover copy of the same (carry original for
verification) to the nearest branch. This would enable you to earn senior citizen rate on deposits.
TDS exemption forms: Avoid TDS deduction (if applicable for the financial year 2015-16) by submitting your form 15G/15H at
the earliest. For your convenience, pre-printed 15G/15H are available at our ING (now Kotak) branches, which can be signed and
handed over at the branch.
Loan/overdraft on deposits: Depositors to meet their short term liquidity requirements can choose to avail up to 85% of the
initial deposit amount as loan or overdraft at 2% over FD rate.
TDS on interest earned on deposits: For financial year 2015-16 interest paid/accrued on deposits including interest on recurring
deposits are chargeable to tax at 10% (TDS) for resident Indians. On Recurring Deposits (existing or new) interest earned from
1.6.2015 to 31.3.2016 would be reckoned for the purpose of TDS for this financial year.
For NRI TDs:
FCNR (B) deposits for NRI customers are now being offered in 2 additional currencies i.e. SGD and CHF apart from
existing 6 currencies i.e. USD, GBP, JPY, EUR, AUD and CAD.
Minimum value for NRE / NRO term deposits has been revised to Rs 50,000 from Rs 10,000 per deposit. Minimum value
of FCNR (B) deposit will be different for each currency and is displayed on the banks website.
Overdraft/cash Credit Accounts:
Service charges for your Overdraft / Cash Credit Account (including MPOWER Business Account) have been revised w.e.f. May 1,
2015. The detailed General Schedule of Features & Charges is available on www.ingvysya.kotak.com/personal-
banking/products/home.aspx . Service taxes will be charged, as applicable.
ING Vysya (now Kotak) Mobile Banking App:
Let your fingers do the banking. Our official Mobile Banking app is smart, powerful, innovative and lets you bank anytime
anywhere. The App is available on iOS, Android, Windows, Blackberry, Java platforms. To download SMS MOBILE to 5607099
or search for ING KOTAK on the respective App store.
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Transfer funds using IMPS on NEFT holidays (2 /4 Saturdays of each month)
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NEFT holidays have been declared on 2 /4 Saturdays, but you need not worry. Just select IMPS (Using Account No) as Transfer
Type on your ING (now Kotak) Mobile App/Net Banking to transfer funds instantly to your existing beneficiaries. IMPS works
24X7, even on Saturdays, Sundays, and Public Holidays. What's more, this facility is free of cost!
De-activating of your lost/stolen Debit Card via SMS:
You can now deactivate your lost/stolen debit card by sending a SMS from your mobile number registered with the bank.
To get your debit card number, SMS GETCARD<space>CIF No<space>Account No to 5607099.
To block your lost/stolen card, SMS BLOCKDC<space>16/19 Digit Debit Card No to 5607099.
Note: It is mandatory to be registered for SMS banking to avail this service. If you are not registered for SMS banking, please
SMS REG<space>Account No to 5607099 for registration.
Banking Ombudsman Contact details:
Ahmedabad (Gujarat, Union Territories of Dadra and Nagar Haveli, Daman and Diu ) Tel.26582357/ 26586718; Bangalore
(Karnataka)Tel.22210771/22275629; Bhopal (Madhya Pradesh and Chattisgarh)Tel 2573772/2573776; Bhubaneswar (Orissa)
Tel. 2396207/2396008; Chandigarh (Himachal Pradesh, Punjab and Union Territory of Chandigarh and Panchkula, Yamuna Nagar
and Ambala Districts of Haryana) Tel. 272 1109/2721011; Chennai (Tamil Nadu, Union Territories of Puducherry(except Mahe
Region) and Andaman and Nicobar Islands) Tel. 2539 9170 / 25395963; Guwahati (Assam, Arunachal Pradesh, Manipur,
Meghalaya, Mizoram, Nagaland and Tripura)Tel. 2542556/2540445; Hyderabad (Andhra Pradesh & Telangana)Tel.
23210013/23243970; Jaipur (Rajasthan) Tel. 5107973/5101331; Kanpur (Uttar Pradesh (excluding Districts of Ghaziabad and
Gautam Budh Nagar) and Uttaranchal ) Tel. 2306278/2303004; Kolkata(West Bengal and Sikkim) Tel. 22306222/22305580;
Mumbai (Maharashtra and Goa) Tel. 24924607/24960893; New Delhi (Delhi, Jammu & Kashmir, Haryana (except the districts of
Ambala , Yamuna Nagar and Panchkula and the districts of Ghaziabad and Gautam Budh Nagar of Uttar Pradesh) Tel. 23725445 /
23710882; Patna (Bihar and Jharkhand)Tel. 2322569/2323734; Thiruvananthapuram(Kerala and Union Territory of
Lakshadweep and Union Territory of Puducherry (only Mahe Region).)Tel. 2332723/2323959
Information regarding your statement:
Please note that one glance statement reflects only active accounts as on date.
