Wondering about Kotak cheque bounce charges? Charges for returned cheques from Kotak Mahindra Bank vary from Rs. 50 to Rs. 500 based on the reason and value of the returned cheque. Read on to get the latest charge.
NoBroker InstaCash Loan
Get upto Rs. 10 Lakhs Instantly in your Bank Account with hassle free auto repayment.
Instant approval and disbursement
Interest rate starting 12.99%
What are the Kotak Bank Cheque Bounce Charges?
Kotak Mahindra Bank charges Rs. 500 per instance for cheque bounce or ECS (Electronic Clearing Service) failures due to insufficient funds. This fee applies each time a cheque is dishonored because of inadequate balance in the account.
Additionally, if a cheque is returned for non-financial reasons, such as incorrect details, a charge of Rs. 50 per instance is applied.
For cheques deposited into the account that are returned unpaid, the charge is Rs. 200 per instance. These charges are fairly standard across most types of accounts, including savings and current accounts, ensuring that customers maintain sufficient balance to avoid these penalties.
These fees are subject to GST, making the overall cost slightly higher. Such penalties serve as a deterrent to ensure account holders manage their finances responsibly.
This is all about Kotak Mahindra Bank cheque bounce charges.
Get Up to Rs. 10 Lakhs Instantly in Your Bank Account Via NB InstacashRead more
How to Collect Bounced Cheque from Bank
Your Feedback Matters! How was this Answer?
NoBroker Cash Loans
✔
Max Funding✔
Lowest Interest Rates✔
Quick Sanction✔
Doorstep Assistance✔
No Hidden Charges
Get Cash Loan
Apply Now
Know your Borrowing Capacity
Check Eligibility
Compare Loans
Calculate Your EMI Now
What is Kotak Cheque Bounce Charges?
Satyam
842 Views
1
8 months
2024-08-30T19:12:16+00:00 2024-09-05T11:31:29+00:00Comment
Share