Terms and Conditions

Digital Current Account opening - Terms and Conditions:

The Terms may be read as a stand-alone document or may be read with such other documents/terms as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. These terms and conditions are in addition to the terms and conditions as may be specified in any document/facility documents etc. as may apply to a particular Account/ Service/ situation/ circumstance/ transaction. In the event of any of these terms and conditions being contrary to those specified therein, the terms and conditions as specified in such other document(s) in respect of a particular Account/ Service/ situation/ circumstance/ transaction as the case may be will prevail over these terms and conditions. The Terms shall be available at the Bank branches. The Customer acknowledges and agrees that the Bank may at its sole discretion add to, modify or amend the Terms (including the Charges) from time to time and such changes shall be communicated to the Customer by display in the Bank premises or on the website, but individual communication may not be sent to him. The Bank may publish notices of general nature, which are applicable to the Customers on Bank's Website or on its notice board or in any other mode as may be decided by the Bank. Such communication and notices would have the same effect as a notice served individually to each Customer. The Customer may within a period of fifteen (15) days from the issue of the notice close the Account or discontinue availing of Service, failing which he shall be deemed to have accepted the change from the effective date mentioned in the notice or from the date as may be specified by the applicable law. The Bank may be required to abide by the rules and regulations of self-regulatory bodies, to which the Bank is or maybe affiliated, statutory/regulatory authorities and the Customer agrees that he may also be required to abide by such rules and regulations as may be advised/specified.
Customer authorizes the Bank official of Kotak Mahindra Bank Ltd. (KMBL) to enter KYC and other necessary details on his/her behalf in the electronic account opening form as per the information and instructions given by the Customer for the AADHAAR BASED biometric Current Account opening. Customer confirms that the details filled are documented by Bank official in his/her presence and the same have been reviewed and verified by Customer in the electronic application form.
Customer agree/s that the name in the account will be the name as per details fetched from UIDAI (Aadhaar)
Customer understands and agrees to Kotak Mahindra Bank for opening an account and use Aadhaar details to authenticate and verify his/her identity and fetch the personal details from UIDAI.
Customer agrees to link Aadhaar Number to all my existing bank accounts and customer profile for the purpose of availing banking services and operating the account.
Customer agrees to provide the accurate documentation and information as listed in the app for the purpose of account opening. Customer/s understand/s and agree/s that failure to provide requisite documentation and information shall result in rejection of application by KMBL. The customer agrees that KMBL has every right to close the account of the customer , if there is any erroneous, false, incomplete or misleading information provided by the customer or for any other reason whatsoever or if KYC documents submitted do not comply with the KYC norms of KMBL
Customer agrees that the Bank reserves the right to hold the account/s in Debit Freeze or close the same even after generation of account number or account activation/ completing the Full KYC process in case of any discrepancy found as part of regular monitoring and document verification activities.
The digital current account opening process is not available for existing Kotak Mahindra Bank customers
The digital account opening process is also not available for customers who are FATCA reportable. Such customers are requested to approach the branch and to comply with the requirement for opening an account
Customer declares and confirms that the Bank shall be entitled to rely on all/any communication, information and details provided on the electronic and physical form and all such communications, information and details shall be final and legally binding on the Customer.
Customer understands and confirms that the Bank has every right to cancel/ reject the account opening application, if the details provided by him/her/them are found to be inaccurate, incorrect or false by the Bank or for any other reason whatsoever without assigning any reason thereof. In such an event the bank shall not be liable to pay any interest on the amount of deposit & the refund of amount deposited in the account will be refunded to the source account. In such an event, bank will retain the documents / Photographs and any other signed document submitted and customer shall return the instant account opening kit (if any) to Bank.
Customer declares and confirms that the shared information is true and correct to best of his/her knowledge. Customer hereby agrees and confirms that all such acts and deeds done for and on Customer behalf by the executive who has visited him/her for account opening formalities shall be binding on the Customer and on Customer’s successors & legal heirs.
Customer confirms to have read, understood the Terms and Conditions of account opening and the general terms applicable to account as available on Bank’s website at www.kotak.com and Savings and Current bank rules. Customer agrees to be bound to/ abide by the same.
Any email ID provided by the customer will be updated in the Bank records after the email verification has been completed by the customer. Until then, no communication or statements will be sent to the email ID provided. In case the customer would like to update or change the existing registered email ID, the new email ID will replace the existing email ID only once it is verified. Until then, all communication will continue to be sent to the existing registered email ID.

The email verification process is as follows:

i. An email with a link will be triggered to the given email ID

ii. The customer will need to access the email in their inbox and generate an OTP

iii. The OTP will then be sent to the customer’s registered mobile number and they will be required to enter the OTP to verify the email ID.

iv. Once the email ID is verified, it will be updated in the bank records and all communication, including statements, will be sent only to this new verified email ID.
The Net Banking, Phone banking, Payment gateway access and indemnity(ies) for permitting transaction processing through email / electronic mode/other account related services, (if registered with bank) is applicable for all the Deposit accounts existing or opened in future for the organization.
I hereby confirm that my total credit exposure to the banking system is less than 5 Crores and I allow Kotak Mahindra Bank to verify this with CRILIC or any other agency as the Bank may deem fit.
I also agree to allow Kotak Mahindra Bank to get GSTIN and other information for account opening purpose.
I understand and agree to authorize the bank to create a Virtual Payment Address usable and tagged to my Kotak Account on my behalf using my registered mobile number.
The customer herewith understands that the bank may use the services of Direct Sales Agents/ Direct Marketing Agents/Business Correspondents/Vendors in sales/marketing/KYC etc. of the products.
I understand, agree to give my consent to share my details, wherever necessary, with relevant govt. / regulatory / enforcement authorities / registered partners /Vendors /Business correspondence and also run risk and security checks.

Customer Declaration – Current Account:
The particulars contained herein shall be valid for all accounts held by me or to be opened by me hereafter either singly or with other(s) and / or by me in any representative capacity with the Bank unless informed otherwise. I have obtained, read, understood and agreed the Terms & Conditions governing the opening of an account with Kotak Mahindra Bank Ltd. (the Bank), and those relating to various Services including but not limited to a) ATM b) Phone Banking c) Credit Card d) Net Banking e) Payment Gateway f) Kotak Bill Pay g) SMS Banking h) Alert Service i) Fixed Deposits / Recurring Deposits, available at Bank’s website www.kotak.com. I understand and agree that Payment Gateway will be activated by default for the customers registered for Net Banking with unconditional transaction rights. I understand and agree that Net Banking, Phone Banking access, is applicable to all Deposit accounts, existing or to be opened in future. I understand and agree that existing / future accounts will be linked by default to Debit Card/ Payment Gateway and for delinking Debit Card/ Payment Gateway from the account I have to visit the nearest branch to place the request. I agree to be bound by the said Terms and Conditions including those excluding/ limiting the Bank liability. I understand that the Bank may at its absolute discretion, suspend any of the Services completely or partially without any notice to me. I agree that the Bank may debit my account for service charges as applicable from time to time. I hereby agree, declare and confirm that the funds routed by me in my account will be from my own source of funds acquired legitimately and such funds are acquired not in contravention of any applicable laws or rules in force, enacted / issued by Statutory or Regulatory Authority from time to time or funds so routed have not been or acquired by way of evasion of government levies/ taxes. I shall advise the Bank immediately in the manner as agreed by me and acceptable to the Bank, in case of any change in the above details an information given by me. I do hereby authorize the Bank to conduct my credit history verification with CIBIL or any other Credit Rating Agency.
Activmoney (applicable only if opted for): I have been explained about the features and benefits of ActivMoney (Auto Sweep-Out, Sweep-In) and I have understood and agree for the same.
Statement of Account: I am aware that the Bank will forward statements by way of email on monthly basis to my/ our registered email ID. I agree that Bank would be deemed to have delivered the statement to me, on Bank sending the email containing the statement as an attachment to me registered email id. I am also aware that if I have provided my email id but still wish to opt for physical statement at quarterly intervals, I need to provide a specific request for the same. Any person resident in India collecting and effecting/ remitting payment directly/ indirectly outside India in any form towards overseas foreign exchange trading through electronically/ Internet trading portals would make himself/herself liable to proceeded against with for contravention of Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation for regulations relating to Know Your Customer (KYC) Norms/ Anti Money Laundering (AML) Standards.
Customer authorizes the bank to share my transaction/account details with regulatory/ Enforcement Authorities whenever such information is called for. I authorise the branch official to update the document details in the bank records as per copies of documents submitted by me. I hereby consent to receiving information from Central KYC Registry through SMS/ Email on the above registered number/ email address. I understand that as per directions of government of India, my KYC information will be updated in Central KYC registry.
SMS Banking & Alert Facility: I understand that alert facility enables me to receive alerts on my email ID and/ or mobile number regarding account transactions and maintenances. I further understand that new alerts maybe added from time to time.I am aware that alerts that have been mandated by RBI and such alerts as deemed appropriate by the Bank will be sent even if I have not subscribed for the facility.
Customer voluntarily agrees to use his/her Aadhaar/PAN/ GSTIN detail & other entity proof provided for opening 811 current account. Customer agrees and hereby authorize Bank to fetch his/her personal details from NSDL/ UIDAI, business details from GSTIN & other third party service providers. Customer authorizes Bank to use his/her Aadhaar details and core biometric information to authenticate and verify his/her identity.
The bank or its partners may call, SMS or email me information or seek feedback related to the bank’s products and services.
I/We have gone through the Privacy Notice published by the bank on its website www.kotak.com and having agreed to the same. I/We hereby give my consent in favor of the bank to process my personal information for the purposes and in the manner provided in the Privacy Notice while I/We avail the product and/or services applied for. I/We hereby allow Kotak Mahindra Bank to share my/our name and contact details with its partners providing Enterprise Resource Planning services (ERP Partners) for purpose of being contacted by such ERP partners.
I have updated the Nominee details and I authorize the bank to update the same in their records as Form DA1, which will be binding on me, including my heirs, legal representatives, successors and executors. I hereby authorize the bank to send the copy of the said Form DA1 to me through email id provided by me to the bank for communication purpose and I hereby confirm and agree to that bank shall not be responsible for any misuse of information sent through email.
I hereby confirm that I will operate the Account and avail of all the products and services offered by the Bank through any channel, including but not limited to its website and phone banking channels and opted by me from time to time.
I hereby confirm I have read and understood the Terms & Conditions applicable to such Account and services relating thereto and shall always be bound by and abide with them and their amendments from time to time.
Current Account is an operative banking account for all entities eligible to open and operate a bank account. No Interest is paid on the balances held in Current Account which is as prescribed by RBI.
In case of the Entity accepting/replacing any foreign Contributions, customer's need to comply to Foreign Exchange Management Act of 1999 (FEMA) and foreign Exchange Contribution (Regulation) Act of 1976 (FCRA).
The account would be treated as dormant if there are no transactions in the account for a period of two years. A request for activation of account has to be made in writing by visiting a nearest branch with his original identity proof documents acceptable to the Bank, Accounts which are not operated for Ten years will be marked as "Unclaimed.
Satisfactory conduct of the account as maintaining stipulated monthly average balance (wherever applicable) entries well as sufficient balance to honor cheques issued to third parties. If there are high incidences to the contrary, the Bank reserves the right to close the account under intimation to the customer. Any non-maintenance of stipulated minimum balance will attract service charges as per Bank's General Schedule of features and Charges which are available with Branches and on the Bank's website www.kotak.com.
The Bank reserves its rights to close any account which is not operated satisfactorily/ dormant with prior notice. Accounts which have not been operated over a period of one year and two years are termed as inoperative and dormant account respectively, there are no charges on activation of such accounts.
The customer need to intimate Bank in writing of any change in the contact details/address Customer needs to submit documentary proof wherever applicable.
The Bank may disclose information about Customer’s account if required or permitted by any law, rule or regulations or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing fraud, without any specific consent of the customer.
Copies of Citizen’s Charter, BCSBI Code, Customer Education Brochure, General Terms & Conditions which govern the conduct of Savings Bank Account are available in the branch and on the website www.kotak.com. For any information or changes in Bank’s Policies, interest rates, service charges, etc., applicable to your account, refer to notices displayed in the customer area of the branch.
The Bank reserves the right to change its Service Charges or General Terms and Conditions with prior intimation to customer.
The Bank reserves the right to make any changes, alterations, cancellations in the above rules at any time without notice. Any person opening the account shall be bound by the rules governing the account.
Bank Deposits up to Rs.5,00,000 in respect of each depositor are fully protected by the Deposit Insurance and Credit Guarantee Corporation under the deposit Insurance Scheme.
SMS Banking and Alert Facility is available to all account holders for all products. Refer to GSFC for charges applicable.
Cash Deposit facility is provided at both home & non-home branches Charges applicable on non-home branches cash deposit is available in GSFC. Cash can also be deposited in Cash Deposit Machines (wherever available).
Bank customer can avail the facility of cash withdrawal through cash withdrawal slip as per limit prescribed by the bank from time to time by visiting any bank branch in person. There is no requirement of submitting passbook while withdrawal of cash through withdrawal slips.
The Bank will give a prior intimation of 30 days for any charge in T&Cs/increase in fees & charges.
The request for Transfer of Account from one Branch to other can be submitted at any of the Branches charges with regards to Closure of Account is specified in GSFC There are no charges for Transfer of account between branches.
Registration of Standing Instructions/Direct Debits can be done by giving a request at any Branch. Charges as specified in GSFC will be levied for non-execution of Standing instructions/Direct Debits of Customer acknowledges as below Satisfactory Conduct of the account entails maintaining stipulated monthly average balance (wherever applicable) and there are no cheque/standing instruction bounces.
Charges for issuance of Cheque book & Cheque Return charges are available in GSFC.
The number of permissible deposit and withdrawal transactions without any charges are available in GSFC.
The customer understands and agrees to voluntarily share her/his valid Aadhaar details and valid PAN card number. She/he understands and agree that the information provided during the account opening process are accurate and complete failing which, the bank reserves the right to reject the a/c opening application / offer service for FKYC / Close the account due to error or incomplete KYC as per KYC norms, third party funding (i.e. the initial payment in the account should be done by one's own account), provide wrong pin code to skip serviceability check / criteria of the bank , to and open an account or any other reason deem appropriate by Bank.
Customer agrees to submit updated KYC documents within 30 days to the bank in case of any update in the information or documents which customer had submitted at the time of establishment of business relationship/account based relationship.