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.
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.
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What is Kotak Cheque Bounce Charges?
Satyam
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16 days
2024-08-30T19:12:16+00:00 2024-09-05T11:31:29+00:00Comment
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