Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Kotak Credit Card Cash Withdrawal

    From time to time, Kotak Mahindra Bank has launched credit cards that are exclusively designed to meet the requirements of their cardholders. Kotak Mahindra Bank credit cards are known for an excellent reward program, amazing offers on retail spends, and professional customer service.

    Most of the credit cards offered by Kotak Mahindra Bank has cash advance or cash withdrawal feature. This feature allows the cardholders to withdraw cash using their credit cards. If you have a Kotak Mahindra credit card and want to know about the cash advance feature, read on.

     

    What Is Kotak Mahindra Bank Credit Card Cash Withdrawal Feature?

     

    Also known as “Cash Advance” feature, a cash withdrawal facility on Kotak Mahindra Bank allows the cardholders to withdraw cash from any domestic and international ATM (Automatic Teller Machine). You do not need an approval from the bank or submit any documents to avail the cash advance facility. The maximum credit limit and the cash limit on your Kotak Mahindra Bank is decided by the bank and will be communicated to you when the card is issued. The available cash and limit on your card will also be mentioned on your credit card monthly statements. Cash advance limit on your card is a subset of the credit limit on your credit card.

    Kotak Mahindra Bank will from time to time review your credit card periodically and may increase or decrease your credit and cash limit without any prior notice.

     

    Kotak Mahindra Bank Credit Card Cash Withdrawal Limit

     

    As mentioned earlier, the credit and cash advance limit on your credit card will be communicated to you when the card is issued. Kotak Mahindra Bank’s credit card monthly statement will also mention the available cash and credit limit on your card.

    Generally, banks offer 40% of the credit limit as the allowed cash withdrawal limit. But this is subject to the discretion of the bank and can vary between customers. The available cash limit is always communicated to the customer in the monthly credit card statement. Kotak Mahindra Bank reserves the right to change the cash limit as well as the credit limit from time to time, without prior intimation.

    Get in touch with Kotak Mahindra Bank through phone banking or check your monthly credit card statements to find out the available cash limit on your card.

     

    Kotak Mahindra Bank Credit Card Cash Withdrawal Fee

     

    Kotak Mahindra charges a cash withdrawal fee or a cash advance fee on every cash withdrawal you make using your credit card. The credit card cash withdrawals will attract finance charges apart from the cash advance fee if the total outstanding balance on your credit card is not paid in full within the due date. Currently, for most of the Kotak Mahindra Bank credit cards, the bank charges a flat Rs.300 as cash advance fee for every Rs.10,000 withdrawn.

     

    Interest Charges On Kotak Mahindra Bank Credit Card Cash Withdrawal

     

    Kotak Mahindra Bank will charge an interest rate on your cash withdrawals if the total outstanding balance on the credit card is not cleared within the due date of the interest-free period. For example: If you withdraw Rs.1,000, your total outstanding due on your card is Rs.20,000 and your due date is on 15th of the month, if you pay the total balance on the card (Rs.20,000) on or before the 15th of the month, Kotak Mahindra Bank will charges Rs.300 as a cash advance fee. The cash advance fee will be added to your total outstanding balance when the credit card bill is generated. However, if you are unable to pay Rs.20,000 and choose to make a partial payment of Rs.10,000, Kotak Mahindra Bank will charge the cash advance fee plus the applicable finance charges on a daily basis from the date of the transaction till the total due amount is paid in full.

    Also known as “finance charges”, the interest rate charged on your credit card depends on the type of card you own and will be communicated to you when the card is issued.

     
    Kotak Mahindra Bank Finance Charge or Interest Rate
    Monthly rate Annual rate

    Feast Gold

    Urbane Gold

    Fortune Gold

    3.50% per month

    42% per annum

    Aqua Gold

    Silk Inspire Platinum (Credit cards issued against term deposits)

    2.99% per month

    35.88% per annum

    Privy League Signature

    2.49% per month

    29.88% per annum

    League Platinum

    Delight

    Platinum

    Essentia Platinum

    Silk Inspire Platinum

    3.50% per month

    42% per annum

    Wealth Management Credit Card

    3.1% per month

    37.20% per annum

    Royale Signature

    3.4% per month

    39.6% per annum

    PVR Gold

    PVR Platinum

    3.50% per month

    42% per annum

     

    Reward Points On Kotak Mahindra Bank Credit Card Cash Withdrawal

     

    Kotak Mahindra Bank has a great loyalty program for their credit cardholders. However, the bank does not credit reward points for cash advance transaction made on their credit card. Even if you make multiple cash withdrawals using your credit card, you will not be rewarded with any reward points.

    How to withdraw cash using a Kotak Mahindra Bank credit card?

    The procedure to withdraw cash using your Kotak Bank credit card is very simple. Follow the below steps to withdraw cash using your Kotak credit card:

    • Visit any authorised ATM
    • Insert your Kotak Bank credit card in the slot provided
    • Enter your credit card PIN
    • Select your preferred language to proceed
    • Choose “Cash Withdrawal” option
    • Enter the amount you wish to withdraw and confirm the transaction
     

    Kotak Mahindra Bank Cash Withdrawal Fees And Charges

     
    Description Charges

    Interest-Free Period or Grace Period

    Kotak Mahindra Bank gives a grace period of up to 48 days from the start of the billing cycle. However, this benefit is available only if the cardholder has cleared all the total outstanding dues within the due date in the previous billing cycle. The interest-free period is not applicable on cash advance transactions.

    Cash Advance Fee

    Feast Gold/Urbane Gold/Fortune Gold

    Rs.300/ Rs.199 for every Rs.10,000 withdrawn

    Cash Advance Fee on the following credit cards:

    Aqua Gold

    Silk Inspire Platinum (Credit cards issued against term deposits)

    Privy League Signature

    League Platinum

    Delight

    Platinum

    Essentia Platinum

    Silk Inspire Platinum

    Wealth Management Credit Card

    Royale Signature

    PVR Gold

    PVR Platinum

    Rs.300 per Rs.10,000 withdrawn

    Cash Advance Limit

    As communicated in your monthly statements

    Overlimit Fee

    Rs.500 per month

     

    Pros And Cons Of Kotak Mahindra Bank Credit Card Cash Withdrawal Facility

     

    It is very important to know the advantages and the disadvantages of the cash advance facility available on your credit card. As credit card cash withdrawals attract a cash advance fee plus finance charges from the date of transaction, it is advised to use this facility only when you are in a financial crisis. Take some time out to analyse the pros and cons of this benefit before you visit an ATM and withdraw the cash.

    Pros of Kotak Mahindra Bank credit card cash withdrawal facility

    • The cash advance facility available on credit cards helps cardholders during a financial crisis. It comes in handy when the cardholder has exhausted all other alternatives and is in need of instant cash.
    • Cardholders can get instant cash through this facility. It is almost like having liquid cash in hand.
    • Cardholders do not need the approval of the bank to use the cash advance facility.
    • Cash can be withdrawn at any ATM including international ATMs.

    Cons of Kotak Mahindra Bank credit card cash withdrawal facility

    • Cash advance feature attracts a fee.
    • The interest-free period is not applicable for cash withdrawals made using the credit card.
    • A cash withdrawal transaction attracts a high rate of interest compared to other credit card transactions.
    • Overusing the cash withdrawal facility might push a cardholder to fall into the debt trap.
     

    Faqs On The Kotak Mahindra Bank Credit Card Cash Withdrawal Facility

     
    1. What are the late payment charges Kotak Mahindra Bank levies if I do not make the minimum due amount before the due date?
    2. If you do not pay the minimum due amount within the due date, Kotak Mahindra Bank charges a late fee of Rs.100 if your due amount as per the last statement is between Rs.100 to Rs.500. If you due amount as per the last credit card statement is between Rs.500.01 to Rs.10,000, or above Rs.10,000, the bank charges a late fee of Rs.500 and Rs.700 respectively.

    3. How do I pay my Kotak Mahindra Bank credit card bill?
    4. There are many ways you can pay your Kotak Mahindra Bank credit card bill. Some of the ways are:

      • Pay through Demand Draft or Cheque: You can draft a cheque in favor of "Kotak Mahindra Bank Credit Card XXXX XXXX XXXX XXXX" and drop into any Kotak ATM that has the cheque collection box or at a bank branch.
      • Pay by cash in a Kotak Mahindra Bank branch: You can visit any Kotak Mahindra bank branch during bank hours and pay your credit card bill by cash. This option is not available for Kotak NRI credit cardholders. You will be charged a nominal fee for cash payments.
      • Through netbanking: You can log in to your Kotak netbanking account and make your credit card payment.
      • Pay from non-Kotak savings account: If you have any other account, you could use your netbanking account to pay your Kotak Mahindra Bank credit card bill.
      • Standing instructions: You can also set standing instructions on your Kotak Mahindra Bank account to pay your credit card bill. When the bill is generated, the amount chosen by you will be auto-debited from your account on the specific date chosen by you. If you are a Kotak Mahindra Bank NRI credit cardholder, it is mandatory to set up standing instructions for the payment of the minimum due amount on your card.
    5. How do I contact Kotak Mahindra Bank Grievance Redressal Mechanism?
    6. If you are not satisfied with the services offered by Kotak Mahindra Bank, you can register your grievances by filing the “Complaint Form” which is available at www.Kotak.com. Alternatively, you can contact the Kotak Mahindra Bank customer service through phone banking or send an email to nodalofficer@kotak.com. If your complaint is not resolved within 30 days from the date Kotak Mahindra Bank Grievance Redressal Cell receives the complaint, it will be escalated to the Banking Ombudsman.

    7. How does Kotak Mahindra Bank calculate the minimum due amount payable on my credit card?
    8. The minimum due amount on your Kotak Mahindra credit card maybe 5% or 10% of the total due amount. However, the bank decides the minimum due amount which will be communicated to you and mentioned on your credit card monthly statements.

    9. How will the cash advance fee be charged? Will it be added to my monthly credit card bill or deducted at source when I withdraw the cash?
    10. The cash advance fee and other charges applicable will reflect in your next credit card bill statement. When you withdraw cash using your credit card, the total amount you entered will be dispensed. The charges available will not be deducted at source.

      

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