State wise list of Kotak Mahindra IFSC code, MICR code and addresses of all branches in India
(used for RTGS and NEFT transactions)
|MICR Code||MICR not provided.|
|Bank||KOTAK MAHINDRA BANK|
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Since the introduction of electronic transfer of funds, it has become extremely easy for customers of banks in India to transfer funds safely and quickly. Kotak Bank has two options of transferring funds electronically; NEFT and RTGS services. RBI have introduced these services in almost all banks in India and they make use of IFSC codes. Each branch of every bank in India have a unique IFSC code which is used to identify the sender and receiver bank in the process of fund transfers. These codes have made transferring money faster, efficient and secure accurate. Further, the chances of fraud are also diminished due to the usage of these codes. The IFSC (Indian Financial System code) is an 11 character, alphanumeric code which contains three parts: The first 4 characters denote the name of the bank. In the example of Kotak Mahindra Bank, this would be KKBK. The fifth character is always zero since it is reserved for future use. The last 6 characters represent the specific branch.
There are multiple ways to find the IFSC and MICR code for Kotak Mahindra Bank. You could find them printed on the cheque leaves of cheque books which are issued by the particular branch of Kotak Mahindra Bank. You can log on to the official website of Kotak Mahindra Bank and find the codes there. Another option is to log onto any of the various third party financial websites like BankBazaar and search for the codes there.
If you visit BankBazaar, IFSC and MICR codes for almost every bank in India, including that of Kotak Mahindra Bank. These are the steps one needs to follow to acquire the IFSC or MICR codes that they need:
Using the NEFT and RTGS services provided by Kotak Mahindra Bank is easy, convenient and completely safe. The use of IFSC codes has made this possible. Customers from any Kotak Mahindra Bank branch can transfer money to a beneficiary who has an account in any bank as long as the receiving bank’s branch is NEFT or RTGS enabled.
RBI has introduced the NEFT or National Electronic Funds Transfer as an online electronic payment service. It works on Deferred Net Settlements, thus settlements are done in batches. It is possible to transfer funds to a beneficiary who has an account in any bank in India as long as the beneficiary's bank participates in RBI National Electronic Funds Transfer (RBI - NEFT).
Debiting will be done online. As long as the request is received before 6.00 pm on weekdays (Monday to Friday) and before 12 pm on Saturdays (unless it is a bank holiday. Check out the official website for the complete list of non-working Saturdays), it will be sent to RBI in the respective clearing cycles. The time taken by the Beneficiary's Bank to process the payment will decide the time taken to credit the Beneficiary's account.
You will need the following information to use NEFT service at Kotak Mahindra Bank:
The charges for NEFT transactions are:
|Amount||Charge (per transaction)|
|Up to Rs 10,000||Rs 2.50|
|Rs 10,001 – Rs 1 lakh||Rs 5|
|Rs 1,00,001 – Rs 2 lakh||Rs 15|
|Above Rs 2 lakh||Rs 25|
These are the charges if the customer holds any kind of savings account from Kotak Mahindra, unless they hold an Ace Account, in which case all transactions will be free of charge.
RTGS (Real Time Gross Settlement) is another fast and extremely safe method of fund transfer which is reserved for transactions of high monetary value. The minimum amount for an RTGS transaction is Rs. 2 lakh. It is possible to transfer funds to a beneficiary who has an account in any bank in India as long as the beneficiary's bank is RTGS enabled.
Debiting will be done online. As long as the request is received before 4.00 pm on weekdays (Monday to Friday) and before 12 pm on Saturdays (unless it is a bank holiday. Check out the official website for the complete list of non-working Saturdays), your request will be processed on the same day. If request is received after cut-off time or on holidays, it will be processed on the next RTGS business day. The amount will be debited from your account only when the request is processed, subject to availability of clear funds.
You will need the following information to use RTGS service at Kotak Mahindra Bank:
The charges for RTGS transactions are:
|Amount||Charge (per transaction)|
|Between Rs 2 lac to 5 lac||Rs 25|
|Above Rs. 5 lac||Rs 50|
Headquartered in Mumbai, Kotak Mahindra Bank is the fourth largest Indian private sector bank by market capitalization in the country. It was established in 1985 and created history by being the first bank in India to have been converted from a company to a bank. The bank has over 641 branches and over 1,159 ATMs spread across 363 locations in India. Kotak Mahindra Bank also provides various other financial products to their customers such as deposit accounts, loans, investment services, business banking solutions, treasury and fixed income products among others.
|NEFT Timing||Digital Wallet||Mobile Wallet|
|SBI UPI||Bank IFSC Code|
The Kotak Mahindra Bank has come second place and has been named as one among ‘India’s most valuable banks’, according to a recent report.
While HDFC Bank stood first, Kotak stood second.
As far as market capitalization is concerned, Kotak stood at Rs.2.23 lakh crore, while, HDFC is the indisputable leader with a market capitalization of a whopping Rs.5.03 lakh crore. As of now, the focus is on retail business and to stay away from giving out loans for ‘big-ticket lending’.
Apart from this, it can also be seen that there has been an almost 50% increase in the number of Kotak Mahindra customers from the period ranging from December 2017 to March 2018. The number of customers that were there in Kotak during this period is a whopping Rs.1.2 crore. The bank has also been pretty consistent as far as rate cycles are concerned and the guess here is that the quarter will be quite steady. The important thing to note here is that the shares of Kotak Mahindra has seen a rise by around 33% overall in the year 2017.
23 April 2018
Kotak Mahindra Bank aims to focus more and more on a ‘digitization strategy’, according to the chief digital officer of the bank, Deepak Sharma.
The digital officer said that more than two thirds of the bank’s customer base is ‘digitally active’, adding that a number of private banks in the country are gaining more out of the various digital initiatives. In fact, he further said that even customers are benefiting from this process because it helps them carry out banking transactions in a more transparent manner.
The officer said that the key strategies of the bank align with digitization and this aims to help both the customer base and up the revenue. In an effort to move in this direction, the bank has also moved towards implementing a number of ‘transformation projects’. The focus is on being able to adopt to FinTech advancements in the future, increase customer satisfaction, digital payments and also be able to manage risk in a much better way. The bank has its own mobile banking app that has a lot of interesting features. The focus here is also to educate and create awareness among customers about embracing the digital way of life.
10 April 2018
In the second largest Qualified Institutional Placement (QIP) in India, Kotak Mahindra Bank has raised more than Rs.5,800 crores at a rate of Rs.936 per share.
The move involved the sale of more than 6.2 crore shares and was aimed at reducing the promoters’ share to the extent of 3.37%.
When asked about this issue, the bank cited four reasons for going with this. They said it was to attempt consolidation opportunities in its banking operations, joining a bad bank, work towards improving acquisition and stressed assets’ resolution, and to pave the way for organic growth in order to facilitate international lending.
This latest move comes as a second of its kind as the bank had already sold more than 2.7 crore shares back in March when it brought down the stakes from 33% to 31%.
22nd May 2017
Kotak Mahindra Bank, India’s fourth biggest lender as per market capitalisation, has decided to increase its share prices after the bank raised more than $901 million recently.
The money, which equal Rs.58 billion, has allowed the company to raise its rates between the Rs.930 to Rs.936 range.
According to sources, the bank to looking to price over 62 million new shares at the Rs.930 to Rs.936 range to make the total deal worth Rs.58 billion.
12th May 2017
India’s private sector lender, Kotak Mahindra is looking to raise Rs.5,370 crore by issuing 6.2 crore shares. The new offering will see the bank’s equity base diluted by 3.37%. Kotak Mahindra will raise funds through various options, such as, private placement, rights issue, institutions placement, follow-on public offering, and depository receipts. The board has decided to dilute some of its equity base after reviewing the Reserve Bank of India’s (RBI’s) new guidelines for the shareholding limits of promoters. The current offering will bring the promoter’s stake down to 31%. The promoter sold 1.5% of his stake to two Canadian Pension funds, Canada Pension Plan Investment Board and Casse de Depot et Placement du Quebec, on March 8th. According to an RBI order, the promoter, Uday Kotak will need to drop his personal holdings in Kotak Mahindra to 30% by June, 2017 and finally to 15% by March 2020, to fulfil the RBI’s latest guidelines for new banking licenses.
31st March 2017
Kotak Mahindra Bank, the private lender, recently announced that the cap for investment by FIIs (Foreign Institutional Investors) would increase to 42% from 40%.
In a BSE filing, the bank stated “The board of directors of the bank has approved, subject to statutory and regulatory approvals as may be necessary, increase in ceiling limit for investment by FIIs/sub-accounts of FIIs, FPIs, QFIs, NRIs and PIOs in the equity share capital of the bank, from 40% to 42%.
8th March 2017
Kotak Mahindra Bank is a private sector bank that has been providing various methods of digital payments to customers. With a high digital banking adoption rate, Kotak Mahindra Bank is one of the few banks that offer multiple digital payment methods. Currently, the bank offers mobile banking, offline mobile banking, and UPI-based payment app called KayPay. The bank is also planning to introduce USSD (Unstructured Supplementary Service Data), this allows a customer to carry out financial as well as the non-financial transaction by using a basic and non-smartphone. The current demonetization of higher value notes has resulted in an increased amount of digital transactions. Kotak Mahindra Bank is working towards making the digital payment methods easier for customers.
6th December 2016
Chinese e-commerce moghul Alibaba Group is going to partner with several Indian banks as well as Delhivery and non banking financial services to provide help in terms of logistics for small and medium-sized enterprises in India including well-known names such as Kotak Mahindra Bank, Aditya Birla Finance Ltd, IDFC Bank, Delhivery and even the international brand DHL. Alibaba.cm intends to increase their reach in terms fo their Trade Facilitation Centre (TFC) programme said to help SMEs in our country.
Kotak Mahindra and IDFC will provide banking, transactional and lending solutions to SMEs through online banking that will require IFSC code. Aditya Birla Finance Ltd is said to help enhance SMEs’ exports process through provisional collateral-free loans as well as customized financing options.
DHL and Delhivery will provide international and domestic courier and logistics services adding more support through their business solutions, prices and customer support.
19th September 2016
A senior official from Kotak Mahindra revealed that the bank is about to introduce tablet banking through which customers can obtain new bank accounts via tablets. The facility will be launched on a pilot basis in major cities like Bangalore, Mumbai, Pune etc. The idea is to make banking as smooth and convenient for customers as possible.
Kotak Mahindra is one of the most popular private banks in the country and is known specifically for having a widespread reach in both the urban and rural areas. The bank offers a host of financial products and services to customers like loans, credit cards, deposit schemes etc.
28th June 2016
|• Kotak Mahindra Bank Dilsukhnagar Branch||• Kotak Mahindra Bank Hyderabad Himayat Nagar Branch||• Kotak Mahindra Bank Navabharat Co Op Urban Bank Ltd A S Rao Nagar Branch|
|• Kotak Mahindra Bank Secunderabad Branch||• Kotak Mahindra Bank Madhapur Branch||• Kotak Mahindra Bank Delhi Gk 1 Branch|
|• Kotak Mahindra Bank Delhi Nehru Place Branch||• Kotak Mahindra Bank Delhi Okhla Branch||• Kotak Mahindra Bank Okhla Industrial Estate Phase Iii Branch Delhi|
|• Kotak Mahindra Bank Vasant Kunj Branch Delhi||• Kotak Mahindra Bank Ahmedabad Drive In Branch||• Kotak Mahindra Bank Ahmedabad Navrangpura Branch|
|• Kotak Mahindra Bank Ahmedabad Satellite Branch||• Kotak Mahindra Bank Cg Road Branch Ahmedabad||• Kotak Mahindra Bank Raipur Branch|
|• Kotak Mahindra Bank Gurgaon Branch||• Kotak Mahindra Bank Gurgaon Golf Course Road Branch||• Kotak Mahindra Bank Gurgaon Sector 14 Branch|
|• Kotak Mahindra Bank Udyog Vihar Branch Gurgaon||• Kotak Mahindra Bank Banashankari Branch||• Kotak Mahindra Bank Bangalore Indiranagar Branch|
|• Kotak Mahindra Bank Bangalore Jakkasandra Branch||• Kotak Mahindra Bank Bangalore Lavelle Road Branch||• Kotak Mahindra Bank Bangalore Thippasandra Branch|
|• Kotak Mahindra Bank Coles Road Branch||• Kotak Mahindra Bank Jp Nagar Branch||• Kotak Mahindra Bank Kammanahalli Main Road Branch|
|• Kotak Mahindra Bank Koramangala Branch||• Kotak Mahindra Bank Kumbalgodu Branch Bangalore||• Kotak Mahindra Bank Kottayam Branch|
|• Kotak Mahindra Bank Bhiwandi Branch||• Kotak Mahindra Bank Shree Mahavir Sahakari Bank Ltd Jalgaon Branch||• Kotak Mahindra Bank Andheri East Midc Specialized Branch|
|• Kotak Mahindra Bank Andheri Kurla Road Branch||• Kotak Mahindra Bank Goregaon Branch||• Kotak Mahindra Bank Kalbadevi Branch|
|• Kotak Mahindra Bank Kokan Mercantile Co Op Bank Ltd Kurla Branch||• Kotak Mahindra Bank Mumbai Andheri Branch||• Kotak Mahindra Bank Mumbai Crawford Market Branch|
|• Kotak Mahindra Bank Mumbai Kalina Branch||• Kotak Mahindra Bank Mumbai Lower Parel Branch||• Kotak Mahindra Bank New Marine Lines Br Branch|
|• Kotak Mahindra Bank Saki Vihar Road Branch Andheri||• Kotak Mahindra Bank Seven Bungalow Branch Andheri||• Kotak Mahindra Bank Nigdi Branch Pune|
|• Kotak Mahindra Bank Pune Millennium Star Dhole Patil Road Branch||• Kotak Mahindra Bank Thane Ghodbunder Road Branch||• Kotak Mahindra Bank Bhubaneswar Branch|
|• Kotak Mahindra Bank Chennai Kodambakkam Branch||• Kotak Mahindra Bank Chennai T Nagar Branch|| |
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