Kotak Mahindra Bank NEFT Process
Kotak Mahindra offers seamless National Electronic Fund Transfer (NEFT) services to all NEFT-enabled banks in the country. All Kotak Mahindra customers are eligible to avail NEFT services from anywhere in the country.
Table of Contents
- Stepwise Process to Transfer Funds through NEFT from Kotak Mahindra to Any Bank
- Kotak Mahindra NEFT Fees and Charges
- Kotak Mahindra NEFT Timings
- How to Pay Credit Card Bill through Kotak Mahindra NEFT
- How to Add a Beneficiary in Kotak Mahindra
- Details Required to Carry Out a NEFT Transaction
- Benefits of Kotak Mahindra NEFT
- Limitations of Kotak Mahindra NEFT
NEFT is an electronic fund transfer mechanism through which customers can send money from one bank account to another without any hassle. NEFT services can be availed through internet banking via a set of gadgets such as PCs, tablets, and mobile phones. NEFT services will be available during bank working hours and are usually settled in batches. To initiate a NEFT transfer, it is very important to have the beneficiary/payee bank details such as the name of the payee, bank name, branch name, account number, and IFSC code.
Stepwise Process to Transfer Funds through NEFT from Kotak Mahindra to Any Bank
- Step 1: Visit the Kotak Mahindra website and login to your internet banking account by providing username and password
- Step 2: Go to the 'Transfers and Payments' option
- Step 3: Go to 'Add/Manage Beneficiaries'
- Step 4: Key in beneficiary details
- Step 5: Select NEFT transfer option
- Step 6: Check the accuracy of details and 'Confirm'
- Step 7: Key in the activation code
- Step 8: Click 'Confirm & Transfer'.
Kotak Mahindra NEFT Fees and Charges
Please note that GST charges may be levied for all Kotak Mahindra NEFT transactions, along with a nominal transaction fee. Also, please keep in mind that charges will be made for each transaction carried out.
Kotak Mahindra NEFT Timings
All Kotak Mahindra NEFT transactions are settled and processed during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays.
Day | Timings |
Monday to Friday | 9.00 a.m. to 6.00 p.m. |
Saturday | 9.00 a.m. to 12.00 p.m. |
How to Pay Credit Card Bill through Kotak Mahindra NEFT
Step 1: Log in to net banking
Step 2: Select the NEFT option
Step 3: Fill in the below details:
- Name of Destination Bank
- IFSC Code
- Name of Destination Branch
- Payee Name
- Destination Account Number (16-digit credit card number)
- Transaction Code
Step 5: Verify details
Step 6: A confirmation message will be sent
How to Add a Beneficiary in Kotak Mahindra
- Step 1: Visit the Kotak Mahindra website and login to your internet banking account by providing username and password
- Step 2: Go to the 'Transfers and Payments' option
- Step 3: Go to 'Add/Manage Beneficiaries'
- Step 4: Key in beneficiary details
- Step 4: Confirm details and click 'Confirm Beneficiary' to complete the process successfully. A confirmation message will be published on the screen
Details Required to Carry Out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Benefits of Kotak Mahindra NEFT
- Less risky: The risk factor is close to nil in NEFT transfer when compared to other methods of money transfer.
- Reliable: NEFT is a very convenient and reliable method of money transfer.
- Backed by RBI: The NEFT process is managed and governed by the Reserve Bank of India (RBI), making it a very organised and trustworthy method of money transfer.
- Affordable fee: The service and transaction charges for NEFT is economical.
- Easy credit back: In case there are any technical problems and the money is not transferred, it will be automatically credited to the account of the remitter.
Limitations of Kotak Mahindra NEFT
- Not as fast as IMPS: NEFT services are not as immediate or instantaneous as IMPS or other types of fund transfers.
- Does not work on bank holidays: NEFT services cannot be availed on non-working days and bank holidays. Thus it is not a very convenient money transfer method.
- Works only during working hours: NEFT transactions are only processed during working hours and hence it takes time for the money to get credited to the payee/beneficiary's account.
- Settled batchwise: All NEFT transactions are settled in batches and usually on an hourly basis.
FAQs on Kotak Mahindra NEFT
- What is NEFT?
Abbreviated as NEFT, National Electronic Fund Transfer, is a type of money transfer system that facilitates the movement of funds from one bank to any bank branch in the country. The banks have to be NEFT-enabled.
- How do you know if a bank is NEFT-enabled?
The RBI publishes the list of NEFT-enabled banks on its website. Just log on to the RBI website for the detailed list of NEFT-enabled banks.
- What is the eligibility criteria for availing NEFT services?
All Kotak Mahindra account holders with an active internet banking account are eligible for NEFT facility. Even those without an internet banking facility can avail the service by visiting the respective branch. For those who are not account holders, a NEFT transfer of up to Rs.50, 000 can be made by visiting the respective Kotak Mahindra branch and providing the relevant details.
- Who is eligible to receive funds through NEFT?
All account holders with an active NEFT-enabled bank account can receive funds through NEFT.
- Is there any geographic restriction for NEFT?
NEFT services can be availed throughout the country but not outside the country.
- Is an IFSC code a prerequisite for NEFT transfer?
Yes
- How long does it take for the beneficiary/payee to receive funds?
Ideally, it does not take more than 2 business hours for the money to be credited to the account of the payee/beneficiary.
- What should the customer do if the funds are not credited?
In such a case, the bank should be informed as soon as possible. One can also contact RBI in this regard.
- Will the remitter receive any acknowledgment for the NEFT transaction?
A confirmation message will be immediately displayed on the screen soon after the NEFT transfer.
- Can NEFT transfer be used to send funds to NRO/NRE accounts?
NEFT can be used to send money to any NRO/NRE account that is held in a NEFT-enabled bank. This can be done subject to guidelines issued by the Foreign Exchange Management Act, 2000.
- Can an account holder send money to foreign account holders through NEFT?
No. All NEFT transactions can be done only with NEFT-enabled banks in India and it is not possible to remit funds into an account of a foreign bank.
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