One of the many services that Kotak Mahindra Bank has rolled out to enhance convenience for their customers is the Kotak Unstructured Supplementary Service Data. Here, a customer can carry out a few services such as transferring funds, checking their balance and bank statement with just an SMS. The benefit being that the customer does not require a smartphone or an internet connection. He/she just needs to have their mobile number registered with the bank.
Benefits of the Kotak Unstructured Supplementary Service Data
- A customer does not require an internet connection or a smartphone to use this service.
- Even by using a GSM phone can one transfer money from his/her account to another.
- Works only with registered mobile numbers.
- Funds can be transferred instantly.
- No requirement of entering and validating details of the beneficiary.
- Transfer up to Rs.5,000 a day.
- Customers can check their outstanding balance, and details of their last three transactions.
How to register for Kotak USSD
- Once you have your mobile number registered with the bank, dial *99#.
- Select the language of your preference.
- Type "Kotak" or "KKBK" and send message.
- The customer will then get a message of the bank accounts linked to his/her mobile number. In this case, choose the Kotak Mahindra Bank account number.
- If a customer wishes to make a transfer, he/she will have to set up a UPI PIN, which is mandatory. Follow the steps to set up a UPI PIN.
- After having your mobile number registered, dial *99#
- Next, enter the last 6 digits of your debit card and the expiry date - separated by a space
- Enter the UPI PIN of your choice. This will be a 6 digit PIN.
- Re-enter the PIN and confirm.
- Your UPI PIN will be registered. Now a customer can make a transfer.
Steps to make a transfer using Kotak USSD
- Dial *99#
- Next, select 1 to send money
- Type 1 again to send money to mobile number
- Enter the mobile number of the beneficiary
- Enter the amount. The limit is Rs.5,000 per day.
- Enter UPI PIN and click on submit.
Steps to transfer funds to VPA (Virtual Payment Address) of beneficiary:
- Dial *99#
- Select 1 to transfer money
- Select 3 to send money to Payment Address
- Enter the VPA of the beneficiary
- Enter the amount
- Enter your UPI PIN and click on submit
Steps transfer funds using the beneficiary's IFSC or account number:
- Dial *99#
- Select 1 to send money
- Select 5 to transfer funds via IFSC code or account number
- Enter the account number and IFSC code of the beneficiary
- Enter the amount one wishes to transfer
- Enter the UPI PIN and click on submit.
Steps to check account balance and view mini statement using Kotak USSD
- Dial *99#
- Select 3 to check balance. To view last 5 transactions, select 6.
- Enter the UPI PIN.
- Once the PIN is entered, the customer will receive a message of the balance or the transaction statement.
Kotak USSD FAQs
- What is the use of this USSD service?
This service comes of good use to customers that do not have a smartphone or an internet connection. Just using the SMS service, a customer can carry out a fund transfer, check his/her balance, and view transactions details.
- How secure is this service?
This can be used only by mobile numbers that have been registered by the bank. That said, it is quite secure.
- What is the fund transfer limit using Kotak USSD?
A customer can transfer a limit of Rs.5,000 per day using the Kotak USSD.
- How will I know if the funds have been transferred?
Both the sender and the receiver will receive a message from their respective banks confirming the transaction.
- What kind of handset is required for this service?
Any normal phone can be used for this service - not necessary to have a smartphone in this case. Even a basic GSM phone will do.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.