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Kotak IMPS Charges

Home Banking in India Kotak IMPS Charges

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Updated: 11-05-2024 15:55:32 PM

For all account holders in Kotak Mahindra Bank, easy fund transfer options, including IMPS facilities are offered by the bank. IMPS or Immediate Payment Service is the fastest option available for you to make monetary transactions online. Let us know more about Kotak IMPS Charges, timings and limit below.

Kotak IMPS Charges
Features of Kotak IMPS
Types of payment through Kotak IMPS

Kotak IMPS Charges

Kotak Mahindra Bank has waived off IMPS Charges. However,  you do not have to pay any fee on your online IMPS transactions.

Features of Kotak IMPS

The unique features of Kotak IMPS are making it one of the most popular fund transfer options available. These features include:

  • A limit of up to Rs.2 lakh that you can transfer each day.
  • 24×7 fund transfer option that you can use even on Bank holidays and Sundays.
  • Nominal Kotak IMPS charges.
  • Option of transferring funds to the beneficiary using the MMID or the IFSC code of the bank that the beneficiary has an account in.
  • A secure and reliable fund transfer option
  • Access to the complete transaction history through the mobile banking app or the net banking account of the customer.

Types of payment through Kotak IMPS

You can transfer funds into individual accounts or even use Kotak IMPS to make payments to merchants to pay utility bills online and to purchase goods online. You can make payments to the beneficiary as follows:

Fund Transfer to Individual account

  • Log in to your Kotak Mobile Banking App or Net Banking Account with a username and password.
  • In the case of net banking, under the Transfer and Payments option, choose IMPS. Then click on add or manage beneficiary details. Provide necessary details and register the beneficiary.
  • With net banking, you can choose to make the transfer by adding the MMID and mobile number of the beneficiary or the account number and IFSC code of the beneficiary.
  • In the case of mobile banking, click on Banking and choose the IMPS Fund Transfer option. Provide the MMID and the mobile number of the beneficiary and click on confirm.
  • Once the beneficiary is registered, enter the amount you wish to transfer and click on submit.
  • You will receive a transaction reference number.
  • Once the transaction is complete, the beneficiary and the remitter will be notified via SMS.

Payment to merchants

The merchants that you can make payments to via IMPS include utility services, insurance premium payments, online shopping, fee payments, travel and ticketing, and over-the-counter payments. To make payments to the selected merchant, follow these steps:

  • Visit the online application of the merchant including the website or the mobile application.
  • Choose the product or service that you wish to pay for.
  • Under the payment mode, choose IMPS.
  • Provide the customer mobile number and customer MMID.
  • An OTP will be generated and sent to the registered mobile number.
  • Enter the OPT number and click on submit to complete the transaction.
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