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Kotak NEFT

Kotak NEFT Details

Last Updated 08th Jun 2021

Kotak NEFT is the inter-banking facility based on Deferred Net settlement under which transactions are credited in hourly batches for all the requests received in 30 minutes.

Kotak NEFT Transfer Modes Offline- Bank Branch
Online- Mobile/ Net Banking
Kotak Fund Transfer Limit Bank Branch- No Limit
Mobile/ Internet Banking- ₹10 Lakhs
Kotak Fund Transfer Charges Mobile/Internet Banking- Nil
Bank Branch- Upto 10k-Rs.2+ GST, 100001 to Rs. 200000- Rs. 4+ GST & Above Rs. 2 Lakh- Rs. 24 +GST
Kotak Fund Transfer Timings
Apply for Savings Account

Kotak National Electronics Fund Transfer - Kotak NEFT

Kotak Bank, which is one the leading Private Bank also provides an electronic method of fund transfer through internet banking by various modes such as NEFT, RTGS and IMPS. If you want to transfer funds through Kotak NEFT, you need to have required bank details, including the IFSC code of the recipient's Bank. There is no cap on the minimum and maximum amounts of funds that can be transferred. However, in cases when there is in-person cash-based remittance within India, the maximum cap is ₹ 50,000.

How Does Kotak NEFT Work?

Kotak NEFT or National Electronic Funds Transfer is the inter-banking facility maintained under RBI to transfer funds within the country. It is based on Deferred Net settlement which means the amount is credited in hourly batches along with the other payments for all the requests received in 30 minutes.

How to Transfer Funds through Kotak NEFT to Another Bank Account?

To transfer funds through Kotak NEFT to another bank account, you need to follow the below-mentioned steps:

  • Firstly, log in your Kotak Bank Net Banking Portal.
  • Finally, verify the details and click on Confirm and Transfer.
  • Now, click on Transfer type and choose the required Transfer type.
  • Next, enter the account details and click on submit button.
  • To add a beneficiary, click on Transfers and Payments and then on Add / Manage Beneficiaries to add beneficiary details. Now, add transfer type and enter the required information. After entering the details, verify the details and click on Confirm. Finally, enter the activation code sent to your mobile.

How to Pay Credit Card Bill Payment Through Kotak NEFT?

To make credit card bill payment through Kotak NEFT, follow the below-mentioned steps:

  • Firstly log in to the internet banking account by entering your user name and password.
  • Add your credit card as the beneficiary to make the credit card bill payment. You can find this option under third party transfer.
  • Now, provide the IFSC code of the credit card and enter the 16-digit Kotak Credit Card number in place of the account number.
  • Next, enter the bank name and enter the bank address of the credit card company/bank and click the submit button to make payment.

Kotak NEFT Fees & Charges

There are no transfer charges to receive money through NEFT. However, the person doing the transactions may have to bear certain charges depending on the Bank. The NEFT money transfer facility is available for NRE/ NRO accounts in the country.

Transaction Type NEFT Charges
Mobile and Internet Banking Nil
Bank Branch Upto 10k-Rs.2+ GST, 100001 to Rs. 200000- Rs. 4+ GST & Above Rs. 2 Lakh- Rs. 24 +GST

Required Details to Proceed NEFT Transaction

To transfer funds through Kotak NEFT, you would require the following details.

  • Name of the beneficiary
  • Amount to be transferred
  • Customer’s account number
  • Name of the beneficiary’s Bank
  • IFSC code of the Bank’s branch
  • Account number of the person making the payment.

Kotak NEFT Timings

You can transfer funds through Kotak through mobile/internet banking or by visiting the bank branch. The users can transfer funds through NEFT, as mentioned below:

Banking Days NEFT Timings
Monday to Friday & Working Saturday

Kotak NEFT Limits

As per the RBI guidelines, there is no cap on minimum amount and maximum for fund transfer through Kotak NEFT. However, you can transfer up to ₹ 10 Lakhs on Kotak NEFT, through Kotak Internet Banking.

Benefits of Using Kotak NEFT

The system of NEFT fund transfer provides the following features and benefits for fund transfer to the customers:

  • NEFT Limit: There is no minimum limit for fund transfer under NEFT.
  • Transfer Modes: You can transfer funds through NEFT by offline and online methods. To transfer funds offline, you need to visit the bank, and you can also transfer funds through net banking.
  • No risk: As all NEFT transactions in India are regulated by the RBI, hence making it a highly reliable channel.
  • Reliable and efficient process: It is very easy and convenient to transfer funds through Kotak NEFT.
  • Cost-effective: The processing fee and charges are very low for Kotak NEFT and hence is one of the most common channels to send funds.

FAQs

What is the charge for Kotak NEFT?

If you want to transfer funds through Kotak NEFT, you need to bear charges based on your transaction amount. While the charges for NEFT fund transfer through mobile/internet banking are Nil, you need to bear transaction charges of Upto 10k-Rs.2+ GST, 100001 to Rs. 200000- Rs. 4+ GST & Above Rs. 2 Lakh- Rs. 24 +GST, if you want to do NEFT fund transfer through Kotak branch.

What is NEFT transfer in Kotak?

Kotak, which is one of the leading Private Bank, provides an electronic method of fund transfer based on deferred net settlement wherein the amount is credited in hourly batches along with the other payments for all the requests received in 30 minutes.

How much time does it take for NEFT transfer in Kotak?

All transactions done through Kotak NEFT are credited in hourly batches. So all requests received in 30 minutes are credited together.

How much money can be transferred through Kotak NEFT in a day?

There is no limit for the minimum and maximum amount that can be transferred through Kotak NEFT.


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