The Real-Time Gross System is well-designed for high-value transactions where the money is transferred from one bank to the other on a gross basis. It is a real-time transfer of money from one account to an RTGS-enabled beneficiary account. RTGS is meant both for individuals and businesses where an immediate transfer of funds is made. The minimum amount for RTGS is INR 2 lakhs. It is available 24*7 but it is not between 11:30 pm to 00:30 am, due to its cut-off timings. RTGS initiated after cut-off time or on holidays will be processed the next day.
Steps to Transfer Funds via RTGS
Mentioned below are the steps to transfer funds via RTGS:
Step 1: Log in to Kotak Bank’s official website using a username and password.
Step 2: Click on the tab “Payments & Transfer”.
Step 3: Now select, “Funds Transfer.”
Step 4: It will show you multiple options to transfer funds.
Step 5: Select Inter-bank transfer, i.e. transfer to another bank or Intra Bank (transfer within Kotak Bank).
Step 6: Choose RTGS.
Step 7: Now select the beneficiary to whom RTGS is to be made.
Step 8: Enter the amount that is to be transferred.
Step 9: Enter the Remarks.
Step 10: Tick on “I Agree for Terms and Conditions”.
Step 11: Click on “Confirm” to initiate RTGS.
Step 12: Once the RTGS is completed, a confirmation message on the registered email ID and mobile number will be received.
Steps to Transfer Funds via NEFT
NEFT stands for National Electronic Fund Transfer. It is an electronic system used worldwide by banks. By NEFT customers can transfer funds from one bank to another with a lot of ease. It was conceptualized by the Reserve Bank of India to help customers to transfer funds without any hassle. All NEFT transactions are done in batches and settled in 30-minute intervals.
Mentioned below are the steps to transfer funds via NEFT:
Step 1: Log in to the web portal of Kotak Bank using the correct login credentials, i.e. username and password.
Step 2: Click on the tab “Payments & Transfer”.
Step 3: Now select, “Funds Transfer.”
Step 4: It will show you multiple options to transfer funds.
Step 5: Select Inter-bank transfer, i.e. transfer to another bank or Intra Bank (transfer within Kotak Bank).
Step 6: Choose NEFT.
Step 7: Now select the beneficiary to whom NEFT is to be made.
Step 8: Enter the amount that is to be transferred.
Step 9: Enter the Remarks.
Step 10: Tick on “I Agree for Terms and Conditions”.
Step 11: A confirmation message on the registered email ID and mobile number will be received.
Step 12: Once the NEFT is completed, a confirmation message on the registered email ID and mobile number will be received.
Kotak Mahindra Bank RTGS Charges
- At Home Branch
| Transaction Limit & Charges | Account Type | ||
| RTGS Charges (exclusive of taxes) | |||
| Home Branch Charges | Kotak 811 Limited Full KYC | Kotak 811 Lite | Kotak 811 Full KYC account |
| INR 2 lakhs – INR 5 lakhs | Not available | Not available | INR 20 |
| Above INR 5 lakhs | Not available | Not available | INR 40 |
- Via Internet or Mobile Banking
| Transaction Limit & Charges | Account Type | ||
| RTGS Charges (exclusive of taxes) | |||
| Net Banking/Mobile Banking Charges | Kotak 811 Limited Full KYC | Kotak 811 Lite | Kotak 811 Full KYC account |
| INR 2 lakhs – INR 5 lakhs | Not available | Not available | Free |
| Above INR 5 lakhs | Not available | Not available | Free |
Kotak Mahindra Bank RTGS Timings
| Timings | |
| Days | Time Slot |
| Monday – Friday | 8.00 am till 4.00 pm |
| Saturday | 8.00 am till 12.00 pm |
| RTGS Facility Not Available | 2nd and 4th Saturday |
IFSC Code of Kotak Mahindra Bank Limited
Mentioned below are the IFSC code of Kotak Mahindra Bank Limited
| Particulars | Details |
| IFSC code | KKBK0RTGSMI |
| Branch Code | RTGSMI (i.e. Last 6 characters of IFSC) |
| Bank Name | Kotak Mahindra Bank Limited |
| Branch | RTGS- HO |
| State | Maharashtra |
| District | Greater Bombay |
| Phone Number | 1026022 |
| Address | Kotak Mahindra Bank Limited, Kotak Towers Zone 3, 6th Foor Infinity Park 21 Goregaon, Mulund Link Malad E Mumbai 400 097. |
How do you fill out the Kotak Mahindra Bank RTGS Form?
There is a single form available for both RTGS and NEFT. Hence, you should be careful while filling out the Kotak Mahindra Bank RTGS Form. Mentioned below are the details to be filled out in the RTGS form:
- Name of the Beneficiary’s Bank
- Branch Name of the Beneficiary’s Bank
- The amount that is to be Transferred
- Name of the Sender Bank’s Branch
- IFSC Code of the Beneficiary’s Bank
- If payment is made via Cheque, mention the Cheque Number
- If payment is made from the account, mention the Account Number
- Type of Beneficiary Bank Account i.e. Current/ Savings/ Credit Card/ Cash Credit / Loan)
Once the form is submitted, the applicant receives an acknowledgement slip. In case the transfer gets delayed, he/ she can raise a complaint with the help of UTR mentioned on the slip. Also, the case may be escalated to the RBI’s grievances cell.
Like there are terms and conditions mentioned while we SBI RTGS Form Fill, the same is also mentioned in the Kotak Mahindra RTGS Form, which are as mentioned below:
- The transaction will get rejected in case the beneficiary bank does not participate in the RTGS process.
- If the details mentioned on the details entered are incorrect, Bank Account Number, IFSC Code, etc.).
Points to Remember while Filling out the Kotak Bank RTGS Form
Mentioned below are the things that are to be kept in mind while filling out the Kotak Bank RTGS Form:
- It can be done within India only.
- It is controlled and managed by RBI only.
- It is an irreversible transaction.
- RTGS forms can be filled out online, and payment can be made via mobile banking or net banking.
- The form is available both in Hindi and English. Also, the local branches might have the RTGS forms in their local languages as well, depending on the availability.
- The nominal fee charged for making RTGS is free if paid via net banking or mobile banking.
- The RTGS can be done at any time during the day, i.e. 24*7*365. In case these transactions are initiated on or after the cut-off time, then they will be processed the next business day.
- RTGS timings differ in Mumbai City, and the same is also mentioned on Kotak’s website.
- The online RTGS can only be permitted if the applicant has a single or unconditional signing authority on the bank account.
