You may use this option to transfer funds to any Third Party (Beneficiary) holding an account with a bank other than Kotak Mahindra Bank, if the beneficiary's bank participates in RBI National Electronic Funds Transfer (RBI - NEFT). These funds transfers are executed using Reserve Bank of India's InterBank Transfer Scheme.
Channels for doing NEFT:
- Net Banking
- Mobile Banking
- Branch
24X7 NEFT facility for Net / Mobile banking
As per the RBI circular* dated December 6, 2019 the NEFT facility will be available 24x7 via Net / Mobile banking w.e.f. December 16, 2019. So, you can send and receive funds at your convenience.
The cut-off / transaction limit for via Net / Mobile banking will be as follows:
| Transaction Timings |
Transaction Limit |
|---|
12:30 am to 9:30 pm
|
You continue to enjoy your existing limits
|
9:30 pm to 11:30 pm
|
You can now transfer up to Rs. 10,00,000^
|
11:30 pm to 12:30 am
|
No transactions can be initiated
|
- The transaction limits will be reset daily after midnight 12:30 a.m.
- The maximum permissible NEFT transfer limit is ₹50 lakh per transaction Between 12:30 a.m. and 7:30 a.m.
- The one-time fund transfer facility of Rs. 1,00,000 per day on Mobile Banking & Rs. 50,000 per day on Net Banking (combined limit of Rs. 1,00,000) has now been extended until 11:30 p.m.
- The CMS NetIT facility continues to be available till 9.00 p.m. on all days including holidays.
Please note:
- Branch NEFT transfer timings remain unchanged.
- Your account will be debited online.
- Requests received before 11:30 pm IST on all days will be sent by us to RBI in the respective clearing cycles.
- The time taken to credit the Beneficiary's account will be dependent on the time taken by the Beneficiary's Bank to process the payment.
- Please ensure you have updated to the latest version of the Kotak Mobile Banking App to start transferring through NEFT 24X7.
- Payments can only be made via Net Banking, Mobile Banking and Branch if you have single or unconditional signing authority on your account. Please click here to know about the applicable transaction charges.
- *RBI circular RBI/2019-20/111 DPSS(CO) RPDD No. 1097/04.03.01/2019-20
- ^The above limits are subject to overall daily limits of fund transfer, and are not applicable for Kotak to Kotak transfers
