Over the years, Kotak Mahindra Bank has grown significantly through strategic expansions and acquisitions, including the merger with ING Vysya Bank in 2015, which positioned it as one of the leading private sector banks in India.
The bank offers a wide range of banking products and financial services, catering to both corporate and retail customers. These include savings and current accounts, deposits, credit and debit cards, loans, insurance, and investment products. It also provides digital banking services through its mobile app and net banking platform.
Kotak Mahindra Bank has a strong presence across India with a wide network of branches and ATMs. It also has an international presence with branches and offices in locations like Dubai, London, New York, and Singapore. The bank is known for its customer-centric approach and its focus on technology-driven banking solutions.
Latest News on Kotak Mahindra Bank
Kotak Mahindra Updates Fees for Credit Cardholders: A Detailed Guide
Kotak Mahindra Bank has revised its credit card transaction fees, which may result in higher costs for card users. The changes include an increase in the international transaction fee, EMI conversion processing fee, and balance transfer charges. The international transaction fee has been revised from 3.5% to 4%, while the EMI conversion processing fee is now INR 199 + GST. Balance transfers will be charged a processing fee of 1.5% or INR 199, whichever is higher.
The cash advance charges remain the same, but the bank is enforcing stricter interest charges from the first day. These revisions will come into effect from July 1, 2025, and apply to almost all Kotak Mahindra credit cards. The changes reflect a 5-20% increase in charges across categories, bringing Kotak in line with the fees increase announced by other major banks.
The affected transaction categories include domestic transactions, international transactions, EMI conversions, and other charges. Domestic transactions will have cash advance fees of 2.5% or INR 500, whichever is higher, while fuel surcharge of 1% remains applicable. International transactions will have a forex markup fee of 4%, and Dynamic Currency Conversion (DCC) is discouraged due to double charging risks.
To minimize charges, users can link their credit card to digital wallets, enable auto-debit, and limit international usage. They can also use EMI conversion for high-ticket purchases, convert accumulated reward points to vouchers, and be aware of hidden costs. It is essential for card users to stay informed about the updated terms and conditions and explore other credit cards that offer better alternative solutions if the revised charges do not align with their usage.
The comparison with other banks shows that Kotak Mahindra’s revised fees are more aggressive in some categories, such as forex markup fee, while being standard in others, like cash advance fee and card replacement fee. By being aware of the changes and taking smart financial decisions, users can minimize the impact of the revised fees and get the most value out of their credit card.
In conclusion, the revised transaction fees by Kotak Mahindra Bank may seem minor at first but can significantly impact the value card users get over time. Staying informed and making smart financial decisions can help users minimize charges and get the most out of their credit card. It is crucial for card users to regularly review their monthly statements, track their transaction patterns, and stay updated on official communications from the bank to avoid fee traps and related disputes.
HDFC Life celebrates a milestone 25 years by distributing a historic bonus of ₹4,102 crore to its policyholders
HDFC Life Insurance Company has announced a record-breaking bonus of ₹4,102 crore for its participating policyholders, marking the largest-ever bonus declaration in the company’s 25-year history. This bonus will benefit over 21.90 lakh policyholders, with ₹3,232 crore being disbursed in the current financial year as part of survival or maturity payouts. The remaining amount will accrue as policy benefits, payable in subsequent years.
The company’s annual bonus has approximately doubled every four years, reflecting consistent growth in its with-profits fund performance. Since its inception, HDFC Life has declared a cumulative bonus amount exceeding ₹22,500 crore across eligible participating policies. Eshwari Murugan, Appointed Actuary at HDFC Life, stated that this declaration is the company’s highest bonus yet and considers policy bonuses as a loyalty reward for long-term policyholders.
This announcement follows similar declarations from other insurers, including Axis Max Life Insurance, which declared a participating bonus of ₹2,135 crore for FY2024-25, benefiting over 21 lakh policyholders. Tata AIA Life Insurance also announced a bonus of ₹1,842 crore for FY24, benefiting 17.22 lakh policyholders, while Kotak Mahindra Life Insurance declared a bonus of ₹1,178 crore for FY25.
The bonus declaration by HDFC Life is a significant milestone, reflecting the company’s commitment to rewarding its policyholders for their loyalty and trust. The company’s consistent growth and performance have enabled it to declare increasingly larger bonuses over the years, demonstrating its ability to deliver value to its customers. With this declaration, HDFC Life reinforces its position as a leading life insurance provider in India, dedicated to providing long-term financial security and benefits to its policyholders.
Kotak Mahindra Announces Key Changes in its Senior Leadership Team
Kotak Mahindra Bank, a private sector lender, has announced changes in its senior management personnel. Mr. Paul Parambi, the current Group Chief Risk Officer (GCRO), will be retiring on June 30, 2025, and will cease to be a senior management personnel of the bank. However, he will continue to serve as Group President- Risk until his retirement.
To fill the vacancy, the bank’s Board of Directors has appointed Ms. Srishti Sethi as the new GCRO and a Senior Management Personnel (SMP) of the bank, effective from June 12, 2025, for a period of five years. Ms. Sethi brings over! 30 years of experience in enterprise and credit risk, banking and wealth management, corporate debt, collections, and operational excellence. She has held leadership roles at Hero Fincorp, IDFC First Bank, and GE Capital, and is known for her strategic perspective, deep domain expertise, and ability to lead transformation with precision and purpose.
Ms. Sethi is a graduate in Mathematical Statistics from Lady Shri Ram College and holds a PGDBM from IMS Ghaziabad. She is also a Certified Information Systems Auditor (CISA) and holds a CRISC certification. Her appointment is expected to bring new insights and expertise to the bank’s risk management function.
The change in leadership is a significant development for Kotak Mahindra Bank, and the appointment of Ms. Sethi is seen as a positive move to strengthen the bank’s risk management capabilities. The bank’s Board of Directors has expressed confidence in Ms. Sethi’s ability to lead the risk management function and contribute to the bank’s growth and success.
The announcement of Ms. Sethi’s appointment is part of the bank’s efforts to ensure a smooth transition and maintain continuity in its senior management team. The bank’s senior management personnel play a crucial role in shaping its strategy and direction, and the appointment of Ms. Sethi is expected to have a positive impact on the bank’s operations and performance. Overall, the change in leadership is a significant development for Kotak Mahindra Bank, and the appointment of Ms. Sethi is seen as a positive move to strengthen the bank’s risk management capabilities and drive its future growth and success.
Stock Market Updates of Kotak Mahindra Bank
Recent Updates
Kotak811 Launches New Initiative to Honour the Emerging Wave of Digitally-Savvy Indians Redefining the Future of Banking
Kotak Mahindra Bank has launched a new campaign to promote its digital banking platform, Kotak811, with the goal of providing a seamless and intuitive banking experience to India’s digital-first generation. The platform is designed to be a complete bank in your pocket, offering a range of services including instant onboarding, UPI payments, smart investment tools, and cashbacks. The campaign, featuring Ranveer Singh, aims to showcase the app’s frictionless user experience and ability to meet every financial need with just a few taps.
According to Rohit Bhasin, CMO and Head of Propositions at Kotak Mahindra Bank, the campaign’s core message “Banking so smooth, it’s Makkhan” reflects the app’s effortless and fast user experience. Manish Agarwal, Business Head of Kotak811, noted that India is on the brink of a digital banking breakthrough and Kotak811 is well-positioned to lead this revolution. The platform offers a range of features, including instant onboarding in under five minutes, seamless UPI payments, and smart investment tools, all backed by the credibility of Kotak Mahindra Bank.
The evolution of Kotak811 is driven by a customer-centric approach, with the company listening deeply to its customers’ needs and expectations. Jay Kotak, Co-head of Kotak811, emphasized that today’s Indian consumer expects more than just a payment app, but a full-service bank that is fast, intuitive, and always accessible. Kotak811 delivers exactly that, with a focus on trust, security, and a user journey that feels second nature.
With over a billion mobile connections and a youthful, tech-savvy population, India is ripe for a digital banking revolution. Kotak Mahindra Bank is poised to capitalize on this trend with Kotak811, which offers a truly digital-first experience. The company believes that its platform will set a new standard for digital banking in India, with its seamless user experience, range of services, and commitment to trust and security. Overall, the launch of the new Kotak811 campaign marks an exciting new chapter for Kotak Mahindra Bank and its digital banking platform.
Kotak Mahindra Bank Enhances Medical Diagnostics at Tata Memorial Hospital, Parel – Reported by Medical Buyer
Kotak Mahindra Bank has taken a significant step towards improving cancer care in India through its Corporate Social Responsibility (CSR) initiative. The bank has funded the installation of a state-of-the-art PET-CT scanner at Tata Memorial Hospital in Mumbai, which will double the hospital’s daily scan capacity from 20 to 40 patients. This advanced technology is crucial for early cancer detection, therapy assessment, and recurrence monitoring, enabling timely and accurate diagnoses. With nearly 60% of the 80-100 daily PET CT scans offered at highly subsidized rates, Kotak’s support will significantly reduce patient wait times and improve access to advanced cancer diagnostics.
The new PET-CT scanner is more efficient and will enable the hospital to serve patients better. The CSR project also includes comprehensive upgrades to the PET-CT room’s infrastructure, such as new fixtures, flooring, control consoles, and enhanced seating capacity, all in compliance with Atomic Energy Regulatory Board (AERB) norms. This will enable the hospital to accommodate more patients and optimize operational efficiency.
According to Himanshu Nivsarkar, Head of CSR & ESG at Kotak Mahindra Bank, this initiative reflects the bank’s commitment to strengthening India’s healthcare ecosystem, particularly in critical areas like cancer care. Dr. CS Pramesh, Director of Tata Memorial Hospital, expressed gratitude to Kotak Mahindra Bank for their timely support, which has helped the hospital replace its old PET-CT scanner and improve its services.
In addition to the Mumbai hospital, Kotak Mahindra Bank has also extended its support to the Tata Memorial Hospital centre in Varanasi, named Mahamana Pandit Madan Mohan Malviya Cancer Centre (MPMMCC hospital), under its CSR initiative. This initiative demonstrates the bank’s commitment to providing accessible and equitable healthcare in India. Overall, Kotak Mahindra Bank’s CSR initiative aims to make a positive impact on the lives of cancer patients and their families, and this project is a significant step towards achieving that goal. With the new PET-CT scanner and upgraded infrastructure, Tata Memorial Hospital will be able to provide better care to its patients, and Kotak Mahindra Bank will continue to support the hospital in its mission to provide high-quality cancer care.
Update on Credit Card Fees: As of June 1, our bank will be introducing new credit card charges, so please be aware of these changes to your account.
Kotak Mahindra Bank has announced significant changes to its credit card charge structure, effective June 1, 2025. The new rules introduce fees for various transactions, including auto-debit failures, dynamic currency conversions, utility bill payments, education payments, wallet loading, online gaming, and fuel transactions. Additionally, the method of calculating the minimum amount due (MAD) has been revised.
One of the key changes is the introduction of a 2% charge on auto-debit failures, with a minimum fee of Rs 450 and a maximum of Rs 5,000. The MAD calculation has also been modified, with 1% of all purchases and cash transactions, plus 100% of EMI, finance charges, charges, and taxes, subject to a minimum of Rs 100 or the total amount due.
Other notable changes include a 3.5% charge on dynamic currency conversions for normal cards, with lower rates for premium cards such as Privy League Signature, White Reserve, and Kotak Infinite. A 1% charge will be levied on utility bill payments above the prescribed limit, education payments made through third-party apps, wallet loading exceeding Rs 10,000, and skill-based online gaming transactions above Rs 10,000.
However, some premium cards, such as White Reserve, Kotak Solitaire, Kotak Infinite, and Kotak Signature, will be exempt from certain charges, including utility bill payments, education payments, and wallet loading. Similarly, the IndianOil Kotak Card and other premium cards will not be subject to the 1% charge on fuel transactions above the prescribed limit.
It is essential for Kotak Mahindra Bank credit card holders to review these changes and understand how they will impact their transactions and payments. The new charges may lead to increased costs for cardholders who frequently use their cards for international transactions, utility bill payments, education payments, or online gaming. Nevertheless, premium cardholders may continue to enjoy exemptions from certain charges, making it crucial to review the terms and conditions of their specific card to minimize any potential fees.
Enjoy exclusive perks with the Kotak Mahindra Bank Solitaire credit card, including complimentary unlimited airport lounge access and a 1:1 conversion rate for Air India miles, plus many more benefits.
Kotak Mahindra Bank has launched a new credit card called Solitaire, offering unlimited and free domestic and international airport lounge access for both primary and add-on cardholders. The card also provides zero forex mark-up charges on international transactions and accelerated Air Miles benefits. Cardholders can convert their Air Miles to airline-specific miles, such as Etihad Airways, Air India, and Cathay Pacific, with a conversion ratio of 2:1 for most airlines.
The Solitaire credit card has an annual fee of Rs 25,000, but it is offered for free to Kotak Solitaire bank account holders. There are no joining fees for any customer. The card offers unlimited domestic and international lounge access, with four free lounge access for guests per year. The lounge access benefit includes two domestic lounge accesses and two international lounge accesses, with validation charges of Rs 2 for domestic lounges and USD 1 for international lounges.
The card’s Air Miles reward program offers three Air Miles for every Rs 100 spent on other spends, excluding certain categories such as utility, telecom, insurance, education, and government transactions. Accelerated Air Miles are offered for spends on Kotak Unbox, with 10 Air Miles for every Rs 100 spent on flight and hotel bookings. The Air Miles can be transferred to partner airlines and hotels, with a minimum transfer requirement of 2,000 Air Miles.
The redemption value of Air Miles on vouchers/catalogue purchases is Rs 0.5 per Air Mile, with a minimum redemption requirement of 500 Air Miles. Cardholders can also transfer reward points from another Kotak credit card to the Solitaire credit card, with the transferred points being valid for three years.
According to Ankur Mittal, co-founder of CardInsider.in, a credit card comparison website, the Solitaire credit card is a premium offering with valuable features like unlimited lounge access and zero forex markup. However, he suggests that improving the reward-to-miles conversion rate from 2:1 to 1:1 could make the card a top-tier contender in the premium travel segment.
Overall, the Kotak Solitaire credit card offers a range of benefits and features that cater to the needs of frequent travelers, including unlimited lounge access, zero forex mark-up charges, and accelerated Air Miles benefits. However, the card’s annual fee and conversion ratios may be a consideration for some users.
Rajiv Anand is likely to be considered for the top position at IndusInd Bank, according to insiders.
IndusInd Bank is considering Axis Bank’s Deputy Managing Director, Rajiv Anand, as a potential candidate for the role of Managing Director and CEO. This comes after the bank’s former CEO, Sumant Kathpalia, resigned taking moral responsibility for discrepancies found in the lender’s derivatives portfolio. Anand is set to retire from Axis Bank in August and has a strong background in retail, wholesale, and treasury, making him a suitable candidate for the role.
Sources close to the matter have indicated that Anand’s experience and skills make him a strong contender for the top job at IndusInd Bank. The bank’s board is looking for a candidate with retail experience, given its higher exposure to vehicle finance and micro loans. Anand’s background as a chartered accountant and his experience in handling mutual funds, retail, and wholesale segments, as well as his understanding of treasury, make him an attractive candidate.
Other candidates who may be considered for the role include Pralay Mondal, CEO of CSB Bank, Shanti Ekambaram from Kotak Mahindra Bank, and Anup Bagchi from ICICI Prudential Life Insurance. However, sources suggest that Anand is the most suited candidate for the job.
The discrepancies found in IndusInd Bank’s derivatives portfolio could have an impact of around ₹2,000 crore on the bank’s balance sheet. The bank’s former CEO, Sumant Kathpalia, resigned on April 29, taking moral responsibility for the discrepancies. The bank has received approval from the Reserve Bank of India to appoint a committee of executives to dispense the CEO’s duties until a new CEO is appointed.
Anand’s potential appointment as CEO of IndusInd Bank is seen as a positive move, given his experience and expertise in the banking sector. His retirement from Axis Bank in August is seen as a natural transition, and his consideration for the top job at IndusInd Bank is viewed as a natural next step in his career.
Overall, the search for a new CEO at IndusInd Bank is ongoing, and Anand is considered a strong contender for the role. His experience, skills, and background make him a suitable candidate to lead the bank forward, and his potential appointment is seen as a positive move for the bank.
Kotak Mahindra Bank’s Q4 FY25 Earnings Preview: What to Expect – Samco
Kotak Mahindra Bank is set to announce its Q4 results for FY25, and here are the key expectations:
Overview
Kotak Mahindra Bank is one of India’s leading private sector banks, with a strong presence in the retail banking, corporate banking, and treasury segments. The bank has consistently delivered strong financial performance, driven by its robust business model, efficient operations, and strategic investments in digital transformation.
Q4 Expectations
For the quarter ending March 2025, analysts expect Kotak Mahindra Bank to report a strong set of numbers, driven by:
- Net Interest Income (NII): A growth of 15-20% YoY, driven by a healthy increase in advances and a stable net interest margin (NIM).
- Non-Interest Income: A moderate growth of 10-15% YoY, driven by fees and commissions from retail banking and treasury operations.
- Provisions and Write-Offs: A decrease in provisions and write-offs, driven by a reduction in slippages and improvements in asset quality.
- Net Profit: A growth of 20-25% YoY, driven by the strong operating performance and lower provisions.
Key Trends to Watch
- Asset Quality: The bank’s asset quality has been improving consistently, with a decline in gross non-performing assets (GNPA) and net non-performing assets (NNPA).
- Retail Growth: The bank’s retail business has been a key driver of growth, with a strong increase in retail loans and deposits.
- Digital Transformation: The bank has been investing heavily in digital transformation, with a focus on mobile banking, online banking, and digital payments.
- Guidance: The management’s guidance on the bank’s growth prospects, asset quality, and provisioning requirements will be closely watched.
Outlook
The banking sector has been facing challenges due to the COVID-19 pandemic, but Kotak Mahindra Bank has navigated these challenges well, driven by its strong business model and prudent risk management. The bank is well-positioned to benefit from the economic recovery, driven by its strong retail franchise, improving asset quality, and digital transformation initiatives. Overall, analysts expect Kotak Mahindra Bank to deliver a strong set of Q4 results, driven by its robust operating performance and improving asset quality.
Government of India and Kotak Mahindra Bank Partner to Boost Investor Awareness through Innovative Digital Initiatives
The Investor Education and Protection Fund Authority (IEPFA) has partnered with Kotak Mahindra Bank Limited (KMBL) to enhance investor education and protection in India. The partnership aims to disseminate critical investor awareness messages through Kotak Mahindra Bank’s extensive physical and digital network across the country. IEPFA’s curated investor education content will be featured on the bank’s ATMs, kiosks, websites, mobile apps, and social media platforms, raising awareness on responsible investing, financial fraud prevention, and investor rights protection.
The initiative will be rolled out during the current financial year 2025-2026, with no financial obligation on IEPFA. Kotak Mahindra Bank’s widespread domestic presence of over 2,000 branches and 3,000 ATMs will ensure impactful outreach to diverse segments of the population. The partnership is a significant move to promote financial literacy and empower investors to protect themselves from financial fraud.
IEPFA, established under the Ministry of Corporate Affairs, Government of India, has been conducting investor awareness programs since its inception. The authority safeguards investor interests by promoting financial literacy and protecting investor rights. Kotak Mahindra Bank, one of India’s premier financial institutions, serves millions of customers through its extensive network, offering innovative banking and financial solutions.
The partnership is a result of the leadership of Smt. Anita Shah Akella, CEO of IEPFA, and Joint Secretary in the Ministry of Corporate Affairs. The Memorandum of Understanding (MoU) was exchanged between Smt. Samiksha Lamba, Deputy General Manager, IEPFA, and Mr. Vishal Agarwal, Senior Vice President and Head at Kotak Mahindra Bank, reinforcing trust in the financial ecosystem.
The collaboration is expected to have a significant impact on investor education and protection in India, promoting financial literacy and empowering investors to make informed decisions. With the partnership, IEPFA and Kotak Mahindra Bank aim to create a more informed and aware investor community, capable of navigating the complexities of the financial markets and protecting themselves from financial fraud. Overall, the partnership is a positive step towards promoting investor education and protection in India.
Kotak Mahindra Bank cuts savings account interest rates: Tips to maximize your returns and make your money grow – MSN
Kotak Mahindra Bank has announced a reduction in interest rates for its savings account holders. The new rates, which are effective immediately, will see a decrease in the interest earned on savings accounts. This move is likely to affect millions of customers who have their savings parked with the bank.
The reduction in interest rates is a result of the current economic scenario, where banks are struggling to maintain their net interest margins. With the reduction in policy rates by the Reserve Bank of India, banks have been forced to reduce their deposit rates to maintain their profitability. This has resulted in a decrease in the interest rates offered on savings accounts, fixed deposits, and other deposit products.
For instance, Kotak Mahindra Bank’s savings account interest rate has been reduced to 3.5% per annum for balances up to ₹1 lakh and 4% per annum for balances above ₹1 lakh. While this may not seem like a significant decrease, it can still result in a substantial loss of interest income for customers with large savings account balances.
So, how can customers make their money work harder in this scenario? One option is to consider opening a fixed deposit account, which can offer higher interest rates compared to savings accounts. Fixed deposits are time deposits offered by banks with a fixed interest rate and maturity period. They tend to be low-risk investments and can provide higher returns compared to savings accounts.
Another option is to explore alternative investment options such as mutual funds, equities, or debt instruments. These investments can offer higher returns compared to traditional savings accounts, but they also come with higher risks. It’s essential for customers to assess their risk tolerance and investment goals before making any investment decisions.
Customers can also consider parking their surplus funds in a liquid fund or an ultra-short-term fund, which can offer returns similar to savings accounts but with the flexibility to withdraw their money whenever needed. Additionally, they can also explore other banks or financial institutions that may be offering higher interest rates on savings accounts.
In conclusion, the reduction in savings account interest rates by Kotak Mahindra Bank may seem like a setback for customers, but there are still ways to make their money work harder. By exploring alternative investment options, considering fixed deposits, or shopping around for better interest rates, customers can ensure that their savings continue to earn a decent return. It’s essential for customers to be proactive and take control of their finances to maximize their returns in a low-interest-rate environment.