The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Kotak Mahindra Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'KKBK', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Kotak Mahindra Bank branch. If you are looking for online IFSC Code of Kotak Mahindra Bank you can find here in Goodreturns.
Kotak Mahindra Bank, headquartered in Mumbai, is the nation's 4th largest Indian private sector bank by market profitability.
It was founded in 1985 and built significance by becoming the first bank to be transformed from a corporation to a bank in India. The bank also has more than 1600 branches and over 2519 ATMs located in India across 363 locations. Kotak Mahindra Bank also supports its customers with a range of other financial items, including savings accounts, loans, insurance services, corporate banking solutions, treasury and fixed income securities. It has been incredibly convenient for customers of banks in India to transfer funds easily and conveniently after the advent of electronic transfer of funds.
Kotak Bank has two options for electronic fund transfer i.e. NEFT and RTGS. RBI has incorporated these services across all Indian banks and enables the use of IFSC codes. Every bank has a unique IFSC code for its all branches across the country and is among the mandated specific which is used to render fund transfer between sender and beneficiary. These codes have made it easier, more effective and safe to efficiently transfer money. In addition, because of the use of these codes, the risks of theft are often reduced. The IFSC (Indian Financial System Code) is an alphanumeric code of 11 characters containing three parts: the name of the bank is defined by the first 4 characters. This will be KKBK, in the case of Kotak Mahindra Bank. The fifth character, as it is catered for future use, is always '0'. A particular branch is represented by the last 6 figures.
It's fast, convenient and fully secure to use the NEFT and RTGS services offered by Kotak Mahindra Bank. This has been facilitated by the use of IFSC codes. As soon as the recipient bank's branch is NEFT or RTGS permitted, customers from any Kotak Mahindra Bank branch can transfer funds to a beneficiary who has an account in any bank.
As an online electronic payment platform, RBI has launched the NEFT or National Electronic Funds Transfer. It functions on Deferred Net Settlements, so plenty of settlements are carried out. As long as the beneficiary's bank interacts in the RBI National Electronic Funds Transfer (RBI-NEFT), it is possible to transfer funds to a beneficiary who has an account with any bank in India. Debiting is going to be conducted electronically. As long as the request is issued on weekdays (Monday to Friday) before 6.00 pm and on Saturdays before 12 pm (except if it is a bank holiday. For the comprehensive list of non-working Saturdays, visit the official website). The period needed to execute the transaction by the beneficiary's Bank will decide about the time required to credit the beneficiary's account.
To use the NEFT service at Kotak Mahindra Bank, you will need the below listed specifics:
Charges required to render NEFT Fund Transfer
Another quick and incredibly secure form of fund transfer that is intended for transactions of high value is RTGS (Real Time Gross Settlement). Rs. 2 lakh is the minimum amount cap for an RTGS transaction. It is easier to transfer funds to a beneficiary who has an account in any bank in India, considering that RTGS is permitted by the beneficiary's bank. Fund transfer is going to be conducted electronically in a secure manner. As far as the request is submitted on weekdays (Monday to Friday) before 4.00 pm and on Saturdays before 12 pm (except if it is a bank holiday) the request will be approved on the same day. Search the full list of non-working Saturdays on the approved website) of the bank. It will be accepted on the next RTGS working day if the request is submitted after the stipulated time or on bank holidays. Only after the request is accepted, pursuant to the existence of clear funds the amount will be debited and credited to the account of the beneficiary. To use the RTGS facility at Kotak Mahindra Bank, you will need the following details:
Assume of a bank's IFSC code as a mailing address. This mailing address serves as an integral factor in order to transfer funds from one bank to another. The use of the proper IFSC code, thus, allows transferring money in a hassle-free way. In addition, the IFSC code helps the RBI to track all transactions taking place throughout the country. To find Kotak Mahindra Bank IFSC and MICR Code, one can choose any of the following methods.
RBI Website: By choosing the right the bank name and the branch name from the drop-down menu, one can visit the RBI website and get the appropriate IFSC and MICR codes.
Cheque Book issued by Kotak Bank: Typically, the IFSC code is printed on the bank's chequebook. One can therefore relate to the chequebook for the same matter.
Passbook of Kotak Bank- A passbook issued by Kotak Mahindra Bank is another way to find the IFSC for the customers of a specific bank branch.
Online banking platforms of Kotak Bank: Net banking and the bank's mobile banking facility are online banking services. These platforms can be used to locate the IFSC and MICR code of your respective bank branch.
A unique 9-digit code generally printed at the bottom of a cheque book is the MICR code or Magnetic Ink Character Recognition Code. The code consists of 9 digits, some of which are necessary, each with 3 digits. The MICR Code helps accelerate cheque processing. Some of the Kotak Bank MICR Code examples are:
Ways to find Kotak Mahindra Bank MICR Code
You can find the unique MICR code of your specific bank branch by following the ways below:
A SWIFT Code is stands for Society for Worldwide Interbank Financial Telecommunication. It is a unique code that consists of 8 to 11 digits that are used globally to transfer funds. This code is not used for the transfer of funds within the nation, but is used internationally for the transfer of funds. To get the appropriate SWIFT code, one must contact the customer care team of Kotak Mahindra Bank.
Basically, the Bank Identifier Code (BIC), SWIFT codes and the Routing Code are similar. The routing code, SWIFT codes and Bank Identifier Code (BIC) of international banks are generally the same.
Kotak Mahindra Bank's SWIFT code can be used to transfer money internationally. The International Organization for Standardization (ISO) issues the Kotak Mahindra Bank INDIA Swift Codes. The Swift Code distinguishes branches of Kotak Mahindra Bank that participate in the transfer of funds globally. SWIFT Code of Kotak Mahindra Bank is specific for each branch and therefore varies across a branch to branch.
When transferring money between banks, Kotak Mahindra Bank SWIFT Codes are used, especially for international money transfers, and also for transferring other communications between banks. Mostly the codes can be identified on account statements. The Kotak Mahindra Bank SWIFT Code is required for transferring overseas funds.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a generic model of Business Identifier Codes accepted by the International Organization for Standardization (ISO) (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code). For both financial as well as non-financial institutions, it is a specific identification code. (A code can also be known as a Business Entity Identifier or BEI when allocated to a non-financial institution.) These codes are used for transferring money between banks, particularly for international money transfers, and also for exchanging other messages between banks.
Kotak Mahindra Bank Limited, Mumbai - SWIFT Code
SWIFT Code / BIC: KKBKINBB or KKBKINBBXXX
Bank / Institution: KOTAK MAHINDRA BANK LIMITED
Branch Name: BKC BRANCH
Address: BANDRA KURLA COMPLEX, 27, C-27, G BLOCK, BANDRA
Let’s breakdown the above mentioned instance of SWIFR code into 4 parts:
Bank Code: KKBK - code assigned to KOTAK MAHINDRA BANK LIMITED
Country Code: IN (India)
Location & Status: BB - represents the location of the bank, the second digit 'B' means active code
Branch Code: XXX or not assigned, representing this is a head office
Note: SWIFT Codes are managed by the Society for Worldwide Interbank Financial Telecommunications ('SWIFT') and are headquartered in La Hulpe, Belgium.SWIFT is a registered trademark of S.W.I.F.T. SCRL with its registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.
They have been carrying out banking facilities that have increased comfort for their customers since Kotak Mahindra was approved by the Reserve Bank of India (RBI) in 2003. The IMPS(Immediate Payment Service) is one such system. Through this feature, customers, at any time of day and year, can transfer money from their account to members of any bank. This service comes under the framework of the Indian National Payments Corporation (NPCI) and comprises all of the country's member banks who have partnered together to offer this reliable alternative.
Follow the instructions listed for merchant payments through IMPS
The various types of merchants that a customer can use IMPS to transfer money are described below:
When it comes to high volume transactions, Real Time Gross Settlement is a standard term. Unlike bulk transactions in NEFT, RTGS is a form of continuous payment that is made contingent on every individual transaction. Only if the payment amount is higher than Rs. 2 lakhs the electronic payment mechanism is available to use. The RTGS payment has to be made within 30 minutes of the initiation of the procedure, according to RBI guidelines. To process the transaction, the customer needs to fill out the Kotak Mahindra Bank RTGS form. For NEFT and RTGS, Kotak Mahindra Bank has a single form. It is also essential that, when filling it out, the applicant picks the right alternative. In the Kotak Mahindra Bank RTGS form, the sender must fill in the following details:
The applicant gets an acknowledgement slip since submitting the RTGS form. The UTR alluded to in this slip can be used to lodge a grievance if the money transfer is delayed or halted. Also alluded to in the Kotak RTGS form are the terms and conditions that the sender must agree to facilitate the RTGS money transfer. And they are:
Account-holders should be aware that RTGS is only possible within the country while filling Kotak RTGS form or making fund transfer using RTGS. The transactions are driven appropriately by the RBI and the settlement is irreversible (because the settlement takes place directly in the database of RBI. While filling out the Kotak RTGS form, one must consider the below-listed points.
With NEFT (National Electronic Funds Transfer), Kotak Mahindra Bank serves its customers with the service to transfer funds. By online and offline, customers can use the NEFT service. Account holders are required to fill in or download the Kotak Mahindra Bank NEFT Form online and submit it to the closest bank branch in addition to use the NEFT service. Filling sources for Kotak Mahindra Bank NEFT Form-
By providing the following specifics, customers can use the NEFT service through online and mobile banking.
By filling the Kotak Mahindra Bank NEFT form, customers can visit their nearest Kotak Mahindra Bank branch and use the NEFT facility. The NEFT form can be accessed by account holders and submitted by visiting the closest bank branch. To fill the Kotak Mahindra Bank NEFT Form completely, the following details are required:
Kotak Bank Immediate Payment Service or IMPS is a real-time fund transfer mechanism earlier initiated via cell phones and is now expanded to net banking and ATMs from Kotak to another bank. You need the account number of the beneficiary and the IFSC or Aadhaar number if you want to transfer money via Kotak IMPS. With a Mobile Money Identification Number (MMID) and mobile number, you can also make online payments via IMPS as well.
Steps to register for Kotak Bank IMPS
How to generate MMID for Kotak IMPS?
A 7-digit number used to transfer funds via IMPS method from one account to another through mobile banking or net banking is the MMID or Mobile Money Identification Number.
Fast fund transfer services, including IMPS facilities, are provided by the bank to all account holders at Kotak Mahindra Bank. The fastest choice open to you for making transfers of money online is IMPS or Immediate Payment Service. Let us know all about the charges, timings and limits below for Kotak IMPS. There are incredibly nominal charges for Kotak Bank IMPS which makes it a handy choice for the customers of Kotak Bank in order to make fund transfer, online payment or transaction on the go. The applicable charges for Kotak IMPS are:
Kotak IMPS's characteristics make it one of the most common solutions available for the transfer of funds. Such traits are as follows:
NEFT: NEFT (National Electronic Fund Transfer) is a national electronic payment mechanism that enables customers of Kotak Mahindra to transfer funds within the bank across India. Customers must download the Kotak Mahindra mobile banking app from the app store of their mobile to render a NEFT transfer and enroll using their net banking login details. After that, customers will have to add beneficiaries to their savings account. Customers will have to provide the beneficiary's name, contact number, account number, IFSC code, and bank branch details to activate a beneficiary. It will take the bank about 30 minutes to authorise it after adding a beneficiary. After getting the clearance, any Kotak Mahindra bank account holders will be allowed to transfer up to Rs. 10 lakh to the beneficiaries.
Real Time Gross Settlement (RTGS): RTGS is yet another means of using the Kotak Mahindra mobile banking app to transfer funds. Rs.2 lakh is the minimum amount that can be transferred using this method. Before transferring the amount, customers will have to add the beneficiary, and the procedure for adding the beneficiary will appear the same as for the NEFT option.
IMPS: Kotak Mahindra Bank is absolutely sure that extreme circumstances will arise where customers will instantly have to transfer funds. This is why they have the option of an Immediate Payment Service (IMPS). Using the functionality, customers can instantly transfer their funds to any beneficiary. The money will be transferred immediately and after a few minutes, the recipient will be able to withdraw the amount transferred. This fund transfer option can be used on a 24x7 basis which makes it the only alternative to use on the go conveniently.