Micro ATMs, a smaller form of an ATM usually known as small portable devices, have been launched across the country by Kotak Mahindra Bank Ltd (KMBL). Customers having a debit card from any bank can use a Kotak Micro ATM for basic banking services including cash withdrawals and account balance updates. KMBL is launching mini ATMs through its vast Business Correspondents (BC) network. For example, the Business Correspondent may be a shopkeeper who will serve as a handy point of access for shoppers and support them with their purchases. Customers may use their debit card and PIN to make fast transactions at the Kotak micro ATM. The General Packet Radio Service (GPRS) technology is used to link the micro ATM to the core banking system.
In the first phase, KMBL will install micro ATMs on the suburbs of the top eight metro cities - areas where there is a limited supply for cash withdrawal services due to minimal presence of ATMs - in order to provide essential banking services to a larger segment of the population living in relatively remote areas of the country.
This festive season, retailers can take advantage of a special deal on Kotak POS/Swipe Card Machines and Kotak Current Accounts. They can get a rental waiver on a Kotak Swipe (POS) Machine and on the current account, there are no NMCs (non-maintenance charges). However, the bank has mentioned on its website that "Waiver of rental up to Rs 600/- per quarter per account is subject to maintenance of Rs 1 lakh of AQB (Average quarterly balance) and monthly effective rental equal to or above Rs. 400 (excluding GST) per terminal per month. Customers with outstanding charges/Lien marked in the account will not get the benefit of rental reversal. If POS is discontinued, this offer will not be applicable and necessary balances need to be maintained as per defined GSFC. This is applicable only on Pro Current Account variant."
According to Puneet Kapoor, President of Kotak Mahindra Bank's Products, Alternate Channels, and Customer Experience Delivery, "The micro ATM is a simple, innovative and highly effective solution to deliver essential banking services such as cash withdrawals in a convenient manner to people residing in relatively remote locations. It is a viable alternative to a regular ATM, allowing for faster expansion and increasing banking touchpoints for consumers. Kotak's network of micro ATMs across the country will help customers of all banks (Kotak and non-Kotak customers) get easy access to their bank accounts and promote financial inclusion."
Retailers can select between a wired Card Swipe Machine (EDC/POS) and a wireless Card Swipe Machine to make their Point of Sale (PoS) a one-stop destination for essential debit card services for their customers.
To apply for a Point of Sale machine, retailers can visit https://www.kotak.com/en/digital-banking/business-solutions/point-of-sale-machine/apply-for-kotak-pos-machine.html and enter some required and mandatory details such as Name, Mobile Number, Email, Name of Establishment, Type of Establishment, and City to register for a Kotak Point of Sale Machine online.
Kotak Mahindra Bank has modified its fixed deposit and recurring deposit interest rates. Domestic / NRO / NRE Fixed Deposits of up to Rs 2 Cr will be subject to the revised rates commencing from October 13, 2021. Following the most recent modification, the bank now offers a maximum interest rate of 5.25 percent to the general public and 5.75 percent to senior citizens on deposits maturing in 5 years or more up to and including 10 years. Please click here to know more in detail.