A gap exists between account holders and banks in terms of staying connected at all times. With an aim towards eliminating this gap, Kotak Mahindra Bank introduced the mobile banking facility for their customers. This service offer ease of usage and convenience to the customers as they can now carry out their banking chores from the comfort of their homes instead of queuing up for hours in a bank.
Register/Activate Kotak Mobile Banking Application
If you are someone who still visits the bank for all your transactions, you must know about the banking applications. Kotak Bank introduced 'Kotak Mobile Banking App' to make your life easy. You can register for the banking app by following these simple steps:
Download Kotak Bank Mobile app from app.kotak.com or google play store or iOS Appstore on your smartphone.
Enter your Customer Relationship Number (CRN), which is found on your Debit/Credit card. In case if you don't have a debit card, you can get your CRN by sending an SMS 'CRN' to 5676788 from the registered mobile number.
Authenticate the app using netbanking/debit/credit card credentials.
Set a 6-digit MPIN.
An activation code will be generated and sent to your registered mobile number.
Enter the activation code to complete the registration.
You have now activated Kotak Mobile App and good to go. Happy Banking!
Features of Kotak Mahindra Mobile Banking
mStore: Customers can book flight tickets and make hotel reservations using the Kotak Mahindra App or mStore facility. Customers can avail a lot of shopping facilities by using the mStore.
My Kotak: If you are like to save all essential information in one place, the Kotak Mahindra mobile banking app is the perfect one for you. The 'My Kotak' feature lets customers select widgets to personalize their home page with the information they wish to see. Customers can easily switch off their MPIN and check out certain information without even logging into the app.
Money Watch: The 'Kotak Money Watch' is an expense management tool. It allows the customers to inspect month to month expenses trends, set a monthly budget, check out all transactions made and keep an eye on their expenses. This feature contains an extremely efficient 'Personal Finance Manager' which allows customers to manage their finances on Kotak accounts as well as non-Kotak bank accounts.
Hashtag Banking: This feature enables customers to check account balances, transaction history, request for a chequebook and recharge prepaid phones or DTH. Customers must register to Hashtag Banking to use this feature, and then follow the bank on Twitter. They can tweet to the bank’s Twitter handle by using a hashtag. When a customer tweets, the bank sends the requested information to the customer’s personal twitter account instantly.
SMS Banking: Kotak Mahindra offers SMS Banking to those who do not have a smartphone. Customers can quickly send a message to receive the necessary information instead of searching the bank’s website.
Instant Balance Services: Kotak Mahindra has a dedicated 24x7 customer care service which offers account-related information to customers through a phone call. Customers can call up the bank’s toll-free number at 18002740110 to know their balance by using this service.
Benefits of Kotak Mahindra Mobile Banking
- It is convenient and saves time.
- No need to visit a bank for all queries.
- It helps customers avoid fraud by updating them about their account details at all times.
- It is free of cost, hence an economical way of tracking your bank accounts.
- Prompt alerts about banking needs.
- Instant fund transfers without standing in long queues.
- Secured transactional service offered through encrypted technology.
- Alerts about new products and services launched.
Kotak Mahindra Bank fund transfer options
Customers of Kotak Mahindra Bank can easily transfer funds through NEFT, RTGS, and IMPS.
NEFT - National Electronic Fund Transfer system or NEFT is a mode of electronic fund transfer that works on the basis of DNS or Deferred Net Settlement at specific times of the day. In NEFT, the transactions are carried out between banks via payment instructions. There is no set limit for NEFT transactions done at the bank. However, there is a limit of Rs.1 lakh per day via Mobile Banking.
IMPS - Immediate Payment Service, as the name suggests, is an instant way of electronic fund transfer. It is mainly used for inter-bank transactions. Kotak Mahindra Bank provides the IMPS facility to all its customers who have registered for using online services. It enables you to send as well as receive money at odd hours and even on Bank Holidays. The transferred money is directly credited to the beneficiary account. You must add a beneficiary to make IMPS transfers. This service is available 24x7.
RTGS - Real Time Gross Settlement or RTGS transfer funds at the real-time, based on the received transfer instructions. The funds are individually settled as per instruction. RTGS happens to be the fastest way of interbank money transfer in our country.