Kotak Mahindra Bank Revises SMS Alert Charges: What You Need to Know
Kotak Mahindra Bank has updated its SMS alert pricing, effective December 2023. The changes impact customers who rely on transactional notifications. Here’s a breakdown of the revisions and tips to adapt.
Revised SMS Alert Charges: Key Updates
- Transactional Alerts:
- Previously free alerts may now incur charges beyond a monthly limit (e.g., ₹5 + GST per SMS).
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High-frequency users (e.g., small businesses) could face higher costs.
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Balance Update Alerts:
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Regular SMS balance updates may no longer be free; opt for app-based alerts to save costs.
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New Bundled Packs:
- Kotak may introduce fixed-fee packs for unlimited alerts—check your net banking portal for options.
Why Did Kotak Increase SMS Charges?
Banks face rising operational costs due to increased digital transactions. Similar revisions were recently made by HDFC, SBI, and ICICI. SMS gateway expenses have prompted this industry-wide shift.
4 Ways to Avoid Extra Charges
- Switch to Kotak Mobile App: Free push notifications for transactions and balances.
- Customize Alerts: Enable only high-value transaction alerts via net banking.
- Use Email Notifications: A zero-cost alternative to SMS.
- Opt for Bundles: If available, subscribe to discounted SMS packs.
Customer Reactions & Next Steps
While some customers criticize the added fees, others acknowledge cost pressures. Proactive steps:
– Verify Charges: Check Kotak’s official website for tariff updates.
– Adjust Settings: Disable non-essential SMS alerts through the app or net banking.
Conclusion: Embrace Digital Banking
Kotak’s update reflects the banking sector’s push toward app-based solutions. Reduce dependency on paid SMS by adopting the Kotak mobile app for real-time updates.
For queries, contact Kotak customer care or visit a branch.
— NextMinuteNews
