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I hereby declare that the particulars contained herein above are complete, true and correct to the best of my knowledge and Kotak Mahindra Bank Ltd. ("Bank") is entitled to verify the same directly or through any third-party agency. I authorise the Bank and its affiliates to use information for marketing and administrative purpose. I confirm that I am a resident of India. I further understand that the Bank at its sole discretion accept or reject this application. I further agree to be fully liable and authorise the Bank to debit the Easyday Kotak Mahindra Bank Credit Card account for all spends, fees and other charges, interest, etc. on the Card. Service tax and surcharge at applicable rates will be charged on all fees, charges, interest, etc. I agree to pay the same. In case I have applied for an Add-onCard I will be billed separately for the Add-On Card in the monthly statement. I will be liable for all charges incurred on the Add-On Card. I undertake to notify the Bank immediately of any change in the above details and information given by me. I hereby declare that I have read the Terms and Conditions for the Bank's credit Card and I agree that I will be bound by these Terms and Conditions including those excluding/limiting the Bank's liability. I agree to receive the Cardholder Agreement in the electronic format & I understand that upon my request, print copy of the same would be couriered to me by the Bank. I further agree and understand that all documents given to the Bank in connection with this application including, but not limited to photocopies of original documents, signatures verification, address verification and bank details shall become the property of the Bank and shall not be returned to me. I hereby confirm that I have read & understood the terms and conditions governing the entire business relationship with the Bank and relating to various services including but not limited to Cardholder Agreement, ATMs, Phone Banking, Home Banking, Net Banking and Bill Payment. I understand that the Bank may at its absolute discretion, discontinue or modify any of these services completely or partially without any prior notice to me. I authorise the Bank, its group companies and their agents to exchange or share all information relating to me and my repayment history with banks, financial institutions, credit bureaus, agencies, statutory bodies etc. as may be required or as they deem fit.
To get the latest version of MITC and the Cardholder Agreement of the Bank, please visit www.kotak.com
|Kotak Mahindra Bank Card Variant||Joining Fees||Annual Fees||Condition for Waiver of Annual Fees- 1st year||Condition for Waiver of Annual Fees-2nd year & onwards||Joining Fee for Add on Card|
|Urbane Gold||NIL||199||One retail transaction*** and minimum retail spends of `15,000****||Minimum retail spend of `15,000 in the year||Waived|
|PVR Gold / PVR Platinum||Optional||`499 /`999||NA||NA||299|
|Royale Signature||1499||999||NA||Minimum retail spend of ` 1 Lac in a year||Waived|
|League Platinum / Velocity Platinum||NIL||499||One retail transaction*** and minimum retai spends of `50,000****||Minimum retail spend of ` 50,000 in the year||Waived /`299 for Velocity|
|League Platinum(Joining gift variant)||NIL||NIL||NA||NA||Waived|
|NRI Royale Signature||NIL||1000||NA||NA||599|
|Privy League Signature (Insignia Customers)||NIL||2500||Minimum retail spends of `5 lacs or maintain Insignia relationship with the Bank||Minimum retail spends of `5 lacs or maintain Insignia relationship with the Bank||NA|
|Privy League Signature (All Priority banking Customers)||5000||5000||Minimum retail spends of `7.5 lacs||Minimum retail spends of `7.5 lacs|
|Silk Inspire Platinum||599||599||Minimum retail spends of ` 1,25,000****||Minimum retail spends of ` 1,25,000 in the year||NA|
|Kotak Mahindra Bank Card Variant||Interest Charges per month on||Cash Withdrawal/call a draft/ Fund Transfer/Cash Advance per ` 10,000 or part thereof|
|Feast Gold/Urbane Gold/ Fortune Gold||3.50%||300/199|
|Aqua Gold/ Silk Inspire Platinum(Issued Against Term Deposit)||2.99%||300|
|PVR Gold/PVR Platinum||3.50%||300|
|NRI Royale Signature / Velocity Platinum / Wealth Management Credit Card||3.1%||300|
|Late Payment Charges ("LPC")||Due as per last statement||LPC (current)||New LPC w.e.f 15th June, 2015|
|Late Payment Charges ("LPC")||` 100 - 500||100||100|
|ALate Payment Charges ("LPC")||500.01 - 5000||400||500|
|Late Payment Charges ("LPC")||` 5000.01 - 10000||500||500|
|Late Payment Charges ("LPC")||1000+||700||700|
|Over limit charges||500*|
|Returned Cheque / Standing Instruction##||500*|
|Minimum Amount Due ("MAD")||Effective 5th May, 2014, Minimum Amount Due can be 5% or 10% of TAD as decided by the Bank. It will reflect in the statement in the column Minimum Amount Due.|
|Minimum Amount Due ("MAD")||20% Minimum Amount Due for Bharti Retail Corporate Credit Card|
|Foreign Transaction Mark up||3.50%*|
|Railway Booking Surcharge (1.8%/2.5% on transaction amount)******||Aqua Gold/ Royale Signature /Wealth Management Credit Card/ Privy League Signature/ League Platinum / NRI Royale Signature/ Delight Platinum# -Waived|
|Railway Booking Surcharge (1.8%/2.5% on transaction amount)******||Essentia Platinum / Silk Inspire Platinum / Feast Gold / Fortune Gold / Urbane Gold / Velocity Platinum / PVR (gold & platinum)/ Bharti Retail Corporate Credit Card-Applicable|
|Fuel Surcharge (2.5% (subject to a minimum of `10) on transaction amount)*******||Fortune Gold / Aqua Gold / Royale Signature / Wealth Management Credit Card / Privy League Signature / League Platinum / NRI Royale Signature / Velocity Platinum / Delight Platinum# / Silk Inspire Platinum - Waived|
|Fuel Surcharge (2.5% (subject to a minimum of `10) on transaction amount)*******||Essentia Platinum /Feast Gold/Urbane Gold/PVR (Gold& Platinum) / Bharti Retail Corporate Credit Card -Applicable|
|Cash Payment at Branch Fee||` 100 (w.e.f 1st April, 2016)|
|Card Replacement Fees(Lost & Damaged Cards)||` 100* per card (w.e.f 22nd Feb'14)|
|Charges for furnishing a copy of the credit information report (CIBIL) to the applicant||` 50* per instance (w.e.f 5th May'2014)|
*Service tax would be charged on interest, fees and other charges levied on your Credit Card at the rates determined by Government of India from time to time.
**Only applicable on Feast Cards issued after 18th May, 2011.
*** One retail transaction has to be done within 3 months of Card Account set up.
**** Minimum retail spends to be done within the first year of account set up.
******Maximum Railway surcharge waiver of `500 in a calendar year.
******* Fuel surcharge to be waived only for transactions between values of `500 - `3000. Maximum Fuel surcharge waiver of `3500 in a calendar year except Privy League Signature & Delight Platinum# where - Fuel surcharge to be waived only for transactions between values of `400 to `4000 and maximum surcharge waiver of `4500 in a calendar year is applicable for Delight Platinum# and for Privy League Signature fuel surcharge to be waived only for transactions between values of `400 to `4000 and maximum surcharge waiver of `300 in a month. ^Trump is now called as Feast.
#Please refer Delight Platinum Credit Card fees and charges for all the fees and charges applicable to Privy League Delight Platinum Credit Card.
##Standing Instruction (Auto debit, NACH & ECS)
|On the balance of `10,000 (15th Mar- 31st Mar) for 17 days = 10000*0.1118%*17= ` 190.03|
|On the balance of ` 10,000 (1st April- 9th April) for 9 days = 10000*0.1118%*9 = ` 100.6|
|On the balance of ` 6,000 (10th April- 14th April) for 5 days = 6000*0.1118%*5 = ` 33.53|
|On the balance of ` 8,000 (15th April-30th April) for 16 days = 8000*0.1118%*16 = ` 143.08|
|Total Interest Charged = ` 467.24, Total Outstanding = ` 8467.24|
In the above example, statement generated on 30th April with Total Amount Due of ` 8467.24. You make a payment of ` 8467.24 on 15th May and you make no purchase in the month of May. Then in the next statement generated on 31st May you will be charged with interest of ` 132.51. (On the balance of
` 8467.24 (1st May - 14th May) for 14 days = 8467.24*0.1118%*14=132.51)
The above example does not contain Service tax & education cess. Above mentioned illustration is
applicable for a revolving interest rate of 3.4% p.m. & interest may vary depending on the card variant
Note: If you spend ` 5,000 and you pay back exactly the Minimum Amount Due ("MAD") every month, and then it may result in repayment stretching over 4 years (calculation done with MAD as 10%) with consequent interest payment on the outstanding amount. It is therefore suggested that whenever cash flow is available with you, substantial amount more than MAD be paid to the Bank. Late Payment Charges will be applicable if the MAD is unpaid after the Payment Due Date
The Bank will send you a monthly statement showing payments and transactions for the month. No statement will be sent/generated where the outstanding due is less than Rs100 and no transaction is done on the Card Account. The statement would be dispatched by physical mail or email to your mailing address as per our records. Kotak NRI Credit Cardholders will receive statements via e-mail only. Non- receipt of statement would not affect your obligations and liabilities under the Cardholder Agreement and you shall be liable to settle at least the Minimum Amount Due before the payment due date.
If your payment of at least the MAD is received on or before the payment due date, you avoid Late Payment Charges. Please note that EMIs, Joining / Annual Fees & all processing fees are added to your MAD in full. If there is some unpaid MAD from the previous statements, it will also be added to the current MAD. If the total outstanding is more than the Credit Limit, then the amount by which the Credit Limit has been exceeded will also be included in the MAD. No interest would be levied if you choose to pay the "Total Amount". We suggest that you should pay your Total Amount Due, to avoid paying interest.
Payments received from you against the Card outstanding will be adjusted against all, taxes, fees and other charges, interest charges, EMIs, cash advances, purchases and balance transfer in that order. You should make all payments in Indian Rupees only.
1). Pay through standing instructions (Auto Debit): If the Cardholder holds a savings account with the Bank, he may pay directly through the Saving Account by giving standing instruction in writing to debit the payment from such account every month on the payment due date. It is mandatory for a Kotak NRI Credit Cardholder to give Auto Debit instruction for the payment of the Minimum Amount Due.
2). Pay online: If Cardholder holds a savings account with the Bank then he can pay his Credit Card bill online at www.kotak.com using his Internet banking password
3). For online payments from your savings account with any other bank: Credit Card dues can also be paid from any of your other bank account/s through net banking electronically if your bank has enabled the NEFT (National Electronic Funds Transfer) facility.
4). Pay by cash at branches: The cardholder can pay the bill by depositing cash at specified locations during banking hours. Kotak NRI Credit Cardholders cannot make payment towards their Credit Card Bill by paying cash at branches.
5). Pay though cheque or demand draft: Make a cheque or draft in favor of "Kotak Mahindra Bank Credit Card XXXX XXXX XXXX XXXX" & drop in to the ATM's or at the Partner drop boxes. Kotak NRI Credit Card holders can make all payments only from their NRE/NRO account.To get detailed information and know more about other methods of payments like Visa Credit Card Payment, Inter Bank Mobile Payment Services, visit www.kotak.com
In the event the Cardholder disagrees with the charges indicated in the statement, it should be communicated in writing to the correspondence address of Kotak Mahindra Bank within 60(Sixty) days of receipt of the statement, failing which it would be constructed that all charges indicated in the statement are in order and acceptable to you. Please not that in case you have a dispute in relation to an international transaction, you must provide us with a copy of your passport.
If the Cardholder has paid excess payment toward Credit card, the payment will be refunded in the credit card account only. In case if the credit card stands cancelled, any excess outstanding will be transfer to the customer?s saving account only.
In all your communication with us, please indicate your 16-digit Kotak Credit Card number You may contact the Bank in any of the following ways.
(a) By calling our 24 Hour Customer Service Center - 1860 266 2666 (local call rates apply). Privy League Customers can call on 1800 266 6666 (Toll - free). The detailed list of phone numbers is available on www.kotak.com
(b) Through email by logging on www.kotak.com or through your internet banking account
(c) Through courier-The Service Manager, Kotak Mahindra Bank Ltd. Kotak Credit Cards.2nd floor, Kotak Infiniti, Bldg No 21, Infinity Park, Off Western Express Highway, General A K Vaidya Marg.Malad (East), Mumbai 400097, India.
(d) Regular Post: Kotak Mahindra Bank Ltd. Kotak Credit Cards P.O Box No.27703, Malad (East), Mumbai 400097, India
In the unlikely event that you are not satisfied with our services, you may register your grievance by
(i) Filling the "Complaint Form" at www.kotak.com
(ii) Calling our Customer Contact Centre
(iii) Write to service manager-Service Operations
(iv) For further escalations you can write to Mr. Nikhil Pohare, Nodal Officer Credit Cards Division at email@example.com. If your complaint is not resolved within 30 days of receipt at the Bank then the said complaint can be escalated to Banking Ombudsman. The details of the Banking Ombudsman for your location are displayed at the branches.
If Cardholder does not pay at least the Minimum Amount Due, Cardholder(s) will be reminded in each subsequent statement to pay their dues. Balance outstanding for a period greater than 6 months will result in the Cardholder being reported as a 'willful defaulter'. In the event of default, follow-ups may be done by post, fax and telephone, electronic mail, SMS messaging and /or engaging third parties to remind follow up and collect dues. The Bank and any third party so appointed shall adhere to the Bank's Fair Practice Code for Credit Card Operations and Collection of Dues and Repossession of Security Policy as modified from time to time. The Bank shall be entitled to withdraw any default reported issue in case:
The defaulter in question has liquidated his entire out standing dues with the Bank or settled his dues with the Bank
A court order/verdict has been received instructing the Bank to de-list the Cardholder against the Bank in a legal suit filed by or against the Bank. Decisions are taken on a case to case basis upon individual reviews.
In the above mentioned scenarios Cardholders record will be updated as 'current' in the next monthly refresh to the credit bureau.
In the event of death or permanent disability of a Cardholder, the Bank reserves the right to pursue all courses available to it under law and equity at its discretion, to recover any card account(s) outstanding, including recovery of the Card outstanding from any applicable insurance cover or from the heirs/executors/administrators of the Cardholder. In case the card is lost or stolen, the Cardholder is protected from unauthorized transactions where eligibility grid of the amount insured per year is 25000 for Silver Card, 50000 for Gold Card, 75000 for Platinum Card, 250000 for Signature Card / Wealth Management Credit Card. The insurance cover is explained in detail on www.kotak.com
The Cardholder may choose to terminate his Credit Card facility at any time by way of a written request or by calling the Bank's Customer Contact Centre and cut the card diagonally into pieces. All your outstanding amounts will immediately become due .Where the Credit Card is never used for more than 150 days, the card may be temporarily blocked for security reasons.
Kotak Mahindra Bank may also cancel the use of the Card at any time without prior notice, if it reasonably believes it necessary for the business or security reasons, including if you delay payments, exceed the Credit Limit or if Cheques are returned .
The Cardholder shall report the loss of the Card to the Bank by calling the Customer Contact Centre immediately .The Bank at the request of the Cardholder will attempt to deactivate the card immediately to prevent misuse. The Cardholder must file a First Information Report ("FIR") with the local police. The Cardholder will, however be liable for all losses when someone obtains and misuses the Card or PIN with/ Without -Cardholder's consent, or consent of an Add-On Cardholder or if the Cardholder has acted fraudulently or acts without reasonable care, the Cardholder will be liable for all losses.
You will not be liable for any misuse on the Card after you have informed Kotak Mahindra Bank of the loss, unless you have acted with gross negligence.
In the event any amount is charged by the merchant, which is due and payable by the customer, whether disputed or not, the customer is liable to make the payment to the Bank as per the billing cycle as applicable to the customer. In addition thereto, where the Bank has made the payment, the bank is entitled to recover the said amount from the customer. Further, where the amount is in dispute, the customer shall be required to make the payment of the same as per the billing cycle and shall not wait for the outcome/decision of the dispute. The said right of the Bank to recover and the liability of the Customer to make payment shall be valid and subsisting irrespective of the fact that the existing relationship of the customer has ceased with Bank and/or the card has been suspended/closed for any reason whatsoever.
The Cardholder acknowledges that as per existing business practices, the Bank is authorized to disclose from time to time any information relating to the Credit Card(s), to any credit bureau (Existing or Future) without any notice to the customer. The credit Information BUREAU India Ltd (CIBIL) and other credit bureaus is an initiative of the Government of India and Reserve Bank of India to improve the functionality and stability of the financial system. Any refresh/updation of data on receipt of payment towards overdue card accounts will reflect in CIBIL/other credit bureaus within a period of 60 days from the date of receipt of payment by the bank. We also wish to inform the Cardholder that the bank will, at its own discretion, record specific conversions between Cardholder and the representative of the Bank, in cases of grievance-related conversion or payments recover related conversions or any other conversion, that Bank may deem fit."