How To Add Beneficiary In Kotak Mahindra Bank?

How to add beneficiary in kotak Mahindra Bank.jpeg

Kotak Mahindra Bank provides online transaction services to a vast number of people. To avail of those services, customers need to register beneficiaries or payees to the account. Beneficiaries are the account holder who will receive your funds. They may be people or business entities. 

Learn the steps to add beneficiaries to Kotak Mahindra bank using net banking and Kotak Mahindra Bank mobile application.

Add Beneficiary To Kotak Mahindra Bank Using Net Banking

Steps to add beneficiary using Kotak Mahindra Bank Net Banking:

Step #1: Go to the official website Kotak Mahindra net banking.

kbnab1

Step #2: Log in to the website by providing your CRN Number and password.

Step #3: Select the “Secure Login” option on the screen.

Step #4: The next window will ask you to provide the OTP received on your registered mobile.

Step #5: Click on the “Payment” option.

kbnab2

Step #6: Look for the “beneficiaries” option and select it.

kbnab3

Step #7: The Kotak Mahindra bank website will list the option to choose the beneficiary type. If your beneficiary is a Kotak Mahindra Bank account holder, then choose “Kotak bank”. If the beneficiary is the customer of another bank, then go for the “other bank” option. 

Step #8: Click on the “Add a new beneficiary” option.

kbnab4

Step #9: The next window will list out the bank names. Select your new beneficiary name and fill in the details. 

Step #10: The next window will ask you to provide beneficiary details such as account name, Account type, beneficiary name.

kbnab5

Step #11: Submit the details and enter the received OTP.

Step #12: Verify all the details and click on the “Activate Now” button.

kbnab6

Step #13: Your new beneficiary through net banking has been successfully added.

kbnab7

Add Beneficiary To Kotak Mahindra Bank Using Mobile App

Steps to add beneficiary using Kotak Mahindra Bank Mobile Banking:

Step #1: Install and Open the Kotak Mahindra 811 mobile application to add beneficiaries to Kotak Mahindra Bank.

Step #2: Add the CRN number to log in to the Kotak Mahindra 811 application.

Step #3: Select the “Transfer money” option. Now, tap on the “Beneficiaries” option.

Step #4: The application will list the option to choose the beneficiary type. If your beneficiary is a  Kotak Mahindra Bank account holder, then choose “Kotak bank”. If the beneficiary is the customer of another bank, then go for the “other bank” option. 

Step #5: Tap on the “Add New Beneficiaries” option. The application will ask you to select the beneficiary’s bank account and IFSC account. 

Step #6: The next window will ask you to provide beneficiary details such as account name, Account type, beneficiary name.

Step #7: To proceed with the process, select the “Continue” button.

Step #8: The next window will ask you to provide the OTP received on your registered mobile.

Step #9: Now, tap on the “Verify” button to finish the process.

Step #10: Your new beneficiary has been added successfully to Kotak Mahindra Bank using the Kotak Mahindra Mobile App.

Kotak Bank Beneficiary Activation Time

In about 30 minutes, the bank will activate the beneficiary’s account. Once activated, customers will be able to make transfers of up to Rs. 10 lakhs to any bank account at Kotak Mahindra.

Recommended:

Kotak Mahindra Bank Mini Statement: Missed Call Number, SMS Banking

How to Close Kotak Mahindra Bank Account?

Kotak Mahindra Bank Timings & Working Hours

Frequently Asked Questions

How Long Does It Take To Add A Beneficiary In Kotak Mahindra Bank? 

To add and activate a beneficiary, Kotak Mahindra bank takes about 30 minutes. 


How Many Beneficiaries Can Be Added To Kotak Mahindra Bank?

Kotak Mahindra Bank customers can activate two beneficiaries in a single calendar day. Beneficiaries can be added using Mobile Banking App and Kotak Net Banking


How Much Can Be Transferred Without Adding A Beneficiary In Kotak Mahindra Bank?

Customers can transfer an amount of ₹ 50,000 in a single calendar day. The amount can be transferred without adding beneficiaries. 


How Much Can Be Transferred After Adding A Beneficiary In Kotak Mahindra Bank?

The bank allows customers to transfer an amount of ₹ 5,00,000 per day. The amount can be transferred only after adding the beneficiary. 


What Is A Beneficiary Nickname In Kotak Mahindra Bank?

Beneficiary or payee nickname is the unique name given by the payer. The nickname is given to the payee so that in the future, the particular payee can be distinguished, in case that two payees have the same name.