Kotak Mahindra business banking: All you need to know


Kotak Mahindra was first founded in 2003, and as a private bank has 4 overall strategic business units- consumer banking, corporate banking, commercial banking, and treasury¹. You may be familiar with the bank for personal banking, but they offer a suite of services for Indian businesses too.

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Business account types with Kotak Mahindra Bank

Kotak Mahindra offers a suite of current, or business, accounts for different business needs and sizes. They range from accounts that help startups get off the ground, to an Astra 15 account which is tailor-made for the largest enterprises. Here are the quick features of the accounts they offer²:

Account Features
Neo Current Account
  • This account has a low balance obligation
  • Average Quarterly Balance: ₹10,000
  • Free Business Power Platinum Debit Card
  • ATM cash withdrawal: ₹50,000
Edge Current Account
  • This is a premier account to help small and medium sized businesses grow
  • Average Quarterly Balance: ₹25,000
  • Free Business Power Platinum Debit Card
  • There is an unsecured overdraft facility for short term business needs.
Startup Premium Current Account
  • To help startups grow through their transition stages
  • Non-maintenance/charges are waived for the first 12 months
  • Average Quarterly Balance: ₹1,00,000
  • 24 home banking services per month for cash or cheque pickup and delivery.
  • Free NEFT and RTGS transactions at branches and online.
Ace Current Account
  • A premium account for larger businesses
  • Average Quarterly Balance: ₹2,50,000
  • Free Business Power Platinum Debit Card
  • A daily purchase limit of ₹2,50,000
Pro Current Account
  • Receive a dedicated relationship manager
  • Ideal for professionals managing a small to medium sized company
  • Average Quarterly Balance: ₹50,000
  • Receive free demand drafts
Startup Regular Current Account
  • Made specifically for early stage startups
  • Average Quarterly Balance: ₹50,000
  • Waiver of non-maintenance charges for the first year
  • Free cheque payments and collections in India
Elite Current Account
  • A premier current account for medium to large business
  • Average Quarterly Balance: ₹100,000
  • Waiver on cash deposits and withdrawals
  • Free home-banking services
Astra 05 Current Account
  • Specific for large Indian businesses
  • Receive a dedicated relationship manager
  • Average Quarterly Balance: ₹5,00,000
  • Free cash withdrawals up to ₹5,00,000
Global Trade Current Account
  • This is specific for import/export businesses
  • Receive a dedicated relationship manager
  • Complimentary Kotak Multi Currency World Travel Card
  • Access to global banking network
Astra 15 Current Account
  • Tailor made account for the largest businesses in India
  • Average Quarterly Balance: ₹15,00,000
  • Free Business Platinum Debit Card
  • Free access to all domestic and international VISA ATMs with Kotak

If you had an ING Vysya account, you may be aware that the company recently merged with Kotak Mahindra bank. Your Customer ID / CIF should’ve now been renamed as "CRN" for Kotak Mahindra Bank System³. Otherwise, at the moment, there should be no large changes to your account.

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Banking services with Kotak Mahindra

Kotak Mahindra offers Indian businesses a whole slew of banking services. From moving your business to be more digital, to managing collections and payments, liquidity management and services to grow your business⁴. They also offer point-of-sale facilities and financing through business loans, loans against properties or credit. They can also support any import/export shipments you may have and remittances through KotakRemit.

How to open a Kotak Mahindra business account?

You can first get started on their website and identify which account would work best for you. You can also look at getting apersonalized package for your business and start the process online. You can also reach out to their business experts to help you choose the right solution for you by contacting the Kotak Mahindra Business Contact Center at 1800 209 5600 between 9:30am-6:30pm IST.

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Requirements to open a business bank account with Kotak Mahindra?

You can open a business bank account with Kotak Mahindra as an individual, partnership, private limited, proprietorship, public limited, or trust association society club. With accounts tailored to businesses of different sizes, you can identify which account would fit your’s best. You can also narrow it down by identifying your expected average quarterly balance preference and find the account that matches.

Fees for a Kotak Mahindra business bank account?

The fees depend on the type of account or package you choose to go with. Kotak has different qualifying account balances, charges, fees and minimums associated with every account. So when you are looking at their list of accounts, click on “Fees and Charges” to see how much it will cost you to maintain and use their services.

One thing to note, Kotak Mahindra will charge a cross-currency mark-up of 3.5% on foreign currency transactions carried out on Debit Cards⁵.

How can I contact Kotak Mahindra business banking support team

For Indian business customers, there are banking and credit card helpline numbers that are available 24-hours across India. You can reach the helpline at 1860 266 2666, or try one of the local phone numbers.

For any 811 related questions or emergencies like fraud reporting or card hotlisting, you can reach the help desk at 1860 266 0811.

To report any fraud or unauthorized transactions in your account or on your business credit card, you can reach Kotak at their dedicated toll-free number 1800 209 0000 24/7.

For a more online approach, the Kotak SME Banking can be contacted over email at customerfirst@kotak.com.⁶

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Sources used for this article

1.Kotak Mahindra About us
2.Kotak Mahindra Current Account
3.Kotak Mahindra- ING Vysya
4.Kotak Mahindra Business banking
5.Kotak Mahindra Current Account Fees
6.Kotak Mahindra Customer Care

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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