In this age of innovation where everyday we are coming across new unique ways of transferring money, Kotak Mahindra has launched money transfer through email that too in an easy to use and complete secure manner.
The biggest benefit of using this medium is that you need not know the beneficiary's account details. Nor do you need to register the beneficiary.
All you need is a) Kotak Net Banking Account and b) beneficiary's email ID and mobile number.
Here is how you can use this service:
Image Source: http://www.kotak.com/personal-banking/convenience-banking/send-money-email.html#product_how_it_works
However there are some important points you should know if you plan to use this payment option:
1. Fund Transfer Limits: Rs. 10,000 per transaction and Rs. 50,000 per day
2. OTPs: are valid only for 7 days from the date of initiation of payment
3. The transfer request can be cancelled till the time the funds are debited from sender's account
4. The transfer time once the beneficiary has successfully submitted the request for money transfer is in accordance with the time limits of regular NEFT/RTGS transaction
5. Service is available for individual customers only
6. Transfers can be scheduled in advance for the next 7 days
7. Beneficiaries can choose to deposit the money in the accounts of their choice
For more details please Kotak Mahindra official website.
