How to Add beneficiary in Kotak Mahindra Bank?

A large number of customers use Kotak Mahindra Bank’s online transaction services. Customers must register beneficiaries or payees with the account in order to use such services. The account holder who will receive your funds is known as the beneficiary. These could be individuals or businesses.

Discover how to add beneficiaries to your Kotak Mahindra Bank account using online banking and the mobile app.

Add Beneficiary to Kotak Mahindra Bank using Net Banking

How to add a beneficiary to your Kotak Mahindra Bank Net Banking account:

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

Step #2: Enter your CRN Number and password to access the website.

Step #3: On the screen, select the Secure Login option.

Step #4: On the following window, enter the OTP that was sent to your registered cell phone.

Step #5: Select Payment from the drop-down menu.

Step #6: Find and select the beneficiaries option.

Step #7: On the Kotak Mahindra bank website, you can select the beneficiary type. Choose Kotak Mahindra Bank if your beneficiary has a Kotak Mahindra Bank account. Choose the other bank option if the beneficiary is a customer of another bank.

Step #8: Choose the option to add a new beneficiary.

Step #9: The names of the banks will be listed in the next window. Fill in the details for your new beneficiary name.

Step #10: On the following window, enter beneficiary information such as account name, account type, and beneficiary name.

Step #11: Fill up the form and enter the OTP you received.

Step 12: Check all of the information and click the Activate Now button.

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

Add beneficiary to Kotak Mahindra Bank using Mobile App

Using Kotak Mahindra Bank Mobile Banking, follow these steps to add a beneficiary:

To add beneficiaries to Kotak Mahindra Bank, first download and open the Kotak Mahindra 811 mobile application.

Step #2: Go in to the Kotak Mahindra 811 application using the CRN number.

Step #3: Choose the Money Transfer option. Select Beneficiaries from the drop-down menu.

Step #4: The application will prompt you to select a beneficiary type. Choose Kotak Mahindra Bank if your beneficiary has a Kotak Mahindra Bank account. Choose the other bank option if the beneficiary is a customer of another bank.

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: In the next window, enter beneficiary information such as account name, account type, and beneficiary name.

Step #7: Select the Continue button to continue the process.

Step #8: On the following window, enter the OTP you received on your registered cell phone.

Step #9: To complete the process, press the Verify button.

Step #10: Using the Kotak Mahindra Mobile App, your new beneficiary has been successfully added to Kotak Mahindra Bank.

Kotak Bank Beneficiary Activation Time

The bank will activate the beneficiary’s account in around 30 minutes. Customers will be able to transfer up to Rs. 10 lakhs to any Kotak Mahindra bank account once the service is implemented.

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Frequently Asked Questions

How long does it take to add a beneficiary in Kotak Mahindra Bank? 

Kotak Mahindra bank takes roughly 30 minutes to add and activate a beneficiary.

How many beneficiaries can be added to Kotak Mahindra Bank?

In a single calendar day, Kotak Mahindra Bank clients can activate two beneficiaries. The Mobile Banking App and Kotak Net Banking can both be used to add beneficiaries.

How much can be transferred without adding a beneficiary in Kotak Mahindra Bank?

In a single calendar day, customers can transfer up to $50,000. It is possible to send the funds without adding beneficiaries.

How much can be transferred after adding a beneficiary in Kotak Mahindra Bank?

Customers can transfer up to $5,000,000.00 each day using the bank. Only after the beneficiary has been added can the funds be transferred.

What is a beneficiary nickname in Kotak Mahindra Bank?

The payer’s unique name is given to the beneficiary or payee. The nickname is given to the payee so that, in the event that two payees share the same name, they can be recognized in the future.

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