Kotak Mahindra Bank to levy new 1% fee on high fuel spends from June 1; check if your credit card is affected
Tired of too many ads?
Remove Ads
Which Kotak cards are exempt from this fee
Tired of too many ads?
Remove Ads
New threshold for fuel surcharge waiver
Product
Existing threshold for fuel surcharge waiver
Revised threshold for fuel surcharge waiver
Kotak Solitaire Credit Card
Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹10,000
Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹10,000
White Reserve, Kotak Infinite
Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500
Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500
White Credit Car
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500
Privy League Signature (free variant)
Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500
Fuel transaction between ₹400 to ₹7,500 Maximum Waiver in an anniversary year is ₹4,500
Privy League Signature (paid variant)
Fuel transaction between ₹400 - ₹4,000. Max Waiver: ₹300 in a calendar month
Fuel transaction between ₹400 to ₹7,500 Max Waiver: ₹300 in a calendar month
Mojo Platinum, Zen Signature, Royale Kotak Signature, NRI Royale Signature, Kotak Signature
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Fuel transaction between ₹500 to ₹5,000 Maximum Waiver in an anniversary year is ₹3,500
League Platinum,811 #Dream Different, Kotak 811 Credit Card
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Fuel transaction between ₹500 to ₹4,000 Maximum Waiver in an anniversary year is ₹3,500
Indian Oil Kotak Credit Card
Fuel transaction between ₹100 - ₹5,000 only at IOCL fuel pumps Max Waiver: ₹100 per statement cycle
Fuel transaction between ₹100 - ₹5,000 only at IOCL fuel pumps Max Waiver: ₹100 per statement cycle
Delight Platinum
Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500
Fuel transaction between ₹400 to ₹4,000 Maximum Waiver in an anniversary year is ₹4,500
Kotak BIZ
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹2,500
Fuel transaction between ₹500 to ₹5,000 Maximum Waiver in an anniversary year is ₹2,500
Myntra Kotak Credit Card
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Veer Platinum, Veer Select, Fortune
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Fuel transaction between ₹500 to ₹3,000 Maximum Waiver in an anniversary year is ₹3,500
Starting June 1, 2025, private sector lender Kotak Mahindra Bank will impose a 1% fee on fuel transactions once a cardholder exceeds the cumulative fuel spending threshold within a statement cycle. However, this new fee policy applied to select Kotak credit cards-with varying limits based on card type. Fuel spending is a significant part of monthly expenses for many consumers. This new fee policy aims to regulate excessive fuel-related usage on credit cards, especially for premium or rewards-based cards.The new fee for fuel transactions is not applicable to White Reserve Credit Cards, Kotak Solitaire, Kotak Infinite, Kotak Signature, IndianOil Kotak Credit Cards , or Myntra Kotak Credit Cards.For others, the 1% fee kicks in when the cumulative monthly fuel expenses cross:The 1% fuel fee will apply if fuel spending crosses defined limits within a billing cycle. For White Signature, Privy League Signature, and Kotak IndiGo 6E XL Rewards Credit Cards, the threshold is Rs 50,000.For cards like Mojo Platinum, Zen Signature, Royale Kotak Signature, PVR INOX, 6E Rewards IndiGo Kotak Credit Card, Kotak BIZ, and NRI Royale Signature, the threshold is Rs 35,000.Additionally, fuel surcharge waiver criteria have been revised for multiple products from June 1, 2025.Source: Kotak Mahindra Bank
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
6 hours ago
- Indian Express
Trump's tariffs create ‘urgency to transform India': billionaire Uday Kotak
Kotak Mahindra group founder Uday Kotak on Wednesday said the uncertainty of Donald Trump's tariff regime had created 'a sense of urgency for transforming India' and offered 'a great opportunity to pivot'. In an interview with the Financial Times, Kotak said policymakers and businesses should use the trade war to 'get focused on productivity, efficiency, excellence and building world-class brands'. 'Manufacturing has to play a very important role', he said, advocating that producers should not focus on India's large domestic market to avoid the need for 'cutting-edge precision'. 'We must think about this as an opportunity for us to get out of our cruise mindset and from a comfort mindset to 'we are at risk',' he told the London-based newspaper. He called for 'direct fiscal support' from the government to 'turbocharge' small businesses in manufacturing, research and technology. The government should channel more budgetary support to small and medium-sized businesses as the economy grapples with Donald Trump's punishing tariffs, Kotak told the FT. India's economy has come under renewed strain after Donald Trump's recent move to impose an additional 25 per cent tariff on Indian exports to the US, on top of the earlier 25 per cent 'reciprocal' levy. The additional tariffs are linked to India's continued purchase of discounted Russian oil — a practice Trump claims indirectly supports Russia's war effort in Ukraine. Analysts have warned that the dual tariff regime could shave off 0.5 to 0.7 percentage points from India's GDP growth, making it critical for India to respond with robust internal reforms. These tariffs have woken Indians up to the risks of global dependency and the urgent need to strengthen our domestic ecosystem. Kotak described the tariffs as a 'major shock' that had 'woken Indians up' to the economic risks posed by Trump's trade war. According to Kotak, India's macroeconomic situation is very comfortable. 'Our fiscal deficit is under control, our current account is under control, you've got macroeconomic stability,' he said. Policymakers and businesses should use the trade war to 'get focused on productivity, efficiency, excellence and building world-class brands,' he told the FT. He said manufacturing has to play a very important role and advocated that producers should not focus on India's large domestic market to avoid the need for 'cutting-edge precision'. With a per capita GDP of $2,700 — against $13,300 for China and almost $89,000 for the US — India 'cannot be in a comfort zone'. 'At the current 'cruise' level, we'll keep on improving our position, but is it fast enough for us to get past the middle-income trap? I think there's a gap,' he was quoted as saying. The 'middle-income trap' refers to a situation where a country achieves a certain level of development but then stagnates, unable to compete with either low-wage economies or high-innovation ones.
Economic Times
7 hours ago
- Economic Times
Billionaire Uday Kotak calls for urgent support to help India withstand US tariff shock
Indian banking billionaire Uday Kotak has called on Prime Minister Narendra Modi's government to provide stronger budgetary support to small and medium-sized enterprises, warning that the country faces a 'major shock' from US tariffs. Kotak, founder of Kotak Mahindra Bank, India's third-largest private lender, told the Financial Times that the tariffs introduced by US President Donald Trump had 'woken Indians up' to the vulnerabilities of the economy. 'We must think about this as an opportunity for us to get out of our cruise mindset and from a comfort mindset to 'we are at risk',' he recently imposed an additional 25 per cent levy on Indian imports, including discounted Russian oil, on top of existing 25 per cent 'reciprocal' tariffs. The US president has cited the oil imports as helping finance Vladimir Putin's war in Ukraine. Also Read: Facing Trump tariffs, India's shrimp farmers consider switching to other businesses Kotak said the Indian government should offer 'direct fiscal support' to 'turbocharge' small businesses in manufacturing, research, and technology. 'Once you give that capital support, private equity, entrepreneurs' equity [and] risk capital will come additionally,' he told FT. Kotak is not alone in urging government intervention. Earlier this month, Anand Mahindra, chair of the Mahindra Group, called for more liquidity for SMEs, infrastructure investment, and incentives for manufacturers. Harsh Goenka, chairman of RPG Enterprises, has also suggested that New Delhi create a fund to help exporters find new markets and attract manufacturers relocating from Minister Modi has pledged a series of tax and regulatory reforms aimed at boosting business, including cuts to the goods and services tax and a reduction in bureaucratic red tape. The government frames these measures as part of its push for a 'self-reliant India.' Still, the steep US tariffs threaten Modi's goal of strengthening Indian manufacturing, which currently contributes around 14 per cent to GDP, well below the target of 25 per cent. Many economists say India needs to sustain GDP growth of roughly 8 per cent to meet Modi's long-term vision of developed economy status by 2047. The economy expanded 7.4 per cent in the first quarter year-on-year, but analysts warn that tariffs on exports to the US, India's largest trading partner, could reduce growth by almost 0.5 percentage a highly influential figure in Indian finance, highlighted both the risks and opportunities presented by the tariff regime. 'The uncertainty of Trump's tariff regime has created a sense of urgency for transforming India,' he said. 'It is a great opportunity to pivot.' Also Read: About $48 billion worth of goods to be impacted by US' 50% tariff: Govt He also emphasised that India's macroeconomic fundamentals are strong. 'India's macroeconomic situation is very comfortable. Our fiscal deficit is under control, our current account is under control, you've got macroeconomic stability.'Kotak called on policymakers and businesses to use the trade shock to enhance 'productivity, efficiency, excellence and building world-class brands.' He stressed the importance of manufacturing and warned against relying solely on India's domestic market to avoid India's per capita GDP at $2,700, far below China's $13,300 and the US's nearly $89,000, he argued the country cannot afford to remain in a comfort zone. 'At the current 'cruise' level, we'll keep on improving our position, but is it fast enough for us to get past the middle-income trap? I think there's a gap,' Kotak said.
Time of India
8 hours ago
- Time of India
Billionaire Uday Kotak calls for urgent support to help India withstand US tariff shock
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Indian banking billionaire Uday Kotak has called on Prime Minister Narendra Modi's government to provide stronger budgetary support to small and medium-sized enterprises, warning that the country faces a 'major shock' from US tariffs Kotak, founder of Kotak Mahindra Bank , India's third-largest private lender, told the Financial Times that the tariffs introduced by US President Donald Trump had 'woken Indians up' to the vulnerabilities of the economy.'We must think about this as an opportunity for us to get out of our cruise mindset and from a comfort mindset to 'we are at risk',' he recently imposed an additional 25 per cent levy on Indian imports, including discounted Russian oil, on top of existing 25 per cent 'reciprocal' tariffs. The US president has cited the oil imports as helping finance Vladimir Putin's war in said the Indian government should offer 'direct fiscal support' to 'turbocharge' small businesses in manufacturing, research, and technology. 'Once you give that capital support, private equity, entrepreneurs' equity [and] risk capital will come additionally,' he told is not alone in urging government intervention. Earlier this month, Anand Mahindra, chair of the Mahindra Group, called for more liquidity for SMEs, infrastructure investment, and incentives for Goenka, chairman of RPG Enterprises, has also suggested that New Delhi create a fund to help exporters find new markets and attract manufacturers relocating from Minister Modi has pledged a series of tax and regulatory reforms aimed at boosting business, including cuts to the goods and services tax and a reduction in bureaucratic red tape. The government frames these measures as part of its push for a 'self-reliant India.'Still, the steep US tariffs threaten Modi's goal of strengthening Indian manufacturing , which currently contributes around 14 per cent to GDP, well below the target of 25 per cent. Many economists say India needs to sustain GDP growth of roughly 8 per cent to meet Modi's long-term vision of developed economy status by economy expanded 7.4 per cent in the first quarter year-on-year, but analysts warn that tariffs on exports to the US, India's largest trading partner, could reduce growth by almost 0.5 percentage a highly influential figure in Indian finance, highlighted both the risks and opportunities presented by the tariff regime. 'The uncertainty of Trump's tariff regime has created a sense of urgency for transforming India,' he said. 'It is a great opportunity to pivot.'He also emphasised that India's macroeconomic fundamentals are strong. 'India's macroeconomic situation is very comfortable. Our fiscal deficit is under control, our current account is under control, you've got macroeconomic stability.'Kotak called on policymakers and businesses to use the trade shock to enhance 'productivity, efficiency, excellence and building world-class brands.' He stressed the importance of manufacturing and warned against relying solely on India's domestic market to avoid India's per capita GDP at $2,700, far below China's $13,300 and the US's nearly $89,000, he argued the country cannot afford to remain in a comfort zone. 'At the current 'cruise' level, we'll keep on improving our position, but is it fast enough for us to get past the middle-income trap? I think there's a gap,' Kotak said.
