HDFC, Kotak Bank ink ATM-sharing pact

HDFC Bank and Kotak Mahindra Bank, a financial institution, have signed a memorandum of understanding to share their ATM network. This agreement will give the customers of both the banks access to over 1,400 ATMs across the country.

HDFC has 1,335 ATMs across 228 locations in the country while, Kotak Mahindra has 75 ATMs at 41 locations.

The charges for HDFC Bank customer for using the partner's ATMs are Rs 18 for Cash withdrawals and Rs. 7 for Query-based transactions such as balance enquiry.

Kotak Mahindra Bank is offering access to HDFC Bank ATM network free of cost to most of its customers. Also, Kotak Mahindra Bank's existing ATM network tie-up with UTI Bank has come to an end.

The agreement was signed at HDFC Bank's head office Aditya Puri, MD of the bank and Uday Kotak, executive vice-chairman and MD, Kotak Mahindra Bank.

Mr Uday Kotak said, "Convenience for today's busy customers is paramount. As bankers we have to anticipate what these needs for convenience are and devise our offerings in a manner that will simplify the customer's day to day interaction with his bank."