According to the Kotak Mahindra Bank website: Spendz is a prepaid account for all your everyday payments. You can keep the bulk of your money in your primary Kotak Account and move smaller sums as you need into Spendz, for your daily expenses.
Services that will be unavailable
During this time, below mentioned services on your Kotak Bank Debit/ Spendz Card will be temporarily unavailable, according to the email:
ATM, POS, ECOM, QR, Payment Tokenization, Cardless cash withdrawal, PIN authentication & PIN generation, Blocking or unblocking of card, Card Controls – Transaction amount limit modification & Activation or Deactivation.