Kotak Mahindra Bank signs MoU with Indian Navy

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  • Kotak Mahindra Bank and the Indian Navy has announced that they have signed a Memorandum of Understanding (MoU) for Salary Account.
  • The MoU enables KMBL to offer its Salary Account proposition to all personnel of the Indian Navy – both serving and retired. KMBL will also offer special Salary Account benefits to the Indian Navy.
  • Benefits of the Kotak Salary Account designed especially for the Indian Navy:
  • Enhanced Complimentary Personal Accident Insurance Cover – for both on-duty and off-duty incidents. Covers accidental death or total/ partial permanent disability.
  • Special Education Benefit for Children & Additional Girl Child Benefit – Covers dependent children of up to 22 years in the event of an accident claim by the salary account holder.
  • Exclusive Benefits on Loans and Credit Cards – Attractive rates and zero processing fees on personal loans, home loans and car loans and waiver on joining fees on credit cards.
  • Host of other benefits – The ‘Privy Program’ for all commissioned officers, zero-balance Family Banking Accounts, free online payment transactions, unlimited cheque books, best-in-class rates for dematerialized accounts (Demat) and best-in-class brokerage rates on trading accounts etc.
  • Parminder Varma, Business Head – Corporate Salary, Kotak Mahindra Bank said, “The Indian Navy is amongst the country’s most respected and admired institutions and for us at Kotak, it is a privilege to be able to serve them and to have them bank with us.
  • The Kotak Salary Account provides a range of privileges and we have further personalised our offering, keeping in mind the requirements of the Indian Navy personnel and their families.
  • With a full suite of products, we will support the Indian Navy with all their banking requirements, backed by quality customer service and digital-first solutions.”
  • Through the Kotak Salary Account, all personnel of the Indian Navy will get access to the full range of Kotak’s products and services including a zero-balance salary account that earns up to 4% interest p.a. with free unlimited ATM transactions on all VISA ATMs and Anywhere Banking across the bank’s network of 1,604 branches and 2,598 ATMs across India.
  • At around 9:58 AM, Kotak Mahindra Bank was trading at Rs1,710.80 apiece up by Rs 2.15 or 0.13% on Sensex.

•             Source : www.indiainfoline.com

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