Kotak Mahindra Bank (KMBL) and the Indian Navy announced today 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, KMBL said in a press statement.
The signing ceremony took place in New Delhi and was jointly chaired by Commodore Neeraj Malhotra (Commodore Pay and Allowances) Indian Navy and Ms. Parminder Varma, Business Head - Corporate Salary, Kotak Mahindra Bank.
Benefits of the Kotak Salary Account designed especially for the Indian Navy include:
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 and 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 (Car Loan offered by Kotak Mahindra Prime Ltd) and waiver on joining fees on credit cards.
Other benefits include:
The ‘Privy Program’ for all commissioned officers, zero-balance Family Banking Accounts, free online payment transactions, unlimited cheque books, best-n-class rates for dematerialized accounts (Demat --Demat account offered both by Kotak Securities Ltd. and Kotak Mahindra Bank Ltd) and best-in-class brokerage rates on trading accounts (trading account offered by Kotak Securities Ltd., both of which are subsidiaries of Kotak Mahindra Bank Ltd., etc.)
Parminder Varma, Business Head - Corporate Salary, Kotak Mahindra Bank said, “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 percent interest per annum 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.
