Kotak Mahindra Bank Signs MoU with Indian Navy for Salary Account

Kotak Mahindra Bank (KMBL) is aiming to increase its footprint in the Government Salary Business and the MOUs with the Indian Army. KMBL had earlier announced signing  a Memorandum of Understanding (MoU) for the salary account. It enables the bank 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.

“It is a privilege for us to be able to serve institutions like the army and navy. The bank has launched an exclusive Salary proposition for government, PSU & defence customers and is looking for further tie-ups in this segment by offering customised set of products and services,” Parminder Varma, Business Head - Corporate Salary, Kotak Mahindra Bank said. 

Benefits of the Kotak Salary Account designed especially for the Indian Navy are 

•  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

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 per cent 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