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