Kotak Mahindra Bank tie-up with Indian military to deal with wage accounts



Private sector lender Kotak Mahindra Bank will deal with the wage account of the Indian military personnel. The financial institution has signed a memorandum of understanding (MoU) with the Indian Army right here for a wage account. The MoU allows Kotak to supply its wage account proposition, mixed with unique advantages for the Indian Army, to all military personnel – each energetic and retired.

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Through the Kotak wage account, all personnel of the Indian military will get entry to the complete vary of Kotak’s services together with a zero-balance wage account that earns as much as 4 per cent curiosity every year with free limitless ATM transactions on all VISA ATMs and anyplace banking throughout the financial institution’s community of 1,603 branches and a couple of,573 ATMs throughout India.

Benefits of Kotak wage account:

  • The wage account will cowl different advantages corresponding to a bespoke wage account for the military personnel, enhanced complimentary private accident insurance coverage cowl – for each on-duty and off-duty incidents.
  • It covers unintentional dying for complete or partial everlasting incapacity. It may also provide particular schooling profit for kids and extra lady youngster profit by protecting dependent youngsters of as much as 22 years within the occasion of an accident declare by the wage account holder.
  • Among others, the account may also provide unique advantages on loans and bank cards by the use of engaging charges and nil processing charges on private, house and automobile loans and waiver on becoming a member of charges on bank cards.
  • Zero-balance; household banking accounts, free on-line cost transactions, limitless cheque books, best-in-class charges for dematerialised accounts (Demat) and best-in-class brokerage charges on buying and selling accounts are the opposite advantages.

Important takeaways for all aggressive exams:

  • Kotak Mahindra Bank CEO: Uday Kotak.
  • Kotak Mahindra Bank Establishment: 2003.
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra.
  • Kotak Mahindra Bank Tagline: Lets earn cash easy.


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