Higher rate of Interest of deposit and concessional rate on loans are the main features
Kotak Mahindra Bank (KMB) signed a Memorandum of Understanding (MoU) with the Indian Army for offeringSalary2Wealth account to all its personnel today at New Delhi.
On the occasion, KMB also announced the launch of a specialEducation Loan programme for children of the Indian Army personnel, and will offer its Personal Segment loan products -home loans, auto loans (offered by Kotak Mahindra Prime)and personal loans, at concessional rates to the Indian Army.
Through the Salary2Wealth account, all personnel of Indian Army will get access to KMB`s top-of-the lineproducts and services including the bank`s network of 338 branches, 819 ATMs across 195 centres in India. Importantly,account holders will benefit from one of the highest savings bank interest rates in the country. Currently, KMB offers 5.5% p.a. on its savings bank account for balances up to Rs 1 lakh, and 6% p.a. on balances over Rs 1 lakh. Further, KMB will also conduct sessions on financial planning for senior Army officials across the country.
KVS Manian, president - consumer banking, KotakMahindra Bank on the occasion said, ``It is indeed a privilege for us to be associated with an institution as respected as the Indian Army. We have designed our Salary2Wealth account keeping in mind the requirements of the Indian Army personnel. We are also delighted to extend our uniqueproducts and services to their families.``
Additionally, Salary2Wealth account holders get access to host of other benefits such as joint account facility, family account, dedicated relationship manager and an online trading account with Kotak Securities. The account also comes with Kotak ActivMoney - the 2-Way Sweep facility that sweeps out idle funds, above a threshold, from account into Term Deposits (TDs), and other convenient banking solutions - like Gold Debit Card, Net Banking, Phone Banking and SMS Banking.
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