On March 4, 2021, the private sector lender Kotak Mahindra Bank signed a Memorandum of Understanding(MOU) with the Indian Army at New Delhi for providing salary accounts to all the active and retired army personnel.
The MoU was chaired by Lt General Harsha Gupta and it was signed by Lt Gen R P Kalita and Mr. Virat Diwanji, Group President – Retail Liabilities & Branch Banking, Kotak Mahindra Bank.
Purpose of the MoU
To offer a salary account and additional exclusive benefits for the Indian army personnel.
To make all the active and retired personnel to get access to the entire Kotak’s products and services.
Kotak’s products and services
The army personnel will get the services mentioned below
- A zero-balance salary account which earns up to 4% interest per annum
- Free unlimited ATM transactions on all VISA ATMs
- Banking anywhere across the bank’s network of 1,603 branches and 2,573 ATMs across India.
Exclusive benefits of Kotak salary account for the Indian army
Personal Accident Insurance Cover
The bank is providing an enhanced complimentary Personal Accident Insurance Cover for both the on-duty and off-duty incidents. The insurance will cover both the accidental death and permanent disability (total/partial).
Educational Benefits cove
They are providing special educational benefits cover for the salary account holder’s children of up to 22 years for the event of an accident claim.
Benefits on Loans and Credit Cards
- Loans will be provided with zero processing fees on personal loans, home loans and car loans.
- Waiver on joining fees for credit cards is also available.
- Offers Bespoke account through Privy programme for all commissioned officers
- Zero-balance Family Banking Accounts
- Free online payment transactions
- Unlimited cheque books
- Best-in-class rates for Demat accounts
- Best-in-class brokerage rates on trading accounts, which will be provided by Kotak securities Ltd.
What is a Privy League programme?
This programme offers a wide range of financial products and services like contactless debit card, new age banking channels, and solves the inconveniences of everyday banking through Bespoke accounts.
Recent Related news:
On December 22,2020 Indian Army has signed an MoU with Bank of Baroda for Baroda Military salary package
In 2020, Kotak has pledged to donate ₹50 crores to the PM CARES fund to fight against the COVID-19 pandemic in India.
India’s first non-banking finance company which is converted into a bank.
Establishment – 1985
Headquarters -Mumbai, Maharashtra
Tagline – Let’s Make Money Simple
MD & CEO – Uday Kotak