Current Affairs PDF

Kotak Mahindra Bank Signed MoU with Indian Navy for Salary Accounts

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Kotak Mahindra Bank signs MoU with Indian NavyKotak Mahindra Bank(KMB) has signed a Memorandum of Understanding(MoU) with the Indian Navy to offer a salary account to all the personnel of the Indian Navy including both serving and retired personnel.

The signing of the MoU was jointly chaired by Commodore Neeraj Malhotra (commodore pay and allowances) of the Indian Navy and Parminder Varma, business head (corporate salary), KMB, in New Delhi.

Features of MoU:

i.Under this MoU, the bank will also offer special salary account benefits to the Indian Navy.

ii.The navy personnel will also get access to the full range of Kotak’s products and services such as

  • Zero balance salary account with 4% interest per annum
  • Free unlimited ATM transactions on Visa ATMs.

Benefits of Kotak Salary account for Indian Navy includes, 

i.Enhanced Complimentary Personal Accident Insurance Cover

ii.Special Education Benefit for Children & Additional Girl Child Benefit (for children of age up to 22)

iii.Exclusive Benefits on Loans and Credit Cards

iv.The benefits also include additional girl child benefits, and attractive rates and zero processing fees on personal loans, home loans and car loans.

KMB Automated its Partner Payments Process:

Kotak Mahindra Bank(KMB) has automated its partner payments process with the end to end payout solution ‘Hyperform’ of Act21 Software.

  • Hyperform is a payment automation solution for the banking and financial services industry (BFSI).
  • The hyperform will integrate with the existing technology ecosystem of the bank and enable the bank to manage and monitor payouts with increasing efficiency, enhancing data accuracy and making timely payments.

Recent Related News:

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.

About Kotak Mahindra Bank(KMB):

MD & CEO– Uday Kotak
Headquarters– Mumbai, Maharashtra
Tagline– Lets make money simple