Kotak Mahindra Bank

Kotak Mahindra Bank

Kotak Mahindra Bank received a fully commercial banking license in February 2003 and thus becoming the first non-banking finance company to be converted into a bank in India. Currently, Kotak Mahindra Bank Ltd. has a considerable national presence with 1,333 branches in 674 locations and a network of 2,034 ATMs.

Products & Services

Kotak Mahindra Bank is known for its specialized crafted products to cater different customer bases. The bank primarily deals in:

  1. Personal Banking
  2. NRI Banking
  3. Priority Banking Services through Privy League
  4. Wealth Management Services
  5. SME Products
  6. Wholesale Banking Services

Personal Banking

Under its Personal Banking segment, Kotak Mahindra bank offers Accounts & Deposits products, Loan Products, Cards Services, Investments & Insurance & Agri-Banking Solutions.

Kotak Mahindra Bank Savings account

Kotak Mahindra Bank tenders a comprehensive range of Savings Bank Account options to meet the banking needs of individual customers. The saving accounts by Kotak Mahindra Bank are designed to meet the expectation of customers from various economic backgrounds such as basic saving account, premium account, children accounts and senior citizens accounts.

Savings Account Variants

  1. Alpha Savings Account – A first-rate savings account is loaded with manifold benefits such as higher interest rate, investment & insurance services. The features are as follows:
    • One can open Alpha savings account with a bare minimum deposit of INR 2000 in a Recurring Deposit or as SIP in Mutual Fund or even the National Pension Scheme.
    • The minimum term should be 36 months that can go upto 3 years.
    • The account comes with an integrated insurance protection of INR 20 lakhs on a monthly premium for Rs. 300.
    • The benefits include waiver on annual maintenance fee for the Investment Account and concession on the locker rentals.
    • An inbuilt overdraft limit of 85% on the deposit amount linked to the account.
  2. Kotak My Family Account – This saving account is a group account which covers the whole family under one umbrella. The account has one of its kind ‘Active Money’ feature which converts any surplus fund in the account to a term deposit account and yields better rate of interest.
    • Home Banking Facility includes services such as free cheque pick-up, cheque and draft delivery, cash delivery services, etc.
    • Freebies such as a lassic Debit Card or Platinum Debit Card, net banking access, Hash-tag Banking, RTGS /NEFT/ IMPS, Insta Balance Services, and more.
    • Loads of discounted features such as Travel Card, locker rentals, health check-ups, etc.
  3. Platina Savings Account – This is a high end saving account loaded with eye-catching features & benefits.
    • The average balance required is Rs.1 lakh per month.
    • The benefit in the account includes free international debit card & doorstep banking services.
    • Other free services offered in this account are demand drafts, payable at par cheque book, RTGS / NEFT / IMPS facilities.
    • Apart from the above mentioned features,  various discounted services such as waived locker charges and the complimentary gift card is also included in the account
  4. Jifi Saver account – A new generation savings account with digital access and simplified banking norms. The minimum average balance required in JIFI account is Rs.10,000. The benefits in the account include:
    •  Free JIFI Debit Card
    • Rewards & Loyalty Club Membership
    • Net Banking access, Hash-tag Banking, Mobile Banking, Instant Balance Services, etc.
    • ‘Active Money’ feature which converts any surplus fund in the account to a term deposit account and yields better rate of interest.
  5. Samman Savings Account – This saving account is as a part of Kotak Mahindra’s commitment to financial inclusion in India especially the rural areas. The account has a requirement for a minimal average balance of Rs. 2000. Other features in the account includes free ATM cash withdrawals from any Kotak Mahindra ATM.
    • The daily spend limit using debit card is Rs.1.5 lakhs and cash withdrawal limit is upto Rs.50,000.
    • The account is offered to any resident individuals and the HUFs as well.
  6. Grand Savings account – Kotak Grand Account is meant for resident individuals in the age group 55 years and above. The features of this account includes:
    • Specialized senior citizen services.
    •  First Aid card & Health Card issued from IHO at zero extra cost.
    •  Customized cash delivery for those who can’t visit the branch.
    • The daily spending limit using debit card is Rs.1.5 lakhs and cash withdrawal is up to Rs.50,000.
    • The account is offered to any resident Individuals and the HUFs as well.
  7. Ace Savings Account –. The benefits of Ace Savings Account includes:
    • Free chip-based Platinum International Debit Card & doorstep banking services such as free demand draft delivery.
    • State of the art net banking & mobile banking facility.
    • Various rewards point scheme on every single penny spend, using the Platinum Debit Card.
    • Loyalty Club Membership.
    • Net Banking access, Hash-tag Banking, Mobile Banking, Insta Balance Services, etc.
    • Active Money features which convert any surplus fund in the account to a term deposit account and yields better rate of interest.
  8. Kotak Edge Account – This is a regular saving account loaded with various benefits to meet the day to day banking requirement of a common individual. The minimum balance to be maintained is Rs.10, 000 per month. The benefits in account include:
    • Free Classic Debit Card & Five free transactions on VISA ATMs every month.
    •  Free fund transfer facility, phone banking and online banking facility.
    • The account is offered to any Resident individual, HUFs or foreign nationals residing in India.
  9. Kotak Pro Savings Account – A saving account designed for the working professionals and their various banking needs with improved benefits. The average monthly balance to be maintained is Rs.20,000. The benefits in this account includes free chip based Platinum Debit Card,  NEFT /RTGS option, Phone Banking, & Net Banking facility.
    • Also, the customer is provided with the option of doorstep banking services such as cash, cheque ordemand draft pick-up or delivery.
    • The account is offered to any resident individual, HUFs or foreign nationals residing in India.
  10. Kotak Classic Savings Account – An extension of pro saving account, Kotak Classic Savings Account comes with the feature of free chip-based classic debit card, NEFT /RTGS option, phone banking, & net banking facility.
    • The average balance per month required is Rs.20,000.
    •  ‘Active Money’ Feature.
    • The account is offered to any resident individual, HUFs or foreign nationals residing in India.
  11. Nova Savings Account – Nova saving account is intended to cater the needs of the individual from a less privileged segment of the society. The average balance requirement per month is Rs.5,000. The account comes with the benefits such as free classic debit card with free 5 access at any VISA ATMs.
    • Option to choose Active Money features.
    • The account is offered to any resident individual, HUFs or Foreign Nationals residing in India
  12. Kotak Silk Account – The Silk Account offered by Kotak Mahindra Bank is crafted especially for the women. Apart from the features of a regular saving account, the striking features of silk account are:
    • Attractive rewards scheme on debit card transactions such as free movie tickets and cashback offers
    • Online Bill payment option through ‘Bill Pay’ feature.
  13. Kotak Junior saving account – The Kotak Junior account is meant for the children aged below 18 years.The uniqueness of this account is the option to open either as bundled account with parents or guardian or even a separate account. The account comes loaded with various benefits such as complimentary movie tickets & gift vouchers. The kid is offered a custom-made Junior Debit Card to induct the habit of savings and better understanding the value for money.

Kotak Mahindra Bank Fixed Deposit Accounts

Types of Fixed Deposits

  • Kotak Tax Saving Deposits – A term deposit scheme meant for saving tax under Section 80C of the Income Tax Act.
  • Kotak Regular Term Deposits – A traditional term deposit plan with a minimum investment amount being RS.10,000 and term from 7 days to 10 years.
  • Kotak Senior Citizens Deposit – A term deposit plan especially for the senior citizens beyond the age of 60 years with the preferential interest rate.
  • Kotak Recurring Deposit – A monthly deposit scheme wherein customers can deposit amount in monthly installments for a pre-determined period.
  • Kotak Ace Deposit Scheme– A special deposit plan which yields better returns through investments in Mutual Funds.

Kotak Mahindra Bank Investments & Insurance Services

Kotak Mahindra Bank, through its rich experience and expertise in investment & insurance services has crafted products which not only creates wealth for you, but protects them for such a time when one needs them most. Various products under its Investment and insurance schemes are:

  • Pradhan Mantri Bima Yojana
  • Sovereign Gold Bond Scheme
  • Atal Pension Yojana (APY)
  • Other Life Insurance Schemes
  • Mutual Funds
  • Demat Account
  • National Pension System

Investment Tools offered by Kotak Mahindra Bank

  • Be a Crorepati- An easy online tool to calculate and derive at an approximate amount which should be invested so as to earn Rs. 1 crore
  • Online SIP Calculator- Through the SIP calculator, the investor can know the size of his investment kitty in SIP as per his own financial profiling.
  • Kotak SIP-O-Meter- An easy online calculator to know how much return one can get by investing through SIP.
  • Kotak Life Goal Planner- This is a planning tool which helps an individual to know the amount to invest in order to achieve all long term goals in life.
Apart from NRI savings and term deposit accounts, Kotak Mahindra bank offers:
  • Transfer Money- An option to remit your money through various modes without the hassle of visiting branch. Various options available to transfer money through these options are Click2Remit, Remittances from Exchange House, Wire Transfer Cheque & Demand Draft.
  • Home Loans – To meet the requirement for a NRI customer who wishes to purchase/renovate their property in India. Two variants available for NRI customers are – NRI Home Loan, NRI Home Improvement Loans.
  • NRI Cards – A bunch of various cards ranging from NRI debit card, NRI credit Cards & Best Compliments Cards.
  • NRI Investments & Insurance Products- Kotak Mahindra Bank offers Mutual Funds, Life Insurance, National Pension System, Demat Account & Portfolio Investments Schemes for its NRI customers.
  • Convenience Banking for NRI customer - To ease out the hassle for visiting branch, the bank proffers multitude options to access and transact NRI account.
  • Mobile Banking
  • Phone Banking
  • Net Banking
  • SMS Banking
  • Kotak Payment Gateway
  • P O Box Services
  • Cash Deposit Machine at ATMs
  • Cheque Deposit Kiosk (CDK)

Kotak Mahindra Priority Banking Services- Privy League

Kotak Mahindra Bank’s Privy League is an elite banking service crafted to assist the customer who wants to meet their banking and investment objectives. A dedicated workforce of expert and rich in experience staff ensures that no stone is left unturned in offering supreme banking services to those who crave for it. Be it individual investors or any small and medium enterprises customer, Privy league service aims to understand the tinge of every financial situation and offers consummate banking experience.

Privy league is broadly offered in three categories

  1. Personal
  2. Business
  3. NRI

Privy League Personal  Banking

  • Privy League Savings Bank Account helps you meet your financial stratagem with a longer term investment solutions that gives you complete peace of mind.  In this, the wealth is not only generated but also grows with time. Listed below are the features a customer gets with this account:
  • Asmart suite of products that gives an extra edge in various products such as loans, credit solutions & equity market
  • Convenience banking to make banking a fun experience with ease and expediency to operate the account from anywhere
  • Signature Credit and Debit Cards to give you an unequaled experience
  • Smart Credit Solutions to manage finances in order to realize every dream

Privy League Business Banking

Privy League Current Account lets the customer focus on their business rather than just their finances. Here are its features:

  • Transaction Banking Solutions to keep the momentum going in their business
  • Trade Solutions to achieve new prospect both domestically and globally
  • A wide assortment of forex solutions to meet every business requirement
  • Credit & Lending solutions to serve the capital requirements in the business when the customer needs them the most
  • Business Debit and Credit Cards to make operating the account a smooth affair
Privy League NRI services
  • NRI Priority Services let the account holder enjoy all banking facilities while being at home. Here are its features:
  • Unmatched Lifestyle Privileges that offers a class apart experience. Preferential pricing on a wide range of products such as loans, credit cards etc.
Apart from the Privy league banking services, Kotak Mahindra Bank also offers Privy League Select services magazine. This updates the privy league customers with the latest happenings in the world of lifestyle, food & travel and much more.

Kotak Mahindra Bank Wealth Management Services

The Services are well thought-out around the customer’s need to gather prospect for their wealth. Here are its few offerings:

  • The daily transaction needs are routed through process-oriented models.
  • A robust allocation of assets in the portfolio to match the idea of opulence.
  • Market-based tax and succession planning to ensure that the wealth is duly protected for future needs.
  • All time Support and value through a full spectrum of high-class banking products and services.
  • The customer can know their asset classes, build their portfolio, be well acquainted with market-based research and execution, engage an advisor, avail family office services, etc.
  • Various other services under Wealth Management services includes Transaction Services, Asset Advisory Services & Banking Solutions

Kotak Mahindra SME Banking Services

Kotak Mahindra Bank understands & acknowledges the importance of SME sector in the Indian Economy. The SME sector has been a driving force in hastening the economic growth of the country. Currently, this sector has shown constant growth in the industrial sector. Kotak Mahindra Bank’s SME products ensure that all the financial objectives are duly achieved through its product meant exclusively for SME sector.  Kotak Mahindra Bank understands that credit is one critical aspect of continual growth for this sector.

The various products offered by SME sector by Kotak Mahindra Bank are:

  1. Current Account – The Current Account offered to SME customers are integrated with all those aspects which ensure that any hurdle in operating the accounts should be mitigated in the first place. Cash & collection services ensure that customer should focus on their business rather than managing finance.
  2. Loans & Overdraft Services –SME units are known to face a lot of financial constraints considering their life cycle and this has always hampered their growth adversely. To meet requirements of the working capital Kotak Mahindra Bank has designed various loans and overdraft products for its SME customers.

Various Loans products offered under the umbrella of Kotak Mahindra SME loans are:

  • K-Value
  • Tractor Finance
  • Business Banking Solutions
  • Rural Auto & Farm Equipment Finance
  • Loan Against Property
  • Term Loans (Strategic Business Loans)
  • Facility Against Credit Card Receivables
  • Construction Equipment / Infrastructure Finance
  • Commercial Vehicle Finance
  • Unnati Auto Finance
  • Business Loans
  • Credit Access
  1. Working Capital – To keep the business going, the need of working capital is utmost important. The ever handy working capital solution from Kotak Mahindra Bank fuels the growth trajectory of SME clients. The variants of working capital solution are:
    • MSME/CGTMSE working capital funds
    • MSME working capital solution
    • Working Capital Finance
    • Channel Finance

Other Value Added Services at Kotak Mahindra Bank

To make banking more convenient and take away the hassle of visiting the branch, Kotak Mahindra Bank brings a host of online services to transact from savings/current account.

  1. Instacheck Service- A 24X7 dedicated phone banking service for Corporate Salary Account holders to know their account balance & last three credit transactions of past 15 days.
  2. Money Watch- The feature is available with net banking and sole Personal Finance Manager to access and manage all the banking services under a single umbrella.
  3. Hash Tag Banking- Another great feature to access Kotak Mahindra bank account on twitter.
  4. Immediate Payment Service- This 24*7*365 day service lets the account holder transfer funds from their account instantly any time.
  5. SMS Banking- Kotak Mahindra Bank brings its quick and easy SMS Banking service which is available 24X7 and enables the account holder to access their bank account on their mobile phone.
  6. Kotak Payment Gateway- A one-stop online solution to shop, transfer money and pay utility bills in the most convenient manner.
  7. Mobile Banking- A user-friendly app based service to access and operates the account/s on your smartphone. This service is available on the iOS, Blackberry, Android and Windows platforms.
  8. Insta Balance Service- A quick service to get the account balance through SMS instantly by calling their toll free number - 1800 274 0110 from the registered mobile number.
  9. Unstructured Supplementary Service Data (USSD) - This service is for customers who doesn’t have either a smart phone with an internet connection or have an online access. The account holder can simply dial *99*68# code from their registered and follow further instruction to access their account.
  10. SMS Alerts- Regular SMS will be sent on the account holder’s registered mobile number to keep him/her updated with all that’s happening in their account.
  11. Phone Banking- A 24-hour dedicated contact centre offering personalized services round the clock to all the customers.
  12. Cash Deposit Machine- A self-service terminal which enables the account holder to deposit cash in their account without the hassle to visit a branch.
  13. Cheque Deposit Kiosk (CDK) - A self-service terminal which enables account holder to deposit cheque/s  in their account without the hassle to visit branch.
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