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Home >Industry >Banking >Kotak Mahindra Bank signs MoU with Indian Navy

MUMBAI : Kotak Mahindra Bank on Tuesday said it has signed a memorandum of understanding (MoU) with the Indian Navy for salary accounts.

The MoU enables the bank to offer its salary account proposition to all personnel of the Indian Navy—both serving and retired. The bank said it will also offer special salary account benefits to the Indian Navy. The signing ceremony took place in New Delhi and was jointly chaired by Commodore Neeraj Malhotra (commodore pay and allowances) of the Indian Navy and Parminder Varma, business head (corporate salary) at Kotak Mahindra Bank.

The bank said that some of the benefits available to the Navy personnel are an enhanced complimentary personal accident insurance cover, special education benefit for children, and additional girl child benefit, and attractive rates and zero processing fees on personal loans, home loans and car loans.

Varma said the Indian Navy is among the country’s most respected and admired institutions and that it was a privilege to be able to serve them.

“The Kotak salary account provides a range of privileges, and we have further personalized our offering, keeping in mind the requirements of Indian Navy personnel and their families. With a full suite of products, we will support the Indian Navy with all their banking requirements, backed by quality customer service and digital-first solutions," said Varma.

Through the salary account, all personnel of the Indian Navy will get access to the full range of Kotak’s products and services, including a zero-balance salary account that earns up to 4% interest per annum with free unlimited ATM transactions on all Visa ATMs and anywhere banking across the bank’s network of 1,604 branches and 2,598 ATMs across India.

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