Kotak Mahindra Bank signs MoU with the Indian Navy for salary account
Kolkata/IBNS: Kotak Mahindra Bank (KMBL), a financial services conglomerate, and the Indian Navy announced Tuesday that they have signed a Memorandum of Understanding (MoU) enabling KMBL to offer its salary account proposition to all personnel of the Indian Navy – both serving and retired.
The signing ceremony took place in New Delhi and was jointly chaired by Commodore Neeraj Malhotra (Commodore Pay and Allowances) Indian Navy and Parminder Varma, Business Head - Corporate Salary, Kotak Mahindra Bank.
Kotak Salary Account designed for the Indian Navy offers 'Enhanced Complimentary Personal Accident Insurance Cover' - for both on-duty and off-duty incidents and covers accidental death or total/ partial permanent disability.
It also provides 'Special Education Benefit for Children & Additional Girl Child Benefit' that covers dependent children of up to 22 years in the event of an accident claim by the salary account holder.
Parminder Varma said, “The Indian Navy is amongst the country’s most respected and admired institutions and for us at Kotak, it is a privilege to be able to serve them and to have them bank with us. The Kotak Salary Account provides a range of privileges and we have further personalised our offering, keeping in mind the requirements of the 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.”
The bank added that through their Kotak 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 per cent 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.