Kotak Mahindra Bank

Some of the savings account options offered by the Kotak Mahindra Bank are as follows: 

1. 811 Digital Bank Account - This is a zero balance, digital savings account and allows the user to earn 4% interest p.a. on the balance. 

1. 811 Edge Digital Bank Account -This is a full-service digital savings account. User can earn 4% interest p.a. on the account balance. Moreover, get platinum chip debit card along with this bank account. 

1. Ace savings account - This savings account is designed for customers who require unlimited cash withdrawal facility across ATMs. Other than that, the user also gets the benefit of 15% discount of locker rent with this account. 

1. Grand savings account -This savings account is designed for senior customers having an age of or above 55 years. The user gets benefits like instrument or cash pick-up with this account. 

Current Account: 

Some of the current account options offered by the Kotak Mahindra Bank are as follows: 

1. Start-up Regular Current Account - This current account offered by Kotak Mahindra bank has no-maintenance charges for initial 12 months. 

1. Elite Current Account - This current account allows free cash deposit up to Rs.10 lakh and up to three free home-banking services every month. 

1. Ace Current Account - This current account offered by Kotak Mahindra bank allows free cash deposit up to 10 times of previous month’s average credit balance. 

Deposits:  

Some of the deposit products offered by the Kotak Mahindra bank are as listed below: 

1. Fixed Deposit -The minimum amount required to open a fixed deposit is Rs.5000 and are allowed for a period of seven days up to 10 years. These deposits offer attractive rate of interest and allow flexible interest withdrawal. 

1. Tax Saving Fixed Deposit  - The minimum booking tenure of this type of fixed deposit is five years and the maximum tenure is 10 years. Tax can be saved under Section 80C with this deposit. However, partial of premature withdrawal of the deposit is not allowed before completion of the lock-in period of five years. 

1. Senior Citizen Fixed Deposit - This fixed deposit is specially designed for senior citizens having an age of or above 60 years. The minimum booking period for this deposit is six days up to 10 years and the minimum booking amount is Rs.5,000.  

1. Recurring deposit - Kotak Mahindra bank offers recurring deposits for period ranging from six months up to 120 months. The minimum amount required to open a recurring deposit with Kotak bank is Rs.100. 

Cards: 

The Kotak Mahindra Bank allows its customers to avail of a debit card as well credit card facility: 

1. Debit Card - The Kotak Mahindra Bank offers more than 15 types of debit cards that come with various benefits like discounts, insurance cover, unlimited cash withdrawal at ATMs, complimentary lounge access, rewards, etc. 

1. Credit Card: The Kotak Mahindra Bank offers more than 20 types of credit cards that come with various benefits like discounts, insurance cover, unlimited cash withdrawal at ATMs, complimentary lounge access, rewards, etc. 

1. Forex Card: The Kotak Mahindra Bank also offers Forex card that comes with a chip embedded and allows the user to load multiple currencies on a single card.  

1. Kotak Gift Card: This is a gift card which can be used as an alternative to gifts/ vouchers/cash, etc. This card can be used at more than 40 lakh merchant outlets across India and is valid for a period of three years from the date of issue. The minimum value of Kotak Gift card is Rs.500. 

Loans: 

Some of the loan services offered by the Kotak Mahindra Bank are as follows: 

1. Gold Loan: The Kotak Mahindra bank offers customised gold loans that can be availed for a period of few months up to four years. This loan is approved instantly and comes with a lower rate of interest in comparison to other loans. 

1. Car Loan: The Kotak Mahindra bank provides loans for used as well as unused cars at affordable rate of interest. You need to be a minimum of21 years of age and have stable employment for at least one year to avail of this loan facility. 

1. Personal loan: You can avail yourself of a personal loan up to Rs.25 lakh without any collateral at Kotak Mahindra bank. The starting rate of interest for personal loan at Kotak bank is 10.99% p.a. and repayment period is between 12 months to 60 months. 

Insurance: 

The insurance plans offered by the Kotak Mahindra bank are as listed below: 

1. Life Insurance: The Kotak Mahindra Bank offers a broad range of protection that allows individuals to secure their family in all life stages. 

1. Health Insurance: The Kotak Mahindra bank offers comprehensive health insurance that comes with several benefits like cumulative bonus, annual health check-up, ambulance cover, in-patient treatment, etc. 

1. Car and two-wheeler insurance: The car insurance offered by Kotak Mahindra bank allows you to protect your car from any damage or financial loss. This comprehensive car insurance protects your car from any third-part damage in case of accident. 

Investments:  

Some of the investment options provided by the Kotak Mahindra bank are as follows: 

1. Mutual Funds: Kotak Mahindra bank provides well researched mutual fund recommendations and helps customers make better investment decisions. 

1. Sovereign Gold Bond (SGB): You can apply for SGB with Kotak Mahindra bank and earn an additional rate of interest of 2.50% on initial investment. These bonds can also be used as a collateral while availing loan and is free from hassle of storing gold physically. 

1. National Pension System: The National Pension System (NPS) is basically a contribution pension scheme which allows the subscriber to make regular contributions to their account. Kotak Mahindra bank allows its customers to open an NPS account.