In a short time frame, Kotak Mahindra Bank has become one of India’s most well-reputed and trusted banks. Despite being around for less than 3 decades, the bank has established itself quite firmly among the Indian population.
The constant evolution in terms of the services that the bank offers its customers is one of the many reasons for its success. One of these services is the corporate salary accounts. They are available in 4 variants, each developed to suit the needs and requirements of the prospective customer. The salary accounts that Kotak Mahindra Bank offers its corporate customers are the Edge Salary Account, the Platina Salary Account, the Neo Salary Account, and the Ace Salary Account.
Ace Salary Account
The Ace Salary Account was created for those corporate customers who are looking for opportunities to grow their wealth.
Eligibility criteria of Kotak Mahindra Ace Salary Account
To be eligible to open this type of salary account, the applicant should have a net monthly income of Rs.50,000 or more.
Features of the account
- The bank offers customers with the Ace account at-par cheques free of charge. These cheques are treated as local cheques and can be cleared across the country.
- The Ace account allows account holders to open accounts for 3 of their family members against their salary account. This makes the family members eligible to avail all the benefits and privileges extended to the account holder including a zero maintenance charge.
- The Ace Salary Account can be used as an investment account. This facility is provided free of charge and allows the account holder a consolidated view of all investments made by them. Additionally, the bank also provides the account holder with an Investment Account statement of the customer’s investment portfolio.
Features and benefits to the employee
- Individuals who hold this type of salary account do not have a minimum balance requirement.
- The deposits made to the account are eligible to earn interest up to 6% p.a.
- On opening an Ace Salary Account, account holders are assigned a dedicated relationship manager.
- The Ace Salary Account has an auto Sweep-in and Sweep-out facility for fixed deposits. This would increase the interest that the account holder earns on their salary account.
- The bank provides its internet banking facilities free of charge.
- Kotak Mahindra Bank also has a 24/7 customer care service that is available to its customers. Additionally, the bank also has an Interactive Voice Response (IVR) service.
- Account holders who have a Platinum debit card have unlimited access to Visa ATMs all over the country.
- The Ace Salary Account allows account holders to avail home loans at attractive interest rates and a waiver on the processing fees. Account holders also have the benefit of availing instant personal loans.
- The bank provides attractive interest rates for customers who wish to open fixed deposits and recurring deposits against their salary account.
- Ace account holders can receive up to 100% on car finance offered by Kotak Mahindra Prime Limited at preferential rates.
- Kotak Mahindra provides Ace account holders with an insurance cover up to Rs.10 lakh on personal accidents and Rs.50,000 on air accidents that result in the death of the account holder.
- Additionally, account holders also have insurance covers up to Rs.3 lakh and Rs.1 lakh for lost card liability and lost baggage respectively.
- Account holders can avail a 2.5% fuel surcharge waiver at any petrol pump across the country.
- Ace account holders can also avail the bank’s employee reimbursement account against their salary account.
Features and benefits for corporates
- Kotak Mahindra offers several options for crediting salaries to employees. These options include corporate internet banking and a web-based module called NET IT.
- Corporates have the option of opening reimbursement accounts while opening salary accounts for their employees using the bank’s Insta Kits.
- The bank has a single point of contact for services related to the New Pension System (NPS), corporate credit cards, Non-Resident accounts, car lease programmes, corporate funding, and knowledge workshops.
- The bank also organises helpdesks at the corporate premises for their financial solutions and customer services.
The Ace Salary Account stands out among the salary accounts offered by Kotak Mahindra Bank because the benefits extended serve both the employer and the employee. Furthermore, the convenience at which these services can be availed only increases its favorability among customers.
Documents required for Kotak Mahindra Bank Ace Salary Account:
The following documents are required for Kotak Mahindra Ace Salary Account:
- Identity proof: Driving licence, passport, Aadhar card, etc.
- Address proof: PAN card, driving licence, Aadhar card, etc.
- Passport size photograph
- Signature proof: PAN card, Driving licence, etc.
Fees and charges for Kotak Mahindra Bank Ace Salary Account:
The fees and charges for Kotak Mahindra Bank Ace Salary Account are as follows:
|Particulars||Fees and charges|
|Cash transactions||Rs.0 up to 10 transactions|
|Cardless cash withdrawal||Rs.0 up to 1 transaction|
|Cheque deposited and returned||Rs.100 per cheque|
|KYC pickup||Rs.100 for every visit|
FAQs on Kotak Mahindra Bank Ace Salary Account:
How much minimum balance needs to be maintained in Kotak Mahindra Bank Salary account?
You need to maintain a minimum balance of Rs.50,000 in Kotak Mahindra Bank Salary account.
How much will I be charged for non-maintenance of Kotak Mahindra Bank Ace Salary Account?
In case your Kotak Mahindra Bank Ace Salary Account is non-operational for two consecutive months, then it will be converted to CS EDGE account and its charges will be applicable.