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Kotak Neo Salary Account

In the Indian banking business, Kotak Mahindra Bank has made a name for itself. Salary accounts are one of the sorts of accounts that the bank provides to its customers. Customers can select the salary account that best suits their employees' needs. The Neo Salary Account is one of the four salary accounts offered by Kotak Mahindra Bank.

One of the type of accounts that the bank offers its customers is its salary accounts. Customers have the option of choosing a salary account that would best suit their employees. The Neo Salary Account is one of the 4 salary accounts that Kotak Mahindra Bank offers its customers.

Eligibility

To be eligible to hold a Neo Salary Account, the applicant should draw a net monthly salary of Rs.10,000 or more.

Features and benefits

  • The Neo Salary Account is a zero balance account . However, this benefit is based on the frequency of salary credits made to the account.
  • Account holders are eligible to earn an interest rate up to 6% p.a. on the deposits made to their accounts.
  • Kotak Mahindra’s internet banking facilities are provided free of charge to account holders.
  • Account holders are eligible for purchase protection up to Rs.50,000 for purchases made on their Kotak Mahindra debit card.
  • Neo Salary Account Holders can open an investment account to redeem or make online purchases of mutual funds.
  • Customers can open fixed and recurring deposits online against their salary account.
  • Customers can check their account balance through the bank’s Instacheck SMS alert facility.
  • Employee reimbursement accounts can also be opened against the employee’s salary accounts.
  • Account holders have a daily cash withdrawal limit of Rs.40,000/Rs.50,000 at any domestic and international airport. Additionally, account holders also have a daily shopping limit of Rs.2 lakh for purchases made on their Kotak Mahindra debit card.
  • Customer care executives are available 24/7 for any queries or issues related to the customer’s salary account. Kotak Mahindra also has an IVR service to resolve customer issues.
  • Account holders can also convert their account to a Trinity 3-in-1 account which is a combination of a Demat account, trading account, and savings account.

Benefits to employers

  • Employers have the benefit of opening a reimbursement account at the time of opening the salary account. This can be done using the bank’s InstaKit facility that allows account holder to open reimbursement accounts using the bank’s online facilities
  • The bank has appointed Single Points of Contact for the services that it offers, thereby making it easier for the employer to resolve any issues that they might have.

Documents required

The documentation required for opening a Neo Salary Account includes:

  • Proof of identification
  • Proof of address
  • Signature proof

Kotak Mahindra Bank has a number of services in place to ease the process of opening accounts for employees. Furthermore, the on-going services extended ensure efficiency in all their banking services.

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Kotak Neo Salary Account Reviews

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  • Kotak
    "Worst bank ever"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Itâ??s not even worth one star rating. This is the second time I had applied and got an atm card and itâ??s again showing itâ??s various way to not trust again. After few months the card will start declining wherever I have to pay, will say that the mpin is wrong even if itâ??s right, if you want to pay through google or paytm also it wonâ??t work. This was the last time I got any card from this bank.
    Was this review helpful? 235
    , bangalore
    Reviewed on Mar 15, 2020
  • Kotak
    Kotak
    "Better"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
    Was this review helpful? 252
    , mumbai
    Reviewed on Jan 28, 2019
  • Kotak
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 260
    , new delhi
    Reviewed on Jan 16, 2019
  • Kotak
    "Good Bank"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Kotak Bank i opened through Online portal. It is Very Easy to Open .Zero Rupees Charges.I ordered for a Debit card of kotak bank i got it delivered.Kotak App is Very User Friendly to Everyone.Zero balance maintain No Extra Charges..Quite Good App
    Was this review helpful? 170
    , bangalore
    Reviewed on Feb 16, 2018
  • Kotak
    "Decent Credit Card"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Salary account with them and the bank has offered a complimentary Credit card on the basis of this account. They have given me a Credit Limit of Rs.2.5 Lakhs, which I felt is quite a good one to have. One thing which let me down over here is their high interest rate. Also an added advantage is, they have good reward points system available with them.
    Was this review helpful? 120
    , chennai
    Reviewed on Jan 23, 2018
  • Kotak
    "Good"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am using domestic debit card of Kotak Mahindra Bank. The daily withdrawal limit was 25,000 rupees which was satisfactory. I am using this debit card for the last six months. There is no charge for other ATM swipe. ATM facilities are good and enough.
    Was this review helpful? 119
    , navi mumbai
    Reviewed on Jan 04, 2018
  • Kotak
    "Good service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    Within 4days of time I got the car loan from Kotak Mahindra bank. The customer support is good with Kotak mahindra bank. The rate of interest which they have offered was low, when compared with other banks. The required loan amount has been disbursed and I am happy with it.
    Was this review helpful? 120
    , hyderabad
    Reviewed on Oct 16, 2017
  • Kotak
    "Kotak Mahindra Bank Fraud Services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Kotak Mahindra Bank has **fraud banking services**. Rs. 800+ charge for other ATM Withdraws. 10000+ Charge for not maintaining minimum balance. 1000+ for delayed credit card payments. One Purchase = Service Tax+Conversion Charge+Interest Charge+Actual MRPâ?¦. **Close all your accounts** of Kotak Mahindra Bankâ?¦
    Was this review helpful? 252
    , bangalore
    Reviewed on Apr 06, 2017
  • Kotak
    "GOOD BANK BEST SERVICES GOOD JOB NICEBANK GOODRELATIONSHIP "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    SUPPORTING WITH A MINIMUM WORKING TIME BANK QUICK DESISION WONDERFUL JOB GOOD PROVIDED BY OTHER BANKS LIKE ICICI, HDFC , IDBI , AXIS AND MORE NATIONALIZED BANKS FUTURE GOOD BANK MANAGMENT GOOD ALSO SUPPORT AND THANKS TO ALL THEY ARE HELPING PEOPLE THANK YOU AGAIN..
    Was this review helpful? 99
    , vadodara
    Reviewed on Mar 26, 2017
  • Kotak
    "Share a experience with Kotak Mahindra Bank on line service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I like Kotak Mahindra Bank because this bank replied fast comparing with another bank.The process was comleted process on line with in a five minute.its pleasant experience when compared with other bank services I like Kotak than another private sector banks.
    Was this review helpful? 58
    , ahmedabad
    Reviewed on Mar 25, 2017
  • Kotak
    "zero use for kotak rupay debit card"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    i applied for a kotak mahindra rupay debit card after surrendering my existing visa debit card. firstly for some strange reason kotak doesnt allow rupay debit card as a addon card to my existing visa card. hence they automatically blocked my visa debit card on applying for rupay card. next i tried using the kotak rupay debit card on various POS terminals and online transactions. but it was declined everytime. later i got to know that they mention that it cant be used online. but there is no mention of non usage at POS too. after i tried it at around 20-30 machines i wrote them an email. to which they replied that there rupay card is not enabled for POS yet. and its not happening anytime soon. WHILE OTHER BANKS' RUPAY CARD WORKS EASILY ONLINE AS WELL AS AT POS, KOTAK CHOSES NOT TO ENABLE THESE. this card is only usefull for taking out cash from atm and that too only 10000. i was left bitterly dissapointed and have finally blocked it for reissue of visa debit card.
    Was this review helpful? 91
    , new delhi
    Reviewed on Mar 09, 2017
  • Kotak
    "Very Poor service - Dont go for it - i am frustrated ."
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Deducted money, I tried to communicate with them, but I didnt get any response. having many features of KOTAK bank is not good when it comes to customer service. Do not open your account in Kotak bank they will not give you service. I am frustrated with Kotak bank. Very bad feelings.
    Was this review helpful? 89
    , pune
    Reviewed on Dec 15, 2016
  • Kotak
    "Make False Offer"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    I'm a Kotak Platina Salary account holder which comes with a Kotak Platinum Debit Card. The Platinum Card holders has no withdrawal limit from Kotak and Non-Kotak ATM in india. Everything was going fine for last 1.5 year. I have been happily withdrawing cash around 10-15 times a month from Non-Kotak ATM. Suddenly they charged me with some CW Fee. Querying on that, I get to know that they downgraded my account upto five ATM transaction/Month. The reason of downgrading my account is many number of withdrawal of 300-400 INR. But still they are showing in the charges page the same unlimited Kotak and non-Kotak transaction. The link of the charges page is : http://www.kotak.com/service-charges.html
    Was this review helpful? 65
    , bangalore
    Reviewed on Dec 10, 2016
  • Kotak
    "Good overall"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I am happy with the services and response I received from Kotak Mahindra Bank for the debit card application. They contacted me and informed me all the details and the procedure as well. Since I went ahead with another bank, I cancelled my application with them. I do not wish to comment on the charges.
    Was this review helpful? 52
    , mumbai
    Reviewed on Dec 05, 2016
  • Kotak
    "KOTAK MAHINDRA CLASSIC DEBIT CARD"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I never new applying for KOTAK MAHINDRA CLASSIC DEBIT CARD will be so easy. Awaiting to open an account with KOTAK MAHINDRA & get the best previlages offered better than other banks. KOTAK BANK is doing well compared to other banks with Customer service. I have heard of the bank quite some time & eagerly waiting to have an account with KOTAK MAHINDRA.
    Was this review helpful? 34
    , bangalore
    Reviewed on Nov 30, 2016
  • Kotak
    "Very use ful site, Its very easy-to-use site Bank Bazaar i l"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    Very easy applying Very use ful site, Its very easy-to-use site Bank Bazaar i like it. Bank bazar is giving me too awesome offers and I would like to use all offers. I will tell about this to my relatives and my families and also my friends and I hope bank bazaar is giving us more offers in future. So, thanking you for this great offers..
    Was this review helpful? 40
    , indore
    Reviewed on Oct 26, 2016
  • Kotak
    "Application for debit card"
    KOTAK MAHINDRA BANK
    0.5 4.5/5 "Excellent!"
    Excellent experience on line debit card application filling application. I am not experiencing any google service it is excellent so we can purchase all in one place with our debit card so I am very much assured to open account in any bank in our computer & use any places in india so my request to all dont miss this opportunity.
    Was this review helpful? 33
    , chennai
    Reviewed on Oct 12, 2016
  • Kotak
    "Good service "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    They are require a minimum balance of 10000Rs in the account.The service provided was good with Kotak Mahindra based on the saving account maintenance.They have responded on time for the application.They have taken around 5days to respond for the application
    Was this review helpful? 84
    , nagpur
    Reviewed on Jan 28, 2016
  • Kotak
    "Wonderful service "
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have opened and commercial account with Axis Bank so I was not requiring this saving account with Kotak Mahindra.The service provided by Kotak Mahindra was very good in account maintenance.They have provided wonderful service to the customer and the rates applied was around 9%.
    Was this review helpful? 43
    , pune
    Reviewed on Jan 14, 2016
  • Kotak
    "Good bank"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had my address proof which was not belonging to my personal address .The customer service provided was all good with Kotak Mahindra.They have to improve on the terms and conditions applied by Kotak.They have to works on the proofs required because all customer will not have the required proofs.
    Was this review helpful? 49
    , new delhi
    Reviewed on Jan 13, 2016
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