Kotak Neo Salary Account

1. The Neo Salary Account is a zero balance account. However, this benefit is based on the frequency of salary credits made to the account.
2. Account holders are eligible to earn an interest rate up to 6% p.a. on the deposits made to their savings accounts.
3. Kotak Mahindra's internet banking facilities are provided free of charge to account holders.
4. Account holders are eligible for purchase protection up to Rs.50,000 for purchases made on their Kotak Mahindra debit card.
5. Neo Salary Account Holders can open an investment account to redeem or make online purchases of mutual funds.
6. Customers can open fixed deposits and recurring deposits online against their salary account.
7. Customers can check their account balance through the bank's Instacheck SMS alert facility.
8. Employee reimbursement accounts can also be opened against the employee's salary accounts.
9. 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.
10. 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.
11. 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:

1. 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
2. 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:

1. Proof of identification
2. Proof of address
3. 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.