Kotak Mahindra Bank plans to open 50K 'Kotak Junior' A/cs

New service introduced around a month back has received a good response, says bank Executive VP Mahesh Balasubramanian

Private sector Kotak Mahindra Bank has opened close to 6,000 bank accounts under its new 'Kotak Junior' saving accounts programme for children and plans to open 50,000 such accounts in future.

"The new service introduced around a month back has received a good response and we have so far opened nearly 6,000 banks with different branches and plan to open 50,000 accounts in near future," the bank's Executive Vice-President Mahesh Balasubramanian told reporters here today.

"We are encouraging children to save from an early age. Guardian need to have their account to open the account of children. Additionally, we have also launched a 10-year recurring deposit intended to provide a long term financial saving programme for children," he said.