KMB to add 100 branches this fiscal

As the savings bank balance increased 45% y- o- y, the bank also added 1.5 lakh customer accounts during the first three months of the fiscal

Kotak Mahindra Bank (KMB) will add 100 branches to its present 450 during the current fiscal, a top KMB official said today.

As the savings bank balance increased 45% year- on- year, the bank also added 1.5 lakh customer accounts during the first three months of the fiscal, Virat Diwanji, Executive Vice President and Head, Branch Banking, KMB, told reporters here.

Launching its specially designed savings bank account for children, 'Kotak Junior', Diwanji said it is meant to encourage children to save smartly from an early age.

He said parents can also avail tax exemption of up to Rs 1,500 in minor's income on Savings Account, in addition to tax benefits of Rs 10,000 under the Income Tax Act.

Stating that the bank will open five additional branches in Tamil Nadu, which has 1.25 lakh customer base, he said deposits in Tamil Nadu increased 40% to over Rs 2,150 crore, while savings account deposits increased 33% to Rs 350 crore as on June 30.