Kotak Bank opens Rajkot branch

Kotak Mahindra Bank on Wednesday opened its fifth branch in Gujarat in Rajkot.

The branch, located at Yagnik road near Race Course, was inaugurated by Uday Kotak, executive vice-chairman and managing director, Kotak Mahindra Bank.

Kotak said: "We will offer the best investment opportunity with national and international presence for the people in Rajkot. We are consolidating and expanding our national presence. Gujarat is a key market for us. This branch will strengthen our presence in the state."

"We have two branches in Ahmedabad, Vadodara, and Surat. We have now a network of 20 branches nationwide," he said.

The Kotak Mahindra Bank, with presence in 60 cities of the country, has posted a group net worth of Rs 1,550 crore in last fiscal year.

"We want to take banking to a different level. Our specialty will be personalised investment advice that is aimed at helping customers to manage their wealth. Our wealth managers, with proprietary techniques, will provide personalised investment advice to customers on products ranging from mutual funds to insurance and equities," said Kotak.

In addition to investment advisory services, Kotak Mahindra Bank customers can benefit from the attractive features of its bank accounts.

Customers will get cash delivered at their doorstep through the free home banking facility. When on the move, they can use their Visa-affiliated global debit card to access their accounts free of cost.

The bank has tied up with Visa Worldwide to provide a globally valid debit card, which is accepted in more than 56,000 companies across India and over 10 million establishments worldwide.

"Our customers will get free Visa debit card with their account, which will allow them to access their account free of cost at any of the bank's Visa automated teller machines," Kotak said.

"Our focus will be on small and medium entrepreneurs with good bankable schemes," he said.

Customers, especially current account holders, can benefit from other features like electronic fund transfer that allows transfer of funds to a third-party account in other banks.

"The bank will offer round-the-clock ATM facility to its client. The bank has also tied up with UTI Bank in cities where it does not have its own branch," said Amul Sharma, branch manager, Kotak Mahindra Bank.