Kotak Mahindra Bank to offer its Salary2Wealth account to Indian Navy

financial products to be offered at concessional rates to the Indian Navy

Kotak Mahindra Bank (Kotak), signed a Memorandum of Understanding (MoU) with the Indian Navy for offering Salary2Wealth account to all its personnel at New Delhi.  

As per the agreement , Kotak will offer its personal segment loan products – home loans, auto loans (offered by Kotak Mahindra Prime) and personal loans, at concessional rates to the Indian Navy, in addition to a special education loan programme for children of the Indian Navy personnel, said a press release issued by the bank

Currently, Kotak offers 5.5% per annum on its savings bank account for balances up to Rs 1 lakh, and 6% per annum on balances over Rs 1 lakh. Further, Indian Navy personnel will get access to Kotak’s network of 414 branches, 910 ATMs across 242 centres in India. Additionally, Kotak will also conduct sessions on financial planning for senior Navy officials across the country.