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Kotak Mahindra Bank is an Indian private sector bank headquartered

in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of


India (RBI) gave the licence to Kotak Mahindra Finance Ltd., the group's
flagship company, to carry on banking business.
It offers a wide range of banking products and financial services for
corporate and retail customers through a variety of delivery channels
and specialized subsidiaries in the areas of personal finance, investment
banking, general insurance, life insurance, and wealth management.
Kotak Mahindra Bank has a network of 1,369 branches across 689
locations and 2,163 ATMs in the country (as of 31 March 2017). In 2018,
it is the second largest private bank in India by market capitalization after
HDFC Bank.

Merger with ING Vysya Bank


In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued
at rs.15,000 crore (US$2.2 billion). With the merger, total employment
jumped to almost 40,000, and the count of branches reached 1261.After
the merger, ING Group, which controlled ING Vysya Bank, owned a 7%
share in Kotak Mahindra Bank.
Banking Accounts

There are three types of banking account:

 Savings Account
 Current Account
 Term Deposit

SAVINGS ACCOUNT

KOTAK MAHINDRA has got a variety of options of savings accounts to


choose from for its customers according to their convenience and
requirements .These savings accounts offer attractive returns along with
personalized banking services at three convenient average quarterly
balances(AQB)levels of Rs. 10000 (KOTAK EDGE SAVINGS
ACCOUNT),Rs. 20000 (KOTAK PRO SAVINGS ACCOUNT) and at
Rs75000(KOTAK ACE SAVINGS ACCOUNT).The average quarterly
balance levels as well the corresponding services and benefits try to
ensure the various customer needs and requirements.

Steps to Open a Kotak Mahindra Bank Savings


Account
 As soon as the individual applies to open a savings
account in Kotak Mahindra Bank, he/she will be required
to submit the following documents:
 Proof of identity - Passport, Driving license,
Voter’s ID card, etc.
 Proof of address - Passport, Driving license,
Voter’s ID card, etc.
 PAN card
 Form 16 (only if PAN card is not available)
 2 latest passport size photographs
 The applicant will then have to fill in the application
form. Note, all fields will be required to be filled in to
avoid rejection of the application. If one faces issues
filling in the form, he/she can contact any executive of
Kotak Mahindra Bank for assistance.
 Once the above mentioned documents are ready and
the form filled, the individual will be required to visit and
submit the form and the KYC documents at the Kotak
Mahindra Bank branch of choice.
 At the bank, the executive will verify the documents
and ensure that the name, date of birth, address and so
on in the KYC documents and what’s in the application
form match.
 Once the verification process is over, the account
holder will now have to make an initial deposit -
depending on the minimum balance requirement of the
savings account. The initial deposit can be made at the
cash deposit counter.
 Once the deposit has been made, the executive will
hand you a debit card and the relevant bank documents
with regard to the savings account.

Thus the three account opening options in savings account are as


mentioned above:
 EDGE SAVINGS ACCOUNT: Kotak Mahindra Bank´s Edge
Savings Account is a complete financial package customized to suit
individual banking needs. Its constant endeavour is to enable regular
financial transactions through online platform so that most of
payments can be made directly through your account or card.

Features & Benefits

Wide ATM access through the Kotak Mahindra Bank Debit Card

One can walk into any KOTAK or HDFC Bank ATMs to withdraw cash or
enquire balance at no extra charge!

Multiple Access Channels Access

An account through phone, mobile phone or internet to get information


about account balance or track transactions. One can even transfer funds
through Phone Banking or Net Banking.

Financial payments facilitated through the savings account

Use the free Payment Gateway to make online payments for utility bills,
credit cards, online trading of shares or even online shopping.

Quick and easy funds transfer

Quick funds transfer to a third party account with another Bank is available
across 15 locations through Net Banking. Also get a multi-city cheque book
so that money from account is received by the beneficiary in the fastest
possible time.
Free investment account

One can open an investment account, and use the Net Banking facility to
purchase/redeem mutual funds online while directly debiting / crediting your
Bank Account. Besides this you get a consolidated view of all your mutual
fund investments across schemes with updated returns status, latest NAV
information and research reports.

Attractive returns

Earn better returns in your savings account, with our 2-Way Sweep facility
that automatically sweeps out idle funds, above a threshold, from your
account into Term Deposits. These Term Deposits sweep back into your
account to meet fund requirements when your withdrawals exceed the
balance available in your account, thereby providing you maximum liquidity.

 PRO SAVINGS ACCOUNT:

Kotak Mahindra Bank´s Pro Savings Account is an account packed with


powerful features to provide a superior banking experience at a very
comfortable balance requirement. They provide a relationship manager
who will specifically take care of banking and investment needs.

 ACE SAVINGS ACOUNT:

Kotak Mahindra Bank's Ace Savings Account has been designed as a


gateway to a world of financial benefits and privileged banking transactions.
The account carries benefits ranging from personal investment advisory
services to concierge services to free banking transactions. Onewill find
that this package of services and privileges is unmatched by any other
savings account in the market.

CURRENT ACCOUNT
Kotak Mahindra Bank offers unparalleled advantages with its three Current
Account offerings. Whether small/ mid size business or an enterprise
spread across multiple locations in the country, would find a Current
Account that's just designed for you. These Current accounts offer
attractive returns along with personalized banking services at three
convenient average quarterly balances(AQB)levels of Rs. 25000 (KOTAK
EDGE SAVINGS ACCOUNT),Rs. 50000 (KOTAK PRO SAVINGS
ACCOUNT) and at Rs250000(KOTAK ACE SAVINGS ACCOUNT).The
average quarterly balance levels as well the corresponding services and
benefits try to ensure the various customer needs and requirements. With
features ranging from Free DDs, Free Cheque Collection, Free At -Par
Cheque facility to Free Trading Account & free Demat Account, and more!

Thus the three account opening options in savings account are as


mentioned above:

 Edge Current Account

In need of a well equipped bank account to keep pace in all the business
endeavors. They offer the Kotak Edge Current Account, armed with Kotak
2-Way Sweep and the entire gamut of Banking Privileges, providing that
extra edge to get ahead. The feature rich Kotak Edge Current Account is
the ideal way to make money work harder.

Features & Benefits

Multi City Banking

Current account/s with Kotak Mahindra Bank will be recognized in every


other branch. One can just walk into a Kotak Mahindra Bank branch in any
of our branches across country to satisfy all the banking needs.

2 - Way Sweep* : Term Deposit linked Current Account

Kotak 2-Way Sweep ensures that money never stops working for you. Daily
balances, above a threshold level, in Current Account are automatically
swept out into Term Deposits (TD). This 'swept out amount' is brought back
into account to meet fund requirements when withdrawals exceed the
balance available in the account (or when the account balance goes below
the specified threshold level.) With Kotak 2-Way Sweep you enjoy the twin
advantages of attractive returns & maximum liquidity.

Free Demand Drafts and Pay Orders

Enjoy the benefit of our free Demand Drafts, payable at Kotak Mahindra
Bank Branch location in India.

At-par Cheques

Get free At-par Cheques that are treated as 'local clearing' cheques across
all branch locations. All these at nominal costs.

Cheque Collection

All Outstation cheques, drawn on any of branch locations, are collected 'at
nominal charge' for you. The strong network of correspondent banks
enables us to collect cheques from 1600 locations across India at faster
speed and minimal cost

Mobile Banking and Alerts

Our Mobile Banking & Alerts service enables to access bank account on Mobile Phone. One can
access all your standing instructions (SI), any large credits or debits, available balance, balance
below AQB, any SI failure and SIs successfully executed will be intimated to you via SMS
 PRO Current Accountt
You need a well equipped bank account to keep pace with you in the ever
changing business scenario. We offer you the Kotak Pro Current
Account, armed with Kotak 2-Way Sweep, as well as an entire gamut
of Banking Privileges and 'user-friendly' Convenience Banking
facilities. The feature rich Kotak Pro Current Account is the ideal way
to make your money work harder.

Key Features
 Dedicated Relationship Manager
 Free Demand Drafts & Pay Orders>
 Free At Home Services
 Better Forex rates and Efficient Trade Services
 ACE Current Account

In the need of a well equipped bank account to keep pace with you in the
ever changing business scenario. They offer you the Kotak Ace Current
Account, armed with Business benefits and exclusive Ace Privileges and an
entire gamut of banking conveniences especially designed for you. The
feature rich Kotak Ace Account is the ideal way to make money work harder
Kotak Mahindra Bank FD Rates

Tenure Interest Rates for Regular Deposit Interest Rates for Senior Citizen

7 days to 14 days 3.50% 4.00%

15 days to 30 days 4.00% 4.50%

31 days to 45 days 5.00% 5.50%

46 days to 90 days 5.40% 5.90%

Kotak Mahindra Bank RD Rates


General utility services:
1. RBI allows certain branches to undertake foreign
exchange transactions. They are called authorized
dealers. The bank purchases and sells foreign currency at
the rate prescribed by RBI.
2. The bank enables foreign trade by issuing
letter of credit on behalf of the importer. It is a letter
of guarantee and that enables the importer to purchase
goods.
3. In the case of foreign trade or domestic
trade, bankers accept bills on behalf of
customers and make payment on the due date on
these bills. Later on, they collect from the customers.
4. In order to promote capital market and
to encourage issue of sharesboth in the primary
market and secondary market, the banker acts as an
underwriter for certain companies.
5. The bank provides safe custody of
valuables by providing safe deposit vaults. The
customers can keep their valuables such as jewels, silver
ornaments, important documents and share and
debenture certificates safely.
6. The income tax assessees can pay their income tax
through banksnotified by RBI.
7. In order to know the credit worthiness of certain
customers, the banks may act as referee. Any
third party can approach the bank to know about the
genuineness of customers.
8. In view of the development of technology, the
bank is in a better position to provide various data which
are in general interest.
9. The banks help companies to mobilize funds
in foreign marketthrough the sale of global deposit
receipt.
10. Banks undertake factoring and leasing
finance by which trade bills of customers are given
finance.
11. Issuing Travelers’ Cheques: Banks issue
travellers’ cheques to help their customers by avoiding
carrying money while traveling within India and abroad.
12. Acting as Referees: Banks are also acting as
referees and provide information as to the financial
standing, business reputation and respectability of their
customers on enquiries made by third parties.
13. Giving Trade Information: Commercial banks
collect trade information from different places within the
country and also from foreign countries and inform
customers about the feasibility of entering into such
trade.
14. Providing ATM Facility: “ATM” means
“Automating Teller Machine”. It is also known as “Any
Time Money”. 15. Issuing Credit Cards: Banks issue
credit cards to their customers to enable them to
purchase goods and obtain services on credit basis from
certain specified retail and service establishments up to a
limit and also to withdraw cash up to a specified limit
through ATM, 24 hours a day including Sunday.
16. Issuing Gift Cheques: Some banks issue cheques
of various denominations to be used on auspicious
occasions. These cheques are known as gift cheques.
17. Advising on Financial Matters: Commercial
banks also advice their customers on financial matters as
to expansion, modernization, diversification etc

Agency functions :
Agency Services or Agency functions of commercial
banks are elaborated in detail below

1. Collection of Cheques, Dividends,


Interests etc.:.
2. Payment of Subscription, Rent, Insurance
Premium etc.: 3. Conduct of Stock Exchange
Transactions:
4. Acting as Executor, Trustees, Attorneys
etc.: 5. Preparation of Income Tax Returns:
6. Conducting Foreign Exchange
Transactions:.
7. Banker acts as an agent to the customer.
8. As the customer has to pay certain periodical
payments such as monthly, quarterly, half yearly, the
banker is informed by a standing instruction.
9. As the customer may be a shareholder or debenture
holder of companies, he will be receiving dividend
warrants and interest warrants, which will be
deposited by the customer in the bank..
10.. The banker will be able to advise customers
about various investment opportunities as he
has the services of experts.
11. When customers die suddenly leaving behind minor
children, the court may appoint the banker to act as
executor of will. Similarly, in the case of certain
companies, the bank may act as trustee for their
property in the interest of creditors of the company.
12. In certain business transactions, payments are made
with the help of banks by transferring funds to different
centres..
13. In the case of foreign transactions or even domestic
transactions, the banks will undertake collection
of funds on behalf of customers.
14. Salary disbursement:.
15. On the basis of the credit worthiness of the
customer, banks issue credit card.