Reported by: banking|Updated: July 20, 2021
Kotak Mahindra Bank has entered into a memorandum of understanding with the Indian Navy for salary accounts of naval personnel. The MoU enables the bank to offer its Salary Account proposition to all personnel of the Indian Navy – both serving and retired. The bank will also offer special Salary Account benefits to the Indian Navy. At the formal function in New Delhi, Commodore Neeraj Malhotra, (Commodore Pay and Allowances) Indian Navy and Parminder Varma, Business Head – Corporate Salary, Kotak Mahindra Bank, completed the formalities of the MoU. Through the Kotak Salary Account, all personnel of the Indian Navy will get access to the full range of Kotak’s products and services including a zero-balance salary account that earns up to 4% interest p.a. with free unlimited ATM transactions on all VISA ATMs and Anywhere Banking across the bank’s network of 1,604 branches and 2,598 ATMs across India.