The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel, both active and retired.
A statement from the bank said that through the Kotak salary account, all personnel of the Indian Army will get access to the full range of Kotak’s products and services including a zero-balance salary account that earns up to 4 per cent interest per annum with free unlimited ATM transactions on all VISA ATMs among others facilities.
Under the benefits, army personnel would get enhanced complimentary personal accident insurance cover, for both on-duty and off-duty incidents.
It also covers accidental death or total or partial permanent disability and provides special education benefit for children and additional girl child benefit among. It covers dependent children of up to 22 years in the event of an accident claim by the salary account holder.
It also offers exclusive benefits on loans and credit cards.
Virat Diwanji, Group President, Retail Liabilities and Branch Banking, Kotak Mahindra Bank said: “We have customised the Kotak Salary account to meet the specific needs of the army personnel and their families and we look forward to a long-standing association.”