Kotak Mahindra Bank InstillsEarly Savings Habit InChildren
* Launches ‘Kotak Junior’ savings bank account for children
* Introduces 10-year Recurring Deposit for long term financial savings for children
* Associates with Indian Idol JuniorasSponsor, and presents new television commercial
Raipur, August 22, 2013: Kotak Mahindra Bank(KMB) today announced the launch of a specially designed savings bank account for children – ‘Kotak Junior’ to encourage them to save smartly from an early age. Kotak Junior offering is for children in the age group of >0-18 years. The accountcomes with several unique features like My Junior Card, and exciting offerswhich appeal to the young audience.Additionally, KMB also launched a 10-year Recurring Deposit, intended to provide a long term financial savings programme for children.
With the new savings bank account for children – Kotak Junior, parentscan now build a long term savings corpus for the child. Through Kotak Junior, parentscan easily deposit money at regular intervals, invest those in Recurring Deposits, and even have a Systematic Investment Plan (SIP) into mutual funds.
Further, parents can also avail tax exemption of up to Rs. 1,500 on Minor’s income on Savings Account U/s 10 (32) in addition to tax benefits of Rs. 10,000 U/s 80 TTA of Income Tax Act.
KMB is a sponsorof the popular talent show for children ‘Indian Idol Junior’. The new television commercial of KMB highlights how today’s children are conscious about saving money.
Puneet Kapoor, Executive Vice President, Kotak Mahindra Bank said,“We are delighted to launch Kotak Junior – a savings bank productwhich enables parents to plan a long term savings program for their child. Our long term Recurring Deposits, Term Deposits, SIPs, etc. ensure regular and hassle free savings for a bright future for their children. We are providing them a platform to channelise their habit of saving money.”
Kapoor added, “In line with the spirit of our customised value proposition for the child and to convey this message to a wider audience nationally, we have associated with Indian Idol Junior, and our new commercial communicates the message how today’s children are smarter in understanding money.”
About Kotak Mahindra Bank
Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank offers complete retail financial solutions for varied customer requirements. The Savings Account goes beyond the traditional role of savings and provides a range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. The Bank also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. One can purchase, redeem, switch and even make systematic investments in Mutual Fund Schemes of over 20 Indian Mutual Fund houses. All this can be availed through Internet or phone banking services. The Bank also offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the Business Community, Kotak Mahindra Bank offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities. Kotak Mahindra Bank has over 450branches and over 969 ATMs spread across 265locations in the country. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work.