What is Kotak Mahindra Bank And How to Open Kotak Mahindra Bank Salary Account?

Kotak Mahindra Bank offers banking products and financial services to all customers. It is a private sector bank. The headquarter of this bank is located in Mumbai, Maharashtra. The license to this bank was issued in February 2003 by the Reserve Bank of India. As revealed in a report in the year 2019, it became the second-largest private sector bank in India by market capitalization. It provides service, to its customer, in the areas of investment baking, life insurance, personnel finance, and wealth management. The bank was founded in the year 1985 by Uday Kotak.

There are many types of bank account opened in Kotak Mahindra bank. Among these categories, a type exists named as Kotak Mahindra Bank Salary Account. A salary account is an account that is being opened at the request of some corporation or major companies. It is developed for paying salaries to their employees. When there is time to pay, an employee, the respective amount is being taken out from the account of the company. The amount taken out of the company’s account is then deposited to the salary account of the employees. All amount is settled to the employee’s salary account equally. The Kotak Mahindra Bank salary account provides a perfect balance of between the organization and its employee. Feature given my salary bank includes the number of services and benefit like, minimum balance required, easy fund transfers, etc. Besides this, a user has complete access to the various banking features like a direct link to their money and another transaction facility.

Steps involved in the opening of Kotak Mahindra bank salary account

Anyone can open a salary account in Kotak Mahindra bank by either visiting the nearby branch or by applying online. Steps involved in an opening account online are:

1. Open the browser and go to the official website of Kotak Mahindra bank. Under the option, ‘Explore Products’, choose the option of ‘Corporate Salary Accounts’.
2. On the page that appears, select the salary account that you want to open. After choosing it, click on the ‘Apply Now’ option given on the page.
3. A redirected page will appear where you need to fill some details and when you are done click to ‘submit it’ tab.
4. When all these procedures are done, you get our account number then and there only.
5. Finally, you may get a call for some formalities by a representative of the bank.

In case you want to open a salary account via offline mode. Visit the nearest bank with some documents, namely, Application form (you will get it in a bank account), Proof of Identity (Aadhaar card, pan card, etc.), address proof, and photographs of passport size. After filling the form submit it to the bank with self-attested documents of the KYC documents.

Types of Salary Account offered by Kotak Mahindra bank

There are four types of corporate salary account offered by Kotak Mahindra bank to cater to the various need of salaried classes. These four types are:

1. Edge Salary Account
2. Platina Salary Account
3. Neo Salary Account
4. Ace Salary Account

All these types its own significance.

Interest Rate offered by Kotak Mahindra Bank Salary Account

Different rates are offered depending on the amounts. For the amount less than 1 lakh, it is 5.00% p.a. and between the range of 1 lakh and 1 crore it is 6.00% p.a. and for an amount more than 1 crore, it is 5.50% p.a.