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Kotak Mahindra Bank expands product suite to enable better savings

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Kotak-MahindraKotak Mahindra Bank launched two new savings products ‘Alpha’ and ‘My Family’ to enable better financial savings for its customers.

Alpha combines savings and investment solutions and My Family allows families to pool their savings account balances for better collective benefits.

“Alpha is a multi-tasking savings account with an in-built investment plan. Customers have to choose at least one investment option while opening their savings account,” the bank said in an official release.

Unlike traditional products, Alpha provides unique benefits like security (through life insurance), post-retirement income (through pension), saving for short term goals (with Recurring Deposits) and optimal risk-adjusted growth (through SIP in Mutual Funds). A simple, one-time debit instruction enables hassle-free investments.

My Family addresses the collective financial needs of a family. “It is a bouquet of the bank’s flagship savings accounts including Silk, Junior and Grand which are customised for women, kids and senior citizens respectively,” the official release said.

My Family offers a host of benefits including home banking, discounts on locker rent and travel card, and various dining, health and beauty privileges. A family is required to maintain cumulative savings account average monthly balance with contributions from one or more members.
Both Alpha and My Family offer customers 6% p.a. for balance above Rs. 1 lakh in their savings accounts.

Sumit Bali, Sr. Executive Vice President & Head – Personal Assets, Kotak Mahindra Bank, said, “Our goal is to make investments for customers simple and hassle-free, as well as increase retail participation in financial products. Alpha addresses savings and investment objectives of the customer, while My Family extends benefits of customised savings bank accounts as a single package to all family members.”

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