Kotak’s Sankalp Savings Account Solves Cash-based Banking Needs ofRural and Semi-urban customers

Mumbai, August, 2023.

Addressing the cash-based banking needs of rural and semi-urban customers, Kotak Mahindra Bank Limited (“KMBL”/”Kotak”) announces the launch of Sankalp Savings Account that offers a host of services such as nil charges on cash deposit and withdrawal up to Rs 24 lakh annually and flexibility in account balance maintenance. In addition, Sankalp also provides special interest rates on gold, two-wheeler and tractor loans for customers in these markets.

Sankalp Savings Account has been launched with the objective to serve an emerging customers group with incomes beyond agriculture and farming.In addition to banking services, the new savings account also offers complimentary talk time and Payshop more debit card for evolving banking needs of rural and semi-urban customers.

Puneet Kapoor, President and Head – Distribution, Retail Liabilities, Kotak Mahindra Bank, said, “With deeper internet penetration and change in income avenues in non-metro cities, customers are looking forversatile banking services that are cash-based and also suit their banking needs like higher cash withdrawal limits and easing of loans. Sankalp Savings Account provides convenient banking with attractive value-added services that have been specifically curated for this customer cohort.”

Key features of the Sankalp Savings Account:

  1. A one-time benefit of Rs. 250 per unique customer who have maintained an average monthly balance of Rs. 2,500 or term deposit of Rs. 25,000 for at least 365 days
  2. 100% and 50% waiver on processing fee on Gold Loan and Two-Wheeler & Tractor Loan, respectively
  3. Payshopmore debit card with a daily ATM withdrawal limit of Rs. 40,000 on domestic ATMs and a daily purchase limit of Rs. 2 lakh;
  4. Payshopmoredebit card to cover personal accident death insurance up to Rs. 5 lakh; Lost Card Liability: up to Rs. 2,50,000 and access to everyday special offers across dining, shopping and travel.

Sankalp Savings Account, Ek Vishwas aagebadhterehne ka is an effort by Kotak Mahindra Bank to provide banking solutions that are convenient, accessible and affordable to customers in rural and semi-urban India. Opening a Sankalp Savings Account is quick and convenient, with options to digitally apply through Kotak’s website or mobile app, or by visiting any of the bank’s branches, ensuring accessibility for all customers.