Kotak Mahindra Bank is a new competitor in the banking sector compared to the other banking giants like ICICI and SBI in India. This bank came into limelight after it became the first bank to offer a 6% rate of interest on few of its savings accounts. The bank offers impeccable personal as well as NRI banking services in India. It is also known for offering wealth management services as well as wholesale banking services like insurance and loans.
Here, we shall discuss the various debit/credit cards, loans, insurances as well as savings accounts offered by the bank.
Credit Cards offered by Kotak Mahindra Bank
- This credit card lands under the lifestyle credit cards bracket offered by Kotak Mahindra Bank. It offers benefits on lifestyle purchases and bills like dining and entertainment.
- You can avail reward points when you spend on shopping and other utility bill payments via this credit card.
- These reward points are accumulated and are redeemable against air miles, mobile recharges as well as shopping for merchandise.
- You get access to the premium Taj Epicure membership with this card that entitles you to dining benefits at Taj Hotels and Resorts in India.
- You also get access to the premium airport lounge with this card as a complimentary benefit.
- This card falls under the dining and entertainment cards category of credit cards offered by Kotak Mahindra Bank.
- This card offers you 2 free PVR movie tickets every month for your favourite show in case you spend 10,000 Rs. or more every month.
- This card is protected against fraudulent usage and offers protection for up to 75,000 Rs. of usage once reported stolen/lost.
- You also get access to free add-on cards with this credit cards to avail additional benefits.
- You can earn up to 8 times the normal amount of rewards on spending every 150 Rs. with this card one special categories. These special categories include spends on Tours and Travels agencies, airlines and flight ticket booking, electrical purchases, purchases at departmental stores.
- You also get access to a free movie voucher worth Rs. 500 on first registering this card.
- You can also get the benefits of cheque pickup with this card in which a bank official will come to your doorstep to collect the cheque for bill payment of this credit card.
- You also avail benefits of fuel as well as railway surcharge waivers with this credit card.
- This card is perfect for people who wish to make a fashion statement with this card since it allows them to get a unique hand-crafted illustration of a portrait picture on the card.
- This card features a higher spending limit and a minimum credit limit of 10 lakh Rs
- You also get invitations to the world’s most premier events and shows with this credit card.
- You also get benefits of 2 complimentary PVR movie tickets every month with this credit card.
- You get access to the domestic airport lounge while waiting for your flight at an airport.
- Kotak Mahindra Bank also offers the perks of emergency card replacement within 24 hours of losing the card across the globe.
- The Essentia Platinum credit card offers various shopping benefits to the card holder.
- You get access to 10 shopping points on spending every 100 Rs. with this card. The value of each shopping point is 1 Re.
- You can avail a cash back benefit of up to 500 Rs. a month with this credit card.
- You can avail up to 12 PVR movie tickets every year with this credit card.
- You can claim your reward points within 3 months of the time that they get credited to your account.
Loans offered by Kotak Mahindra Bank
- Kotak Mahindra Bank offers a car loan for new as well as used car purchases.
- Margin Money Scheme
- Step Up Scheme
- Low EMI Balloon Scheme
- Advance EMI Scheme
- You can repay your car loan amount within a period of 12 months to 7 years.
- The bank guarantees a quick loan processing time and it reverts to you with the loaned amount within 48 hours of filing the application.
The schemes offered under the used car loan plan include,
- Pre-approved car loan
- Preferred segment loan
- Approve your own loan
- Cash against your car
- You can avail a personal loan worth 50,000 Rs. to 15 lakh Rs. from the bank at any time.
- The repayment period of the personal loan offered by Kotak Mahindra Bank can go from a period of 12 to 60 months.
- The interest rate of a personal loan can go from 11% to 24% depending upon the loaned amount, the repayment period and the credit history of the individual.
- The bank charges 2.5% of the total loaned amount as the processing fee for the personal loan.
- The bank accepts the repayment of the loaned amount in various methods including cheque, demand draft as well as internet banking.
- The bank offers home loans under the following different plans/schemes,
- Kotak Flexi Home loan
- Kotak Fixed Deposit Linked Home loans
- Kotak Home Improvement loans
- Home loan balance transfer services
- Home loan for NRI applicants
- An individual can acquire a loan of up to 80 – 90% of the total value of the house.
- The repayment period for a home loan can extend up to a period of 20 years at a time.
- Kotak Mahindra Bank offers a home loan at a moderate rate of interest at 14.5% per annum.
- You can approve a bank loan of up to 10 lakh Rs. for education within India and up to 20 lakh Rs. for education, overseas.
- The bank offers a quick approval feature for the individual to complete his admission process at a university of his/her choice.
- The bank also offers an education loan for vocational education and training of professionals to enhance their skills.
- In case you are a student, your parent/guardian signs the loan contract as a co-borrower.
- You can acquire a high amount loan of up to 3 crore Rs. from the bank on placing a property that you own as a collateral. The minimum loaned amount for this category is 10 lakh Rs.
- The loan against property is usually obtained for a tenure of maximum 12 years.
- The bank offers both floating interest as well as fixed interest rates for loans.
- The interest rate for a loan against property can go from 9.75% to 13%.
Insurances offered by Kotak Mahindra Bank
Kotak Mahindra Bank offers a variety of insurance types to its valued customers. You can avail the following types of insurance schemes from the bank.
- This insurance scheme is further classified into the following types,
- Pradhan Mantri Suraksha Bandhan Scheme
- Anyone between the ages of 18 and 50 can apply for this insurance policy.
- The policy period requires an annual renewal at a small renewal fee at 330 Rs. per annum. This balance is automatically debited from the policyholder’s account every year.
- The policy offers a risk coverage of 2 lakh Rs. in case of the early demise of the policyholder.
- The policy insures the individual till he/she attains the age of 50 years.
- Pradhan Mantri Jeevan Jyoti Bima Yojana
- Anyone between the ages of 18 and 70 can apply for this insurance policy.
- The policy period requires an annual renewal at a small renewal fee at 12 Rs. per annum. This balance is automatically debited from the policyholder’s account every year.
- The policy offers a risk coverage of 2 lakh Rs. in case of the early demise or permanent disability of the policyholder. The policy also offers 1 lakh Rs. in case of loss of function in one hand/foot/eye.
- The policy insures the individual till he/she attains the age of 70 years.
- Pradhan Mantri Suraksha Bima Yojana
- Three different schemes fall under the Pradhan Mantri Suraksha BimaYojna, namely,
- Jeevan Suraksha Gift Cheque
- Suraksha Deposit Scheme
- Jeevan Suraksha Deposit Scheme
- The general insurance scheme is further classified into,
- Kotak Health Care
- This policy covers the cost of in-patient treatment of the policy holder in case of a disease/illness.
- It also covers the expenses of day care treatment in case of paralysis.
- This policy is one of a kind since it provides a free health check-up benefit to the policyholders.
- It allows the policyholders to carry out cashless transactions at over 4000 different hospitals in the country.
- Kotak Car Secure
- This insurance scheme allows you to carry out a cashless servicing and repair of the insured vehicle at over 350 garages throughout the country.
- The insurance scheme offers discounts to members of the AAI (Automobile Association of India) for the premium amounts.
- You can avail several add-ons to your insurance policy like roadside assistance, depreciation cover, engine protection, etc. for asmall fee.
- Kotak Secure Shield
- The Kotak Secure Shield is a type of health insurance cover that protects the policyholder and his/her family against several illnesses and diseases.
- This policy covers the financial expenses incurred for treating 18 different types of critical illnesses.
- This insurance policy also doubles up as a personal accident benefit, child education benefit, as well as loss of job benefit scheme.
Savings Accounts offered by Kotak Mahindra Bank
- This account offers a 25% discount on the locker rentals at the bank branch.
- You can open this new account with a minimum balance of 2,000 Rs.
- This account offers a 15% discount on the locker rentals at the bank branch.
- You can avail the benefits of a debit card, passbook, cheque as well as internet banking for free with this account.
- This account comes with the option to avail a free Platinum International debit card that features a spending limit of 2 lakh Rs. per day.
- You can avail the benefits of a passbook, cheque as well as internet banking for free with this account.
- You need to maintain an average monthly balance of 50,000 Rs. per month to operate this account.
- This account comes with the option to avail a free Platinum International debit card that features a spending limit of 2 lakh Rs. per day.
- You get access to a classic debit card with this account with a withdrawal limit of 50,000 Rs. and a shopping limit of 1.5 lakh Rs. a day.
- You need a minimum starting balance of 5,000 Rs. to open a new Nova Savings account.
Debit Cards offered by Kotak Mahindra Bank
- Access to a free priority pass to over 900 different VIP airport lounges.
- Unlimited withdrawal facility at ATMs all over the country.
- Access to a free priority pass to over 900 different VIP airport lounges.
- Get access to a lost card liability protection for up to 4 lakh Rs.
- Get a free complimentary insurance coverage worth 24.5 lakh Rs. with this debit card.
- You also get the access to a 2.5% fuel surcharge waiver on paying for fuel recharge through this card
- Get a free complimentary insurance coverage worth 24.5 lakh Rs. with this debit card.
- You can spend up to 2 lakh Rs. or withdraw up to 50,000 Rs. in cash using this card.