Kotak Mahindra Bank (KMB), on Monday, announced expansion of its product suite to enable better financial savings for its customers. KMB launched two new savings products — Alpha, which combines savings and investment solutions and My Family, which 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. 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 KMB’s flagship savings accounts including Silk, Junior and Grand which are customised for women, kids and senior citizens respectively. A dedicated relationship manager is assigned to the family to advise on suitable options for financial planning.
Host of benefits
Additionally, 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.
