Business

Kotak Mahindra Bank expands its product suite

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

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.

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Printable version | Jan 28, 2020 6:57:00 PM | https://www.thehindu.com/business/kotak-mahindra-bank-expands-its-product-suite/article7625219.ece

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