Kotak Mahindra Bank Offers Monsoon Bonanza

Home loans: Special interest rate of 9.35% p.a.

Car loans: 50% waiver on Processing Fee and 100% waiver on Foreclosure Charges

Business Loans / OD: Lower rate by 1%, and 25% waiver on PF

To celebrate the long-awaited bountiful rains this year, Kotak Mahindra Bank (KMB) is presenting several tempting offers: Interest rates on home loans and business loans have been lowered; processing fees have been discounted, and foreclosure charges are being completely waived off, till September 10, 2016.

Customers can now avail home loans at a special interest rate of 9.35% p.a., and business loans/overdraft up to 1% lower interest rate with 25% waiver on processing fees. Additionally, Kotak Mahindra Prime, the 100% subsidiary of KMB, is also offering 50% waiver on processing fee and 100% waiver on foreclosure charges.

Further, on account opening, new customers will also receive gift vouchers from Club Mahindra, Pizza Hut, BookMyShow and Yatra.

Sumit Bali, Sr. EVP & Head – Personal Assets, Kotak Mahindra Bank, said, “In addition to offering 6% p.a. interest rate on savings account on balance of above Rs. 1 lakh, we have designed several loan offers for new and existing customers, for a limited period.”

“Good monsoons always translate into positive news for the country’s economy. We want customers to prosper more, through our special deals on home, business and car loans, in addition to the higher interest rate on savings account,” added Bali.

KMB’s latest campaign – Kona Kona 6% – is also celebrating the rains. After two years of drought, India is witnessing normal to excess rainfall in most parts. The national mood is upbeat, as a good monsoon promises prosperity and better agricultural output. The Kona Kona 6% TVC uses the backdrop of rains to narrate stories of prosperity from different corners of India.

Interest rates on small savings schemes such as postal savings, term and recurring deposits, National Savings Certificate (NSC), etc. saw deep rate cuts recently, and further cuts are on the anvil. The RBI too in recent times cut repo rate by 25 bps to 6.5%. In a falling interest rate scenario, KMB is committed to offer 6% interest rate on savings account balances above Rs. 1 lakh.

Established in 1985, Kotak Mahindra group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd. (KMBL).

Effective April 1, 2015, ING Vysya Bank Ltd merged with Kotak Mahindra Bank Ltd creating a Rs 2 trillion institution (consolidated). As on June 30, 2016, the merged entity – Kotak Mahindra Bank Ltd, has a significant national footprint of 1,333 branches and 2,034 ATMs spread across 674 locations, affording it the capacity and means to serve even better.

The Bank has four Strategic Business Units catering to retail and corporate customers across urban and rural India.

The Consumer Banking business offers complete retail financial solutions including a variety of savings and loan products and innovative digital solutions – Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking. KayPay is the world’s first bank agnostic instant funds transfer platform using Facebook. On the savings bank account front, the Bank offers higher interest rate at 6% p.a. for balances above Rs. 1 lakh, and provides a comprehensive suite of investment services and transactional conveniences. The Bank’s Wealth Management business is one of India’s largest and provides customized financial solutions to high net worth families.

The Corporate Banking business offers a comprehensive portfolio of products and services  – working capital financing, medium term finance, current account, trade services, cash management services, export credit, transaction banking, custody services, debt capital markets, forex and treasury services.

The Commercial Banking business offers a comprehensive portfolio of banking products and services to Small and Medium enterprises (SME) engaged in manufacturing, trading, services and export businesses. It has specialised units, which provide finance to Agri Sector, Commercial Vehicle operators and Infrastructure business. It services farmers across India by providing term loans to purchase tractors. The Bank also offers small ticket gold loans and business loans.

The Treasury contributes to the Bank’s client franchise with customised & efficient solutions for foreign exchange, bullion and investment needs.  The Treasury desks also actively manage the Bank’s investments portfolio (including short term trading), liquidity & interest rate gaps, fund flows across multiple currencies using various markets and instruments to enhance returns within conservative risk parameters.

For more information, please visit the company’s website at http://www.kotak.com/