Kotak Mahindra Bank

 

 

Kotak Mahindra Bank is the banking subsidiary of the Kotak Mahindra group, a reputed Indian financial organization. It is one of the leading private sector banks in India. The bank has earned a name for itself providing integrated financial solutions to both corporate and retail customers.[br]

 

Kotak Mahindra Bank was established in the year 2003 when the Reserve Bank of India (RBI) granted a banking license to Kotak Mahindra Finance Ltd. It was the first financial organization in India to convert into a banking institution.

 

The bank has its headquarters at Mumbai, the financial capital of India. It has presence in over 300 town and cities in India, including all major business centers. The bank has overseas operations as well, with branches in Dubai, London, Mauritius, New York and Singapore. As of 2008, the bank catered to almost 2.6 million customers worldwide. At the end of the financial year 2008-09, the bank had total deposits of Rs. 15,000 crore. It earned a net profit of Rs. 276 crore in the given financial year.

Kotak Mahindra Bank: Services

Kotak Mahindra Bank classifies its wide array of services in three different sections – personal banking, business banking and Non Resident Indian (NRI) banking.

 

Their personal banking services are meant for retail customers who can meet the financial criteria established by the bank. Services offered to personal banking customers include:

• Deposits – Recurring deposits, fixed deposits and savings

• Loans – Home loan, car loan, personal loan and loan against property

• Investments – Demat account, mutual funds, insurance and gold

• Cards – Credit cards, ATM-cum-debit card

 

In business banking, they cater to both small to medium enterprises (SMEs) and larger corporate clients. Kotak Mahindra specializes in customized products and services as per the requirement of each business. Business banking includes:

• Current accounts

• Working capital and structured finance products

• Treasury products

• Investment products

• Fixed income products[br]

 

Products and services available to NRIs include:

 

• Savings and deposits

• Wire and cheque transfers

• Investment

• Home loans

 

Kotak Mahindra Bank also offers convenience banking services which include net banking, mobile banking and phone banking through customer care.