Kotak Mahindra unveils 'Salary 2 Wealth'

New Delhi, Oct 24 (UNI) Kotak Mahindra Bank has announced the launch of its 'Salary 2 Wealth' account, which caters to the financial needs of the Indian professional.

The new product will enable young professionals to save and invest along with regular spending. The 'Salary 2 Wealth' account will be customised to meet diverse wealth management needs.

''It caters to the modern needs and goes beyond being a functional salary account. It will give customers the freedom to earn, spend freely while allowing for investment. It has been our constant endeavour in retail consumer banking to bring as much convenience into the lives of our customers, both in retail and corporate salary segments,'' said Kotak Mahindra Bank Group Head (Retail Liabilities&Branch Banking) KVS Manian said.

The 'Salary 2 Wealth' offers conventional banking services along with ease of investment with a variety of value added channels. It comprises of savings account, reimbursement account, investment account, demat account facility to transfer funds to and from the linked online trading account provided by Kotak Securities, preferential loans, office banking.

The savings account provides a range of services from funds transfer options to attractive returns earned through a comprehensive suite of investments options that can be booked through Internet through phone banking services.

The service will be available across all urban and metro branches and is aimed at making banking convenient for the retail customer.

Currently, the company manages an asset management base of 10 billion dollars.

Kotak Mahindra Bank has 134 branches spread across 92 locations in the country offering both traditional banking products and wealth management services. The bank plans to reach the 200 branch mark by mid 2008.

UNI