Kotak Mahindra Bank on Tuesday announced the launch of 'Sankalp Savings Account' that offers nil charges on cash deposit and withdrawal up to Rs 24 lakh annually and flexibility in account balance maintenance. In addition, Sankalp also provides special interest rates on gold, two-wheeler and tractor loans for customers in these markets, the lender said.

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"Sankalp Savings Account has been launched with the objective to serve an emerging customers group with incomes beyond agriculture and farming. In addition to banking services, the new savings account also offers complimentary talk time and Payshopmore debit card for evolving banking needs of rural and semi-urban customers," it said.

Key features of the Sankalp Savings Account:

A one-time benefit of Rs 250 per unique customer who have maintained an average monthly balance of Rs 2,500 or term deposit of Rs 25,000 for at least 365 days.

100 percent and 50 percent waiver on processing fee on gold loan and two-wheeler and tractor Loan, respectively.

Payshopmore debit card with a daily ATM withdrawal limit of Rs 40,000 on domestic ATMs and a daily purchase limit of Rs 2 lakh.

Payshopmore debit card to cover personal accident death insurance up to Rs. 5 lakh. Lost Card Liability of up to Rs 2.5 lakh and access to everyday special offers across dining, shopping and travel.

For opening the account, customers can apply through Kotak's website or mobile app, or by visiting any of the bank's branches.

(Edited by : Anshul)

First Published:Aug 29, 2023 3:54 PM IST