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Kotak Mahindra Bank signed MoU with Indian Army

Published on March 07, 2021
Current Context: India’s private sector bank, Kotak Mahindra Bank has signed MoU with the Indian Army.
Kotak Mahindra Bank signed MoU with Indian Army
  • The MoU was signed to provide a salary to the accounts of all active and retired army personnel.
  • The bank will also provide additional benefits to the army personnel.
  • This MoU will enable the bank to offer its products and services to the active and retired Indian army personnel.
  • The zero balance salary account of army personnel will earn an interest of upto 4% per annum.
  • The bank will also offer free unlimited ATM usage on all VISA ATMs.
  • Also, a complimentary personal accident insurance cover for on-duty and off-duty incidents will be granted to army personnel.
  • The bank will offer educational benefits for the salary account holder’s children up upto age 22 years for the case of an accident claim.
  • Zero processing fees will be charged for loan filing, unlimited cheque book facility, best in class rates Demat accounts will be offered by Kotak Mahindra Bank to the army personnel.
  • Static Part: 
    • HQ of Kotak Mahindra Bank: Mumbai
    • Tagline of Kotak Mahindra Bank: Let’s Make Money Simple


Q.1 Which bank signed MoU with the Indian Army for salary accounts?
a. Axis Bank
b. Karnataka Bank
c. Kotak Mahindra Bank
d. State Bank of India

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