Urban Money

Kotak Bank

Kotak Bank
4.5

Kotak Mahindra Bank is an Indian financial service company whose headquarter is located in the city of Mumbai, India. The bank offers several financial services and banking products to both retail and corporate customers. These customers belong to the field of personal finance, investment finances, management of wealth and life insurance. The financial institution is the third-largest private sector banking institution in the country by both capitalisation and assets as of November 2021.

Products offered by Kotak Bank

  • Home Loan
Loan Amount:₹1L - ₹1Cr
Interest Rate:7%
Processing Fee:0.5% - 1%
Tenure:20 Years
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  • Personal Loan
Loan Amount:₹50K - ₹25L
Interest Rate:10.25%
Processing Fee:Up to 2.5%
Tenure:5 Years
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  • Loan Against Property
Loan Amount:₹10L
Interest Rate:7.25% - 11.5%
Processing Fee:Up to 2%
Tenure:12 Years
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  • Business Loan
Loan Amount:₹3L - ₹75L
Interest Rate:16% - 19.99%
Processing Fee:Up to 2%
Tenure:5 Years
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ProductsInterest RateProcessing FeeLoan Amount/Tenure
Home Loan

7%

0.5% - 1%

₹1L - ₹1Cr

Tenure(1 - 20 Years)

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Personal Loan

10.25%

Up to 2.5%

₹50K - ₹25L

Tenure(1 - 5 Years)

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Loan Against Property

7.25% - 11.5%

Up to 2%

₹10L

Tenure(Up to 12 Years)

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Business Loan

16% - 19.99%

Up to 2%

₹3L - ₹75L

Tenure(1 - 5 Years)

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Features and Benefits of Kotak Mahindra Bank

  • Instant bank account opening using Aadhaar details and e-KYC verification method
  • No commitment to managing the minimum balance
  • Earn up to 4% interest per annum.
  • Single touch Kotak banking solution
  • Option to avail a virtual debit card
  • Purchase limit of INR 2.5 lakhs daily
  • Free availability of multi-city cheque book
  • Scan and pay in-store purchase feature
  • No maintenance fees on the 811 account
  • Speed clearing cheque collection
  • Personalized design on the debit card
  • Lost card liability-free insurance
  • 24×7 assistance by the bank

Overview of Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian financial service company whose headquarter is located in the city of Mumbai, India. The bank offers several financial services and banking products to both retail and corporate customers. These customers belong to the field of personal finance, investment finances, management of wealth and life insurance.

The financial institution is the third-largest private sector banking institution in the country by both capitalisation and assets as of November 2021. Kotak Mahindra Bank has established around 1603 branches and 2573 ATMs across India as of December 2020.

In 1985, Kotak Mahindra was founded by Uday Kotak, one of the top Indian bankers. Kotak Mahindra Finance Ltd. (the flagship organisation of the group) received a banking licence in February 2003 from the Reserve Bank of India (RBI). KMFL became the first non-banking organisation to get converted into a bank in India after receiving a banking licence.

In the year 2014, Kotak Mahindra launched several social media and digital innovative solutions such as KayPay and JIFI. In the same year, Kotak became the world’s top 500 banks, ranked at number 245 with ratings of AA+ and brand value of around US$ 481 million.

Mission and Vision

Kotak aims to provide their customers with the best possible customized financing solution and deal with the benefits of being associated with the global Indian financial brand. The brand has created an ethos of trust across and beyond the borders of India. With its detailed, simple and modest staff, it delivers outstanding financial performances and promises to continue it in the upcoming future.

Services by Kotak Mahindra Bank

The range of services and products offered by Kotak Mahindra Bank are:

Accounts Deposit Loans Cards Investments Insurances

Accounts

The wide network of Kotak Mahindra branches and 24×7 availability of ATMs around India makes accounts easily accessible and convenient for the customers. Below are the following accounts offered by Kotak Bank:

811 Digital Bank Account Current Account
Savings Account Corporate Salary Account
Bank + Demat + Trading Account Retail Institutional Accounts
Safety Deposit Locker NRI Savings Account

Deposit

The range of deposits offered by Kotak Mahindra Bank is safe for depositing funds for the future of customers. Below listed are the range of deposit services by the bank.

Fixed Deposit Tax Saving Deposit
Recurring Deposit Sweep-in Facility
Senior Citizen Fixed Deposit Deposit Calculator Service

Loans

The quick disbursal of loans by the bank helps in suiting the needs of every individual. Here is the list of various loans services offered by the Kotak Mahindra Bank.

Car Loan Home Loan
Payday Loan Personal Loan
Loan Against Securities Loan Against Property
Gold Loan Smart EMI Service

Cards

Kotak Mahindra cards come with a range of privileges. To make payments and availing rewards on expenses easy for customers, the bank offers numerous card services. 

Debit Cards Credit Cards
Debit Cards Services Credit Cards Services
FASTag/Forex/Prepaid Cards Report Lost Card
Generate PIN for all Cards Gift Card Balance Inquiry

Investments

With Kotak Mahindra investments, the customers save and accumulate funds even on rainy days.

Mutual Funds Portfolio Management Service
Sovereign Gold Bond Scheme Demat Account
Kotak ASBA Facility National Pension System
Bank + Demat + Trading Account Tax Saving Options

Insurance

The bank makes their customers future-ready with the various insurance schemes.

Life Insurance Health Insurance
Motor Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Suraksha Bima Yojana Atal Pension Yojana

Subsidiaries and Associates of Kotak Mahindra Bank

The major subsidiaries of Kotak Mahindra Bank are as follows: 

  • Kotak Mahindra Investments
  • Kotak Mahindra Capital
  • Kotak Mahindra Prime
  • Kotak Securities
  • Kotak Mahindra General Insurance
  • Kotak Mahindra Life Insurance
  • Kotak Investment Advisors
  • Kotak AMC
  • Kotak Capital Company

Kotak Mahindra Bank Contact Details

The different Kotak Mahindra team contact details are as follows:
Kotak Contact Number Finance Team Team Working Window
1860 266 2666 Personal & Home Loan 24×7
1860 266 0811 811 9:30 AM to 6:30 PM (excluding Sundays and other holidays)
1860 266 2666 Bank and Credit Card 9:00 AM to 7:00 PM (excluding Sundays and other holidays)
1800 209 0000 Fraud or any unauthorised transaction via the credit card or in the account 24×7

E-Mail Contact Details for Kotak Mahindra Teams

Kotak Securities [email protected]
Kotak General Insurance [email protected]
Kotak Life Insurance [email protected]
Kotak Car Finance [email protected]
Kotak SME Banking [email protected]
Kotak credit cards [email protected]

Kotak Mahindra Headquarters Address

27 BKC, C 27,  G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How can I open a Kotak Bank account online?

You can easily open a Kotak 811 account online through the official website of Kotak Bank or via their mobile banking app. Regardless of the chosen mode, you just have to proceed with the registration procedure. Enter your Aadhaar details, PAN number and some additional information to make the procedure quick and seamless. Set up your mobile banking PIN so that you can immediately start using the Kotak Bank account.

Why do I need to add a nominee to my account?

Adding a nominee is considered smart when it comes to banking and associated services. In the occurrence of an unfortunate event, the account funds are transferred to the nominee with utmost ease without extensive paperwork. However, it is not mandatory to add a nominee. If you are not willing to add a nominee, you get the option to mark ‘I don’t wish to add a nominee’ specifically while opening a new account. You can also add nominees later if you want.

How to activate Kotak Bank Mobile Banking?

You can easily activate your Kotak Bank mobile banking facility through its official mobile application. Authenticate your account through your CRN or debit card pin and create a 6 digit mPIN for the app. After successful activation, you will receive a confirmation message on your registered mobile number.

How can I convert my normal Kotak savings account to an 811?

If you want to convert your regular Kotak savings account to a Kotak 811 account, you will have to verify your KYC details. Book your KYC appointment through the Kotak Bank MobileBanking App. After receiving your request, the bank executive will visit your place to initiate KYC verification.

What are the features of Kotak 811?

Kotak Bank offers foremost banking services to its customers through Kotak 811 – a complete Digital Bank Account. Kotak 811 provides numerous features for the customers, including a 4% of interest rate on account balance, a virtual debit card facility, no-cost online fund transfer through NEFT and IMPS, no minimum balance commitment and much more.

Can I hold my account jointly with another applicant?

No, you cannot hold your Kotak 811 account jointly with another applicant. It is intended specifically for individual users and, thus, cannot be held jointly.

How can I know my Kotak Bank IFSC code?

Your Kotak Bank IFSC code is present on every page of your cheque book, front page of your passbook and bank statement. You can also get your IFSC code specific to your bank branch through the overview section present in the NetBanking and MobileBanking tab of the official website.

What is an MPIN and why do I need to set one?

An mPIN is a numeric code that you will have to enter while making mobile transactions. In Kotak Bank, the mPIN is of 6 digits and you need to set one to secure your account transactions.

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