Kotak Mahindra Bank Expands its Product Suite, Launches Alpha and My Family

Kotak Mahindra Bank, today, announced expansion of its product suite to enable better financial savings for its customers. KMB launched two new savings products – Alpha, which combines savings and investment solutions and My Family, which allows families to pool their savings account balances for better collective benefits.

Alpha is a multi-tasking savings account with an in-built investment plan. Customers have to choose at least one investment option while opening their savings account. Unlike traditional products, Alphaprovides unique benefits like security (through life insurance), post-retirement income (through pension), saving for short term goals (with Recurring Deposits) and optimal risk-adjusted growth (through SIP in Mutual Funds). A simple, one-time debit instruction enables hassle-free investments.

My Family addresses the collective financial needs of a family. It is a bouquet of KMB’s flagship savings accounts including Silk, Junior and Grand which are customized for women, kids and senior citizens respectively. A dedicated relationship manager is assigned to the family who advises suitable options for financial planning. Additionally, My Family offers a host of benefits including home banking, discounts on locker rent and travel card, and various dining, health and beauty privileges. A family is required to maintain cumulative savings account average monthly balance with contributions from one or more members.

Both Alpha and My Family offer customers 6% p.a. for balance above Rs. 1 lakh in their savings accounts.

Sumit Bali, Sr. Executive Vice President & Head – Personal Assets, Kotak Mahindra Bank, said, “Wealth creation should be the fundamental outcome of any savings and investment programme. Although most customers are keen to invest, they tend to avoid or delay such decisions due to inertia, lack of knowledge, complexity of available products etc. Our goal is to make investments for customers simple and hassle-free, as well as increase retail participation in financial products. Alpha addresses savings and investment objectives of the customer, while My Family extends benefits of customised savings bank accounts as a single package to all family members.”

Alpha and My Family strengthen KMB’s product portfolio that offers complete retail financial solutions including a variety of savings and loan products and innovative digital solutions.