Indian private sector lender Kotak Mahindra Bank (KMB) has launched two new saving products – Alpha and My Family.
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Alpha is a multi-tasking savings account, which comprises an in-built investment plan.
Users of Alpha will have the option to select at least one investment option while opening their savings account.
The product will also offer security (through life insurance), post-retirement income (through pension), saving for short term goals (with recurring deposits) as well as optimal risk-adjusted growth (through SIP in mutual funds).
My Family, designed to facilitate a family’s collective financial requirements, is a consolidation of the bank’s flagship savings accounts such as Silk, Junior and Grand tailored for women, kids and senior citizens respectively.
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By GlobalDataThe family is assigned a dedicated relationship manager to advise them on relevant financial planning options.
Besides, the product enables home banking, discounts on locker rent and travel card, as well as various dining, health and beauty benefits.
A family needs to maintain cumulative savings account average monthly balance with contributions from one or more members.
Both the savings products provide 6% per annum to customers for balance above INR100,000 ($1,496.50) in their savings accounts.
KMB senior executive vice president and head – personal assets Sumit Bali 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."
