The Kotak Mahindra Bank on Thursday announced the launch of a specially designed savings bank account for children ‘Kotak Junior’ to encourage them take to saving habits smartly at an early age.
‘The 'Kotak Junior' offering for children is in the age group of 0 to 18 years. The account comes with a feature like 'My Junior Card'. Additionally, the Bank also launched a 10-year ‘Recurring Deposit’ intended to provide a long-term financial savings programme for children’, Puneet Kapoor, Executive Vice President (Consumer Banking), Kotak Mahindra Bank told reporters here on Thursday.
He said that the parents of children can now build a long-term savings corpus for the child as they can easily deposit money at regular intervals and invest those in Recurring Deposit while even having the facility of investing in a Systematic Investment Plan (SIP) and mutual funds with the new savings bank account launched for children. 'The bank recently also tied up with Western Union for facilitating domestic money transfer from anywhere in the country.'
On the bank’s Chhattisgarh network, Kapoor said that it currently has 7 branches in the State. later, Kapoor told The Pioneer that the bank has applied to the Reserve Bank of India (RBI) for opening more branches in Chhattisgarh .
We are awaiting a green signal from the RBI to start opening more branches in Chhattisgarh , he said.
On the issue of falling rupee value against the US dollar, Kapoor commented : ‘We are waiting and watching’.