NEWS & ADVICE : SAVINGS ACCOUNTS
Kotak Mahindra bank launches a new ‘Junior’ savings, RD accounts
By Neelima Shankar
Jun 21, 2013
Print    Email    RSS   

Private sector lender, Kotak Mahindra Bank has launched a savings account for children up to 18 years of age. It has also rolled out a 10-year recurring deposit (RD) for long term financial planning.

The interest rates on savings accounts for children and on the RD would be same as being currently offered on general savings bank accounts and fixed deposits, respectively.

Currently, the Kotak Bank offers 5.5 per cent interest on savings account balances of up to Rs 1 lakh and 6 per cent on balances above Rs 1 lakh.

FD rates of the bank are 8.50 per cent for three years and less than four years, 8.25 per cent for 4-7 years and 8 per cent for above seven years and up to 10 years.

"We had a gap in our overall offering which kept us away from the RD product. Also, RD holders do not benefit when interest rates are low," said Mr. K. V. S. Manian, President - Consumer Banking, Kotak Mahindra Bank.

It is also beneficial to lock in one's money under high interest rates. At present, the interest rate regime is attractive enough to open an RD account, he added.

The ‘Kotak Junior' account can be linked to the RD as well as a Systematic Investment Plan with a minimum investment of Rs 5,000 into mutual funds. The account will provide a membership-cum-debit card.


 


(Comments Posted : 45) Post Your Comments
1. i want to open an account of my 5month old baby boy with rd.is it possible.
runu parida (Posted: Dec 4, 2014)
2. Hi,,
I want to open a account for my 3yrs old daughter,,i am from Karimnagar Dist.State Telangana...

Please give me informations,requirements that how to open a account..

Thank u..
Nikhath (Posted: Sep 28, 2014)
3. i want 1 account 7year old boy
muneer pv (Posted: Jul 1, 2014)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #1
Credit profile and its effect on loan...
Steps to file Income Tax return online
Carnival of Indian Personal Finance Blogs #4
Savings account portability: How...


Online((Canada))((Australia))((UK))+919636945999
Boy gilr love problem solve pandit ji +91-7087726898...
husband wife divorce problem solution +91-7087726898...
i want to check my balance in my account
i want to check my s/a balance 003610510000322
BALANCE ENQUARY

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive