Kotak Mahindra Bank to open 100 more branches

In this fiscal, Kotak Mahindra Bank (KMB) will add 100 branches in the country to its already functioning 450 branches, said Virat Diwanji, Executive vice-president and Head, Branch Banking of KMB. He was launching the bank’s specially designed savings bank account for children, ‘Kotak Junior’, in Coimbatore on August 28. The SB account is meant to encourage children to save smartly from an early age, he added.

In Tamil Nadu, KMB will open five additional branches, which has 1.25 lakh customer base. Deposits in Tamil Nadu increased 40 per cent to over Rs 2,150 crore, while savings account deposits increased 33 per cent to Rs 350 crore as on last June 30, he said.

He said as the savings bank balance increased 45 per cent, year- on- year, the bank also added 1.5 lakh customer accounts during the first three months of the fiscal. He said parents can also avail tax exemption of up to Rs 1,500 in minor’s income on Savings Account, in addition to tax benefits of Rs 10,000 under the Income Tax Act.