KOTAK MAHINDRA BANK LAUNCHES ATTRACTIVE TWIN WIN TERM DEPOSIT OFFER OF 8 50 percent FOR 1001 DAYS and 8 percent FOR 299 DAYS
Released on = December 22, 2006, 12:26 am
Press Release Author = InfoMailers.com
Industry = Retail
Press Release Summary = KOTAK MAHINDRA BANK LAUNCHES ATTRACTIVE TWIN WIN TERM DEPOSIT OFFER OF 8.50% FOR 1001 DAYS & 8% FOR 299 DAYS
Press Release Body =
Chandigarh, Chandigarh, India, Friday, 22 December, 2006 (InfoMailers.com):: Kotak Mahindra Bank Limited, one of India's leading financial institutions today announced one of the most attractive term deposit schemes in the country- The Twin Win offer. Customers will now be able to avail a Twin-win advantage where the company will provide special interest rate of 8.50% for the period of 1001 days (3 years, 1 week) and avail the term deposit of 8% for 299 days.
The bank has also initiated a special offering for senior citizens where they will have an interest rate of 8.75% for the period of 1001 days, 25 basis points higher than the term deposit. All these offers are available across all the 89 branches of Kotak Mahindra Bank in 62 locations.
K V S Manian, Head Retail liabilities and Branch banking, Kotak Mahindra Bank says, "The new Twin win term deposit offer will further strengthen our focus to provide better returns to our existing and new customers. The Twin-win term deposit offer will definitely appeal to every one looking for a double advantage and an option of higher return in a shorter period. Also, through our attractive term deposit rates, we hope to attract many new customers who would avail of our services because of superior products, customer services and state of art technology. "
Tenure Rate Rate (Sr. Citizen's) 1001 days (3 years 7 days) 8.50 % 8.75% 299 days 8% 8%
Kotak Mahindra Bank through its earlier term deposit offering of 8% for 299 days had generated great interest among the customers and the bank had garnered substantial amount of deposits; the bank also had got substantial amount of new customers. The bank is again expecting an enthusiastic response from its customers; also this is part of its aggressive customer acquisition strategy.
The rate of 8.50% for 1001 days and 8.75% for 1001 days for senior citizens is one of the most attractive interest rates being offered by banks in the current scenario. The term deposit is available at all the Kotak Mahindra Bank branches across India. Along with reinvestment options, the company also offers the interest payout on the monthly and quarterly basis. Another attraction of the term deposit is that Non Resident Indians (NRI) can invest in this scheme through their Non Resident Ordinary (NRO) deposits. Also, customers will have an overdraft facility against this term deposit available up to 85% at 2% above the term deposit rate. All customers of the bank will be able to book the term deposit through phone banking and internet.
Kotak Mahindra is one of India\'s leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of over Rs. 2,900 crore, employs around 8,800 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 282 cities and towns in India and offices in New York, London, Dubai and Mauritius.
For further information, please contact:
Manpreet Kochar Kotak Mahindra Bank Tel: +91 22 67595154 manpreet.kochaer@kotak.com
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