Kotak Retail Institutional banking provides innovative products & services to suit the needs of Trusts, Associations, Societies, Clubs, Educational Institutions, Non-Government Organisations (NGOs), Companies governed by the Companies Act, 1956 /2013 which have been licensed by the Central Government under Section 25/Section 8 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words 'Limited' or the words 'Private Limited' & Hospitals.
Our tailor made solutions are perfect for managing your collections, payments and borrowings which help in making banking services easy and efficient.
Our extensive network of branches & dedicated relationship managers will help you with a variety of products and services in meeting your financial strategies.
At Kotak, we believe in building long-term relationships that provide unmatched customer service and a wide bouquet of product to our clients. We strive to make banking a memorable experience for you.
We provide one of the best in the industry savings deposit rates with comprehensive and convenient banking solutions.
W.e.f. Jun 13, 2022, daily balances in Savings Account above Rs. 50 lakhs will earn 4% interest p.a. Daily balances in Savings Account up to Rs. 50 lakhs will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.
Value added banking solutions to cater to all needs of Trusts, Associations, Societies, Clubs, Educational Institutions, Non-Government Organizations (NGOs), Section 8/25 Companies & Hospitals.
Integrated solutions for fee collections & reconciliation process for Educational Institutions. Hassel free online fee collection & tracking with customised fee receipts. Readymade platform for automation of Admission, Attendance & Fee collection.
State of the art apartment management software for Housing societies that helps you manage your accounting, Inventory, service request, communication etc.
Web-based facilities for remittance of funds
Constituent Subsidiary General Ledger ( CSGL accounts ), for trading in G-Sec
FCRA accounts for receipt of foreign donations.
CMS solutions to take care of your collections & payments.
Payment gateway solutions to enable your donors/ payees to pay on your website.
Collection through POS machines to enable your donors/ payees to make payments at your premises using their debit/credit cards.
Overdraft against fixed deposits
Dedicated Relationship managers to help understand all your banking needs.
Entities eligible to open a Savings Account
Primary Co-operative Credit Society which is being financed by the bank.
Khadi and Village Industries Boards.
Agriculture Produce Market Committees.
Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks.
Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25/Sec8 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words ‘Limited’ or the words 'Private Limited'.
Institutions other than those mentioned in clause (i) below and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
Government departments/bodies depending upon budgetary allocations for performance of their functions/ Municipal Corporations or Municipal Committees/ Panchayat Samitis/ State Housing Boards/ Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies etc. or Any political party or any trading/business or professional
Retail Institutional Savings Account :
Earn 4%* interest P.A. on your savings account balance
No commitment, Zero Balance Savings Account
High Cash deposit limit per day at Home / Non – Home branches than other variants of Savings Account of Kotak Mahindra Bank Ltd
Integrated CMS solutions –Payment and Collection solutions offered a part of product proposition
Bundled offering of Payment Gateway & POS terminals
Free & Unlimited DD Issuance
Free and unlimited funds transfer through NEFT/RTGS/IMPS
Active Money facility
Free Physical Account statement (frequency –Daily /Weekly/ Monthly) as per customer request
Free Payable at Par cheques**
Free Bill payment ~ Facility with option of Autopay
#The savings account can be opened by institutions who meet the eligibility criteria, as prescribed by Reserve Bank of India.
*W.e.f. Jun 13, 2022, daily balances in Savings Account above Rs. 50 lakhs will earn 4% interest p.a. Daily balances in Savings Account up to Rs. 50 lakhs will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.
** The Cheque book limit is maximum of 75 leaves per day and for 500 per month
Retail Institutional Current Account :
No commitment, Zero Average Quarterly balance ( AQB) account
Nil charges on Domestic Remittances – Payment/ Receipts/ Collections (please refer to Retail Institutions CA GSFC document)
High Cash deposit limits not linked to balance maintained
Free SMS alerts as per customer requirement
Integrated CMS solutions
Bundled offering of Payment Gateway & POS terminals
Association / AOP / Body Of Individuals
Proof of Identity of the organisation
Certificate of Registration / Proof of Trust deed being registered.
Proof of registration
Certificate of Registration
Association Deed / Agreement
Society Bye Laws
Attested copy of the Bye-laws & letter from controlling person
Names of Trustees, Settlors, Beneficiaries, Signatories
Trust Deed or any officially valid document to identify the trustees, settlors, founders, authorised persons holding power of attorney.
Deed / Agreement or any officially valid document to identify the members, authorised persons holding power of attorney.
Copy of members elected as communicated to the registrar of society or AGM/Annexure 4.
Attested copy of RBI license
Proof of address of organisation
Registered Trust Deed / Utility Bill (Not less than 3 months old)/10 AC certificate/ Less than 3 months old
Bank statements(Not Coop bank Statement).
Registered Trust Deed / Utility Bill (Not less than 3 months old)/10 AC certificate/ less than 3 months old Bank statements (Not Coop bank Statement)..
Registered society Bye-Laws / Utility Bill (Not less than 3 months old)/Less than 3 months Bank statements (Not Coop bank Statement).
KYC-AML guidelines as laid down by Reserve Bank of India (Annexure 3)