Private sector lender, Kotak Mahindra Bank has unveiled ‘Kotak Junior’, a specially designed savings bank account for children in Chhattisgarh. This new account has been aimed to encourage children in the age group of 0-18 to save money smartly. The bank has also launched a 10-year Recurring Deposit to provide a long term financial savings programme for children.
Currently, the bank has six branches in Kerala and planning to open more branches in the State in the near future. Child customers above 10 years could option for debit cards, but there would be a ceiling of Rs 5,000 on withdrawals.
The bank has reported 42.61% rise in its net profit at Rs 402.82 crore for the quarter as compared to Rs 282.45 crore for the same quarter in the previous year. Total income of the bank has increased by 28.95% at Rs 2652.40 crore for quarter under review as compared to Rs 2056.98 crore for the quarter ended June 30, 2012.
