Kotak Mahindra Bank on Friday launched its ‘Global Service Account’ (GSA), which would be a comprehensive current account to meet the unique banking needs of the Service Export Sector. This service will enable businesses with international presence, clients and employees, access a wide suite of products and services, ranging from prioritised customer service to advisory services on forex markets and trends to lending solutions, and others.
As per data of the Department of Commerce, Ministry of Commerce and Industry, the Service Export sector contributes to 40 per cent of the total exports in India with a growth rate 26.8 per cent in FY3 as compared to FY22, reaching $323 billion in FY’23.
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The ‘Global Service Account’ will offer two current account variants: ‘Global Service Account Ace’ and ‘Global Service Account Elite’.
Both variants will provide exclusive and preferred pricing for trade and forex transactions, granting access to a Business Platinum Debit Card with exclusive VIP airport lounge privileges through Priority Pass.
It will also offer flexibility in maintaining Average Quarterly Balance (AQB) or quarterly throughput.
“Kotak aims to simplify customer experience by offering key banking products and services for global businesses within one current account, without having to opt for services separately. Global Service Account will cater to global services in sectors such as Consultancy, Software, BPO, E-commerce, Tour & Travel, Hospitality, and Transport, with increasing international operations,” the bank said in a statement.
Here are the top features of the Global Service Account:
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Current Account Payment Solution: Secure business payments with a bulk upload facility for easy and faster transactions.
Trade and Forex Solutions: Execute end-to-end forex transactions, protect against currency fluctuations, and access seamless, paperless trade portals.
It has lending solutions for on-time salary and vendor payments with unsecured overdraft limit of up to Rs 2 crore.
The account will offer zero-balance salary accounts for employees and priority banking services for employees, along with complimentary insurance covers, program perks for employees, and lifetime access to premium credit cards.
Special offers like cashback, fuel surcharge waivers, lounge access, and more along with a dashboard for expense control and monitoring.
Earn FD-like interest of up to 7% p.a. on the idle funds in the current account above a minimum threshold.
“Our Global Service Account will augment banking and finance related transactions for businesses with their international operations in a comprehensive and seamless manner. In an effort to be customer-centric, we continue to develop solutions that prioritize the needs of our customers, making it delightful to bank with us,” said Rohit Bhasin, President – Retail Liabilities Product and Chief Marketing Officer, Kotak Mahindra Bank.
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Kotak Mahindra Bank Q2 results
Kotak Mahindra Bank reported a 24 per cent year-on-year growth in net profit for Q2 FY24 to Rs 3,191 crore. Total income from operations increased 36 per cent on year to Rs 13,507.40 crore.
Its Net interest income grew 23.5 per cent on year to Rs 6,297 crore. Provisions during the quarter doubled on year to Rs 367 crore.
At the consolidated level, Kotak Bank’s net profit for the quarter rose 24 per cent on year to Rs 4,461 crore.
The annualized Return on Assets (RoA) for the quarter was 2.68 per cent, compared to 2.61 per cent a year ago. Return on Equity (RoE) for the quarter was 14.99 per cent, compared to 14.09 per cent a year ago.
Gross non-performing assets ratio in Q2 FY24 was 1.72 per cent, compared to 2.08 per cent a year ago, and 1.77 per cent a quarter ago. Net non-performing assets ratio as of September end was 0.37 per cent, compared to 0.55 per cent a year ago, and 0.40 per cent a quarter ago.
Shares of Kotak Mahindra Bank closed at Rs 1,750.80, down by 0.27 per cent.
