Mumbai: Kotak Mahindra Bank has launched a global service account (GSA) to address the banking needs of companies in the service export sector.
The account includes advisory services on forex markets and trends for a competitive edge. Clients will also have access to trade experts and digital solutions for expert trade insights and innovative digital solutions. They can also access business financing up to Rs 2 crore for on-time salaries, vendor payments or other short-term requirements.
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The bank said that the sector export sector contributes to 40% of total exports in India and grew at 26.8% in FY23 to $323 billion.
The account comes in two variants – ‘Global Service Account Ace’ and ‘Global Service Account Elite’.
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Clients will get special prices for forex transactions and be eligible for a platinum debit card with VIP airport lounge privileges through Priority Pass. Besides loans, Kotak Bank also offers a corporate salary account for customers’s employees with zero minimum balance requirements.
Other features include convenience banking through Kotak’s integrated ERP solutions and access banking on the go through Kotak’s Net, Mobile, Phone, and SMS banking facilities.
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The Elite account requires an average quarterly balance of Rs 1 lakh or throughput of $100000, while the Ace account requires a Rs 2.5 lakh minimum balance or throughput of $250000.
