Kotak Mahindra Bank launches “Kotak Silk Inspire” Credit Card for Women

by Shrutee K/DNS

Mumbai, March 9, 2016: Kotak Mahindra Bank, announced the launch of “Kotak Silk Inspire”, a credit card designed exclusively for women – homemakers, salaried and business women. The credit card can be availed without any income documents against a fixed deposit, and will partner her in maximising financial independence. The card is also bundled with several benefits such as free PVR movie tickets, 5% savings on apparel spends, fuel surcharge waiver, Silk Inspire Shield for protection against card misuse and much more.

Shanti Ekambaram, President-Consumer Banking, Kotak Mahindra Bank said, “Today we are seeing a growing number of successful women professionals and entrepreneurs contributing to the household and national income. Even as homemakers, the role of women in making key decisions is gaining prominence. Their needs are evolving with time and “Kotak Silk Inspire Platinum Credit Card” meets their lifestyle requirements with features and benefits exclusively for them.”

The card has a robust reward points programme. Customers will get 4 free PVR tickets or 1,000 reward points on spends of Rs. 1,25,000 every 6 months. They can earn 5 reward points for every Rs. 100 purchase on apparels and 1 reward point for every Rs.200 purchase on other categories. These can be redeemed for host of benefits like movie tickets, air miles and cash, as well as across 10,000 types of merchandise and mobile recharge. Further, customers will also get waiver of 2.5% fuel surcharge across all petrol pumps in India.

The design of “Kotak Silk Inspire” is a work of art from Bharti Dayal, an exceptional painter from the heartland of Mithila. Painted to reflect the modern woman the card is contemporary and yet, innately Indian. Her work is an amalgamation of the ancient Madhubani art form and modern times, without deviating from the core features of the Mithila tradition.

About Kotak Mahindra Bank

Established in 1985, Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd. (KMBL).

Effective April 1, 2015, ING Vysya Bank Ltd has merged with Kotak Mahindra Bank Ltd creating a Rs 2 trillion institution (consolidated). As on December 31, 2015, the merged entity – Kotak Mahindra Bank Ltd, has a significant national footprint of 1,298 branches and 1,987 ATMs spread across 653 locations, affording it the capacity and means to serve even better. The Bank has three Strategic Business Units catering to retail and corporate customers across urban and rural India.

The Consumer Banking business offers complete retail financial solutions including a variety of savings and loan products and innovative digital solutions - Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking. KayPay is the world’s first bank agnostic instant funds transfer platform using Facebook. On the savings bank account front, the Bank offers higher interest rate at 6% p.a. for balances above Rs. 1 lakh, and provides a comprehensive suite of investment services and transactional conveniences. The Bank’s Wealth Management business is one of India’s largest and provides customized financial solutions to high net worth families.

The Corporate Banking business offers a comprehensive portfolio of products and services  – working capital financing, medium term finance, current account, trade services, cash management services, export credit, transaction banking, custody services, debt capital markets, forex and treasury services.

The Commercial Banking business offers a comprehensive portfolio of banking products and services to Small and Medium enterprises (SME) engaged in manufacturing, trading, services and export businesses. It has specialised units, which provide finance to Agri Sector, Commercial Vehicle operators and Infrastructure business. It services farmers across India by providing term loans to purchase tractors. The Bank also offers small ticket Gold loans and business loans.

For more information, please visit the company’s website at http://www.kotak.com/