Kotak Mahindra Bank today announced the launch of ‘Kotak Smart Fee’, a Fee Collection Service for educational institutes aimed at reducing the administrative hassles for the institute, while providing added convenience to students / parents.

Speaking at the launch, Mr. KVS Manian, Group Head Retail Liabilities and Branch Banking said, “We have designed ‘Kotak Smart Fee’, based on the feedback we received from both educational institutes and parents. Educational institutes are often burdened with long drawn procedures in receiving fees while incurring intensive expenditure in terms of overheads. In addition to this, serpentine queues and work commitments make the payment process extremely cumbersome. The Kotak Smart Fee will ensure a smoother, seamless and convenient service reducing stress on staff, faculty, parents and students.”

The Kotak Smart Fee service offers educational institutes with a fee collection service that facilitates payments through Internet Banking, Standing Instructions, and manual payments at any designated Kotak Mahindra Bank Branch and at the institute premises. Apart from a daily collection report, various analytical reports such as late payment report, Fee Default Report, Bounced cheques Report can be sent to the institute at the end of each fee collection period.

12 educational institutes across the country are currently availing the service of SmartFee.

Kotak has recently launched its innovative ‘Direct Pay’ service which provides customers the convenience of paying your utility bills like insurance premium, subscribing to magazine subscriptions and a whole lot more. In addition to this it provides an ease for making donations to charities online or transferring funds to any domestic VISA Debit /credit card.

Kotak Mahindra Bank offers complete financial solutions for infinite customer needs. The salary account goes beyond the traditional role of a zero balance account, it provides a range of services from funds transfer options to attractive returns earned through a comprehensive suite of investment options that can be booked through Internet or through phone banking services. The Bank offers comprehensive business solutions that include Trade Services, Cash Management Service and Credit facilities, keeping in mind the myriad needs of today’s consumers.

Sourced From: Genesis Burson-Marsteller

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