Kotak’s Stock Ace vows instant liquidity

Kotak Mahindra Bank (KMB) today said that it has introduced a new product...

Kotak Mahindra Bank (KMB) today said that it has introduced a new product called Stock Ace,which would provide its individual customers the facility of instant liquidity.

Stock Ace is an overdraft facility available to individual customers against their investments such as equity shares,equity mutual funds and other marketable securities that are approved for lending by the bank,a press release issued here said.

“Stock Ace is a comprehensive banking solution that gives customers an efficient means of liquidity against their investments. The introduction of this product will provide our individual customers an additional avenue of funds,” KMB’s Executive Vice-President,Puneet Kapoor,said.

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With this product,customers could avail of up to 50 per cent of the market value of securities as their overdraft limit,where the maximum limit is Rs 20-lakh for equity-linked securities.

The facility is offered only against dematerialised securities,the release said.

The Stock Ace facility would be available to customers through a current account,power packed with features like multi-city banking,online access to funds,debit card access to the entire ATM network and SMS alerts.

The tenure of the facility could vary from 1 to 12-months and could be renewed annually,the release said.