Job Offer: Branch Relationship Manager (Kotak Mahindra Bank, 2024)

September 4, 2024 Dear Irfan. This has reference to your application and the subsequent interviews you had with us. We are pleased to offer you the position of Deputy Manager, at Grade M2 in our organization at Bijapur. Your annual compensation in terms of fixed cost to company will be INR. 560,0...

September 4, 2024 Dear Irfan. This has reference to your application and the subsequent interviews you had with us. We are pleased to offer you the position of Deputy Manager, at Grade M2 in our organization at Bijapur. Your annual compensation in terms of fixed cost to company will be INR. 560,000/-(Five lakh sixty thousand rupees only). A detailed appointment letter will be issued to you, subsequent to acceptance of this offer. Name Irfan. Designation Deputy Manager Role Branch Relationship Manager Function Branch Relationship Manager -RL-Emerging Market (RL-EM)-Relationship Management State Karnataka With effect from 12-Sep-24 Compensation Structure Component P.M. P.A. Frequenc Remarks s y a. Basic Basic 18,254 219,050 Monthly Minimum 40% of Fixed Pay Salary excluding Section d (Insurances Premiums) & Additional HRA (If any). b. Housing House 9,127 109,525 Monthly Upto 50% of Basic Salary Rent Allowance c. Fitness 1,000 12,000 Monthly Amount paid per month under Allowances Allowance Health and Fitness related and Benefits Benefit. You can enter your fitness goals by visiting on Kotak's site: Health to the power infinity Statutory 3,651 43,810 Monthly Payable as per Payment of Bonus Bonus Act 10,534 126,413 Monthly Paid out as a supplementary Profession allowance al Allowance d. Insurances Mediclaim 10,890 Annual This denotes average Premiums Premium for covering you and dependents (partner and 2 children) for 4 Lakhs family floater. Additional cover of 2Lakhs for employees post  completion of 5 years. You will be covered by default, coverage of the dependents as per your declaration. Policy is renewed in April every year. More details in Kotak Mediclaim Policy. Voluntary top-up and parents policies cover premium is paid by you. Kotak Term 1,490 Annual This denotes average premium Life + GPA for the grade calculated as per Term Life cover for the grade. Life Insurance Policy: 1.5 times of CTC or grade-wise limit whichever is higher. Group Personal Accident Policy (GPA): 3L or 1 time CTC, whichever is higher Refer Term Life Insurance Policy & Group Personal Accident Policy. e. Retirals Contributio 10,536 Annual This amount is 4.81% of Basic n to Salary. However gratuity is Gratuity payable after 5 years of Fund continuous service as per The Payment for Gratuity Act. As per current gratuity policy of the company, exgratia is paid on pro-rata basis at the time of separation even if length of service is less than 5 years. Contributio 26,286 Annual Company's contribution n to towards PF @12% of Basic Provident Fund f. Total Fixed Total 42,566 560,000 Pay Fixed Pay (a+b+c+d+e) Cost of Housing Loan Benefit 67,800 Loan Benefit = (SBI Rate - Staff Loan interest rate)*Value of the loan entitlement Please note that the cost of loan is computed considering the total value of the benefit an employee is entitled to and is not based on the utilization. This is not to be considered as guaranteed pay. Employee is eligible for this benefit after confirmation. Refer policy for more details.  Other Benefits Role Based - Shift Allowance - for employees working in shift as per Shift Working policy Allowances/ - Corporate Mobile SIM - for the roles as per Mobile Policy Benefits - Corporate Credit Card - In case your role and grades defined as per Corporate Credit Card policy - Laptop/ Desktop - as per the role eligibility and company policy. Potential As per the variable pay policy applicable for your role. Variable Pay Other - Emergency Loan - Refer to Emergency loan policy for eligibility amount and other Benefits details. This email is intended for your understanding of the salary components only and should not be construed as a formal offer of employment. We shall issue a formal appointment letter once you give your acceptance of the above to us either on email/system. After receiving your Appointment Letter, you should initiate your resignation with your current employer. Your employment is subject of the positive background verification of all the details provided by you including Employment/ Educational documents. It is advised that you submit documents best to your knowledge. Yours sincerely, For Kotak Mahindra Bank Ltd, Anto A senior manager Human Resources