Praise2023-24/KMBL228645

Dear Nistha Joshi,

Our belief is that our colleagues are the biggest assets that we have as a Bank, and we have thus incorporated a five
pillars approach to drive colleague engagement. These engagement pillars include - Best of Kotak for Kotakites,
People Development, Building a Culture of Appreciation, Transparent Communication and Colleague Value
Proposition. The past few months have seen multiple initiatives taken in this direction. We remain committed to draw
upon your feedback as we move ahead, and bring in changes where necessitated.

FY2023-24 has been an eventful year. The year saw some significant leadership changes internally and heightened
business activity across the banking industry, but given the continued focus and hard work from our colleagues, the
business performance remained resilient.

I am happy to share that the Praise exercise for FY 2023-24 has been completed, and your performance rating for the
year is Achiever.

Your compensation with the break-up w.e.f. 01-Apr-2024 or date of confirmation, whichever is later (if applicable), is given
in Annexure I. The CTC structure is in line with the latest company policies.

In line with our philosophy of rewarding performance, you will be eligible for the following Variable Pay for FY 2023-24:
(payable basis policy guidelines in the next page).

Bonus Instrument Amount/Unit Payout/Vesting Schedule

Cash Bonus Rs. 44005/- May-24

With Warm Regards,

Anupam Kaura
Chief Human Resources Officer

*System generated letter*

 Policy Guidelines

Schedule of Payment:
• If your role demands for role specific certification and if you have not yet cleared the certification, your bonus will be on
hold till the certification is cleared. You need to complete the certification and get the same updated on system by 30
Sep 2024, post which bonus shall be forfeited.
• Your Attendance needs to be updated on the system for Bonus Release.
• If you were on sabbatical leave in FY2023-24, your bonus is pro-rated for the duration you were working.

General Guidelines:
a. You will have to be on the rolls of the organization and not serving notice period on the date of payout of revised
salary/ annual bonus as mentioned in this letter.
b. Your Attendance needs to be updated on the system for release of revised salary/annual bonus/Promotion (as
applicable) in the month of payout.
c. If you are currently on sabbatical leave, your salary revision and promotion (if applicable) will be released effective
date of resuming work from sabbatical leave.
d. All payments are subject to applicable statutory rules and applicable tax, including Income Tax (eg. Above amount
covers bonus under Payment of Bonus Act).
e. The payment will also be guided by the compensation policy approved by the Board from time to time.
• Malus and clawback criteria will be applicable as per the compensation policy approved by the Board from time
to time.
• Refer to Compensation Policy for the Bank under Kotak WorkLife App > All Modules > HR Policies >
Compensation > Compensation Policy. It is imperative that you go through the policy and understand the
clauses applicable for your role.
 Annexure I

Name Nistha Joshi

Designation Deputy Manager
State Gujarat
Effective Date April 1, 2024, or date of confirmation, whichever is later.
Compensation Structure
Components P.M. P.A. Frequency Remarks
a. Basic Basic Salary 18,095 2,17,146 Monthly Minimum 40% of Fixed Pay excluding Section d
(Insurances Premiums) & Additional HRA (If
any)
b. Housing House Rent 9,048 1,08,573 Monthly Upto 50% of Basic Salary
Allowance
c. Allowances Fitness Allowance 1,000 12,000 Monthly Amount paid per month under Health and
and Benefits Fitness related Benefit. You can enter your
fitness goals by visiting on Kotak's site: Health
to the power infinity
Statutory Bonus 3,619 43,429 Monthly Payable as per Payment of Bonus Act
Professional 10,434 1,25,214 Monthly Paid out as a supplementary allowance
Allowance
d. Insurance Kotak Term Life+ 1,490 Annual This denotes average premium for the grade
Premiums GPA 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): 10L or 1 time
CTC, whichever is higher
Refer Term Life Insurance Policy & Group
Personal Accident Policy.
Mediclaim 10,890 Annual This denotes average Premium for covering
you and dependents (partner and 2 children)
for 4 Lakhs family floater. Additional cover of 2
Lakhs for employees post completion of 5
years.
You will be covered by default, coverage of the
dependents is as per your declaration. Policy is
renewed in April every year.
More details in Kotak Mediclaim Policy. Cost of
Voluntary top-up and parental cover, if availed,
is paid by you.
e. Retirals Contribution to 26,057 Annual Company's contribution towards PF @ 12% of
Provident Fund Basic
Contribution to 10,445 Annual This amount is 4.81% of Basic Salary. As per
Gratuity Fund the payment of Gratuity Act, Gratuity is payable
on completion of 5 continuous years of service.
However, as per the 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.
f. Total Fixed Pay Total Fixed Pay 42,197 5,55,244
(a+b+c+d+e)
 Other Benefits
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
Cost of Housing Loan Benefit 67,800
considered as guaranteed pay.
In case you avail any housing loan
from the Bank for acquiring a
residential house at concessional
rate of interest, income tax would
be chargeable on perquisite value
determined in accordance with the
income Tax Rules.
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.
Variable Pay Target Variable Pay may be shared later, if applicable for your role.
Other Benefits Emergency Loan - Refer to Emergency loan policy for eligibility amount and other details.

*System Generated Letter*