Kotak Mahindra Bank Platina Savings Account

The Kotak Platina Savings account can be opened by Indian residents (for sole as well as joint accounts), Hindu Undivided Families or HUF, and foreign nationals living in India.

Basic Features:

  • The Average Monthly Balance needs to be Rs. 1 lakh.
  • The rate of interest is up to 6% per annum, on the savings account balance.
  • The account-holders are offered a free platinum debit card and an add-on card.

Services Offered:

  • Phone banking, mobile banking, and internet banking can be availed.
  • Home banking is also offered, and is free up to 10 calls a month.
  • Unlimited Facilities: cash withdrawals and balance enquiry from any domestic ATM and free demand drafts issued at Kotak bank location.
  • Free services and products: Multi-city on-par cheque books, RTGS, IMPS, and NEFT.

Additional Features:

  • Account monitoring is easy and convenient via daily, weekly, monthly, and quarterly physical and e-mail statements.
  • Cash withdrawal is free at home as well as non-home locations.
  • Cash deposits at home and non-home location are free up to 10 transactions or up to Rs. 1.5 lakh per month.
  • Account-holders get 25% discount on locker rent. They also enjoy a discount of 25% on Best Compliments Card (Gift Cards).
  • Account-holders get benefited by Kotak ActivMoney that converts their savings account balance into term deposits, thus enabling them to earn higher rates of interest. This conversion is done only up to a certain amount.

Fees and Charges:

  • Free of Cost: Replacement of a damaged card, NEFT, fund transfer, Pay order or DD at branch location, balance statement, signature verification, address confirmation, and photo attestation, NEFT, duplicate passbook, monthly statement via email, and quarterly physical statement.
  • The issuance charge and annual fee of the Platinum Debit Card and its Add-On card is zero.
  • Replacement charge in case of lost card is Rs. 200.
  • Pay Order or DD at non-branch location is free up to Rs. 1 lakh per day.
  • Daily physical account statement costs Rs 500 per month.
  • Weekly physical account statement costs Rs 100 per month.
  • Balance enquiry at international ATMs costs Rs. 25.
  • Cash withdrawal from international ATMs costs Rs 150.
  • Cancellation or revalidation of DD, PO and BC costs Rs. 100.
  • Account closure costs Rs. 1200, if the account is being closed after 1 month and prior to 6 months of opening the account.

Documentation Needed for Kotak Platina:

  • Residence Proof: Passport, driver's license, voter's ID, utility bill, ration card, bank statement, marriage proof (not for women as sole account holder), college ID card, postal certificate, sale deed, bank statement with bank's logo on it. Assessment orders for Income Tax, Sales Tax, Service Tax, or Wealth Tax, which are within 6 months of their issuing.
  • ID and Signature Proof: Driver's license, voter ID, PAN Card, Passport, marriage certificate/postal certificate/college ID card (if with signature and photograph).

Points to Note:

  • Every photocopy should be self-attested by an applicant and submitted with original document
  • Site verification is a requirement for opening an account.
  • The form should be filled up in capital letters and in black ink.
  • All relevant boxes in the form must be checked.
  • Alterations and overwriting need to be countersigned.
  • Name must be entered as per the name mentioned in the supporting documents.
  • Address should contain state, city, and PIN code.
  • Cash is not accepted as the first payment while opening an account.