Kotak Mahindra Bank Platina Savings Account

Kotak Mahindra Bank Platina Savings Account
Average Monthly Balance (AMB) Rs. 1 lakh
Interest Rate 5.00% to 6.00%
Debit Card Platinum International Chip Debit Card

Kotak Mahindra Bank Platina Savings Account gives you added banking powers and facilities. You can avail of several premium services without paying a penny. The customers get an edge over investments and savings. Also, you can use ActivMoney to sweep out the excess balance from savings account to Term Deposit to earn higher interest. You receive an add-on Debit Card free as well. Moreover, most of the service charges are dropped exclusively for Platina savings bank account holders.

In this post, we will discuss Kotak Mahindra Bank Platina Savings Account features, interest rate, eligibility criteria, documents required, fees and charges, and frequently asked questions

Features of Kotak Mahindra Bank Platina Savings Account

Here are the features of this Kotak Mahindra Bank Savings Account:

  • Free cash withdrawal at other domestic ATMs. The transaction limit per instance is Rs. 10,000
  • Rs. 1 lakh is the average monthly balance. The interest rate is between 5.00% and 6.00%
  • Free multi-city cheque books (at par cheque books). Free outstation cheque collection
  • No charges for annual maintenance for the first year of your Demat account
  • Free mobile banking, internet banking, and phone banking. Free RTGS/NEFT/ IMPS
  • You can use Kotak ActivMoney to convert account balance over a limit to Term Deposits and earn higher interest
  • Free Platinum International Chip Debit Card. Get an add-on Platinum International Debit Card
  • Extended Debit Card withdrawal limit per day is Rs. 2 lakhs through POS/ATM
  • Unlimited and free Demand Drafts at Kotak Bank locations
  • Home banking is available at certain locations. Up to 10 calls are free per month
  • Get 25% off on locker rent. But this is subject to availability. Also, you have to maintain the AMB
  • If you maintain the AMB of Platina Account, then 3 non-maintenance charges for family members will be waived on Edge Savings Account
  • 25% discount in the issuance of Best Compliments Card

Kotak Mahindra Bank Platina Savings Account Interest Rate

The Kotak Mahindra Bank Platina Savings Account Interest Rate is 5.00% to 6.00% per annum. Here are more details about it:

  • Daily balance of over Rs. 1 lakh and up to Rs. 1 crore will earn 6.00% interest
  • For a daily balance over Rs. 1 lakh, the interest rate is 5.00% per annum
  • For a balance over Rs. 1 crore, the applicable interest rate is 5.5% per annum
  • These rates are for resident accounts only

Kotak Mahindra Bank Platina Savings Account Eligibility Criteria

Here are the ones eligible to apply for Kotak Bank Savings Account:

  • Resident Indians can open the account individually or jointly
  • HUF (Hindu Undivided Family)
  • Foreign nationals living currently in India

Documents for Kotak Mahindra Bank Platina Savings Account

Here are the documents required to open the SB account:

  • Latest passport-size photographs of the applicant/s
  • Identity proof such as Passport/Driving License/Aadhaar Card/Voter ID Card
  • Address proof such as Driving Licence/Passport/Voter ID Card/Utility Bill/Aadhaar Card/Bank Account Passbook or Bank Statement of the last 3 months
  • Signature proof such as Driving Licence/Passport/PAN Card

Kotak Mahindra Bank Platina Savings Account Fees and Charges

Here are the fees and charges for this Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank Pro Savings Account Fees Details
Non-maintenance of AMB
  • AMB requirement is Rs. 1 lakh
  • On non-maintenance, 5% of the shortfall is chargeable
  • The maximum penalty is Rs. 600
At-par cheque book
  • Free of cost 100 cheque leaves per quarter
  • Over this limit, per leaf costs Rs. 3
Cash transactions
  • No charges up to Rs. 5 lakhs or 10 transactions per month, whichever is earlier
  • After this, Rs. 4.5 is chargeable per Rs. 1,000 with a minimum fee of Rs. 150 applicable
Cheque deposited but returned Rs. 100 per instance
Cardless cash withdrawal
  • 1 transaction every month attracts no fee
  • After this, every transaction will cost Rs. 10
ATM transaction decline If due to insufficient balance, then Rs. 25 chargeable per transaction
Cash /instrument delivery or pickup at home (not valid for Kolkata and Ahmadabad)
  • No fees for 10 calls per month
  • After this limit, Rs. 150 per visit
Debit Card Cash withdrawal/non-financial transaction at international ATMs
  • Rs. 25 per non-financial transaction
  • Rs. 150 per cash withdrawal transaction
KYC pickup at home for differently-abled and senior citizens Rs. 100 per instance
Return of ECS / Cheque issues because of lack of funds Rs. 500 per instance
Lost/stolen Debit Card replacement Rs. 200
MyTeam Image Debit Card issuance Rs. 599
Image Debit Card issuance Rs. 199
Daily/weekly valued-added alerts 50 paise per SMS daily, for weekly no charges
FCY DD /TT/cheque revalidation/cancellation/collection/FCY deposited cheque returned Rs. 500
Account Closure charges: (if closed after 1 month & before 6 months of A/C opening) Rs. 500 if you close the account after 1 to 6 months of the account opening

Kotak Mahindra Bank Platina Savings Account FAQs

Here are the frequently asked questions:

Standard charges apply if the AMB maintained is <= 75% of the requirement, irrespective of the free limits on different facilities. The additional charges are Rs. 50 per call for phone banking, Rs. 50 per month for Platinum Debit Card, Rs. 25 per month for Classic/Gold Debit Card, and Rs. 4 per cash deposit of Rs. 1,000.

All the fees are exclusive of GST. The issuance fee is Rs. 250 and reloads fee is Rs. 75

GST applicable is as follows:

  • 1% of the gross amount of currency exchanges if the FCY is up to Rs. 1 lakh. The minimum applicable GST is Rs. 250
  • 1000 + 0.50% of the gross amount of currency exchanged less than Rs. 1 lakh for purchase or sale of foreign currency over Rs. 1 lakh to Rs. 10 lakhs
  • Rs.5500 + 0.10% of the gross amount of currency exchanged is less than 10 lakhs. The maximum charge is Rs.60,000

Here are the details:

  • Rs 750 + tax for the issue of FCY DD
  • Rs. 1250 + tax for telegraphic transfer charges, excluding payment for imports
  • 0.125% or at least Rs. 1,000 + tax as commission in lieu of exchange for debit from RFC/EEFC/SFC account
  • Rs. 1,000 + tax are the correspondent bank charges for outward remittance. Here, the remitter pays the foreign bank charges

The threshold and TDS rate for cash withdrawal depends on the submission of proof of the ITR filed for the FY. There are no charges for withdrawals up to Rs. 20 lakhs in the FY. If you do not submit ITR filing proof, then 2% applies on withdrawals over Rs. 20 lakhs and under Rs. 1 crore. If the withdrawal is over Rs. 1 crore then 2% TDS applies if you submit an ITR copy to the bank. If you do not submit the proof in this case, then 5% TDS applies.

A beneficiary may have an account with NSBL (Nepal SBI Bank Ltd.). In this case, Rs. 25 per transaction is chargeable in this case. If there is no account in NSBL, then, in this case, Rs. 75 per transaction will apply for an amount up to Rs. 5,000. Rs. 100 will apply on an amount over Rs. 5,000.