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Kotak Platina Savings Account

The following individuals are eligible to apply for a Kotak Platina Savings Account

  • Indian Residents – both sole or joint accounts are applicable
  • HUF or Hindu Undivided Families
  • Foreigners residing in India
Bank Kotak Mahindra
Category Kotak Platina Savings Account
Average Monthly Balance (AMB) Rs. 1 lakh
Interest Rate Up to 6% per annum on your savings account balance
Card Offered Free Platinum and Add On Platinum Debit Card

Services Offered with Kotak Platina Savings Account

Phone Banking Yes
Net Banking Yes
Mobile Banking Yes
Home Banking Yes. Free up to 10 calls every month
Cash Withdrawals Unlimited cash withdrawals at any domestic ATMs
Demand Drafts Unlimited and free at all Kotak Bank locations
Multi City Cheque Books Free – on par cheque books

Features of Kotak Platina Savings Account

Convenient Account Monitoring Via daily/weekly/monthly/quarterly statements - Physical/ E-mail statements
Cash Withdrawal at Home/ Non Home Location Free
Cash Deposit at Home/ Non Home Location Free - 10 transactions or up to Rs.15 lakh each month
Discounts / Offers
  • 25% off on Locker Rent
  • 25% off on Best Compliments Card (Gift Cards)
Rewards Kotak ActivMoney – convert your savings account balance into Term Deposits to earn higher interest rates (conversion only up to a certain amount)

Fees and Charges for Kotak Platina Savings Account

Platinum and Add On Platinum Debit Card Issuance Charge / Annual Fee Free
Replacement of Lost card Rs. 200
Replacement of a Damaged Card Free
DD or Pay Order at Branch Location Free
DD or Pay Order at non Branch Locations Free for up to Rs. 1 lakh per day
Fund Transfer Fee Free
IMPS fees Free
NEFT fees Free
Quarterly Physical Account Statement Free
Monthly Account Statement via E-mail Free
Physical Account Statement Daily Rs. 500 per month
Physical Account Statement Weekly Rs. 100 per month
Balance Enquiry/ Cash withdrawal at own/ other domestic ATMS Free
Balance Enquiry at International ATMS Rs. 25
Cash withdrawal at International ATMS Rs. 150
Photo Attestation/ Address Confirmation/ Signature Verification/ Balance Statement Free
Duplicate Passbook Free
DD/BC/PO revalidation or Cancellation Rs. 100
Account Closure – When closed after 1 month and before 6 months of opening the account Rs. 1200

Documentation Required for Kotak Platina Savings Account

Document ID Proof Residence Proof Signature Proof
Valid Driver’s License Yes Yes Yes
Passport Yes Yes Yes
Pan Card Yes No Yes
Voter’s ID Card or Election Card Yes Yes No
Ration Card No Yes No
Utility Bill No Yes No
Bank Statement No Yes No
Marriage Certificate Yes – If photo is included Yes – if address is included. However, not for a woman if the account is held by her singly Yes – if signature is included
College ID Card – Valid and issued by colleges that are affiliated to universities. Applicable only as a Joint Holder with a parent/ guardian Yes – If photo is included Yes – if address is included. Yes – if signature is included
Postal Certificate Yes – If photo is included Yes – if address is included. Yes – if signature is included
Sale Deed No Yes No
Income/Wealth/Service/Sales Tax Assessment Order – should not be older than 6 months No Yes No
Bank Statement – should contain the bank logo/ signed or stamped by the bank; should be printed/ internet downloaded copies are not accepted No Yes No

Note: All aforementioned documents are subject to change as per the guidelines issued by RBI.

Important Points to Remember –

  • All photocopies should be self-attested by the applicant.
  • All photocopies must be submitted along with the original document.
  • To open an account, site verification is a requirement.
  • The form should only be filled with BLACK ink and all letters must be CAPITAL.
  • Appropriate boxes must be ticked.
  • Any overwriting or alteration must be countersigned
  • Name should be entered as per the name specified in the supporting documents provided.
  • Address must contain the following – city , state, PIN code
  • Cash will not be accepted as an initial payment on account opening.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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