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
|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
|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|
|NEFT / RTGS / IMPS||Free|
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||
|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|
|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|
|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|
|Voter’s ID Card or Election Card||Yes||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|
|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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