Kotak Platina Savings Account
What is Kotak Platina Savings Account?
The Kotak Platina Savings Account is a specialized offering designed for customers seeking premium banking experiences. It provides enhanced benefits like higher interest rates, dedicated service, and exclusive privileges, distinguishing it from standard savings accounts.
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 |
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 |
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 |
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 |
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.
FAQs on Kotak Platina Savings Account
- Who is eligible to open a Kotak Platina Savings Account?
Indian residents (individual or joint), Hindu Undivided Families (HUF), and foreigners residing in India are eligible to apply.
- What is the minimum Average Monthly Balance (AMB) required?
You must maintain an average monthly balance of Rs. 1 lakh in the Kotak Platina Savings Account.
- What are the benefits of the Kotak Platina Savings Account?
It offers up to 6% interest p.a., free unlimited ATM withdrawals, home banking, free fund transfers, discounts on lockers and gift cards, and ActivMoney for better returns.
- Are there any charges for the Platinum Debit Card?
No. Both issuance and annual charges for the Platinum and Add-On Platinum Debit Card are completely free.
- What documents are required to open this account?
You’ll need valid ID, address, and signature proof such as a passport, driver’s license, or PAN card. Originals and self-attested photocopies must be submitted.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.