Kotak Mahindra was established by Uday Kotak in 1985. It was initially established as a financial services conglomerate and received its banking licence in 2003 from the Reserve Bank of India (RBI). Kotak Mahindra is the first Indian finance company to be converted to a bank and came to be known as the Kotak Mahindra Bank Limited.
In 2015, Kotak Mahindra merged with the ING group to acquire ING Vysya Bank. At present, Kotak Mahindra has over 1,300 bank branches all over India with over 2,000 ATMs spread across the country. It is currently the second largest private bank by market capitalisation in India.
Kotak Mahindra offers its customers a wide variety of financial services. One of these services includes its corporate salary accounts. The corporate salary accounts offered by Kotak Mahindra include the Neo Salary Account, the Ace Salary Account, the Edge Salary Account, and the Platina Salary Account.
Platina Salary Account
Across various surveys, the corporate salary accounts offered by Kotak Mahindra have always been featured in the list of the best salary accounts in the country. Here are a few of the features and benefits of the Platina Salary Account that prove why it is considered one of the best.
- Zero minimum balance salary account.
- Interest rates up to 6% p.a. on the account balance.
- Free online fund transfers.
- Issuance of demand drafts at unlimited values at all branches.
- Discounts up to 25% on the bank’s locker facilities.
Employees earning a net take-home income of Rs. 1,00,000/- and more are eligible for this product.
The Platina account also comes with a few added benefits for its account holders. They are as follows:
- Account holders are eligible for an insurance cover up to Rs.10 lakh in case of accidental death and an insurance cover up to Rs.50,000 in case of death due to air accidents.
- In addition to the insurance covers mentioned above, account holders can also receive insurance against loss of luggage, loss of card, and purchase protection. The insurance cover goes up to Rs.1 lakh, Rs. 3 lakh, and Rs.1 lakh, respectively.
- Platina account holders receive discounts on interest rates for home loans in addition to having the processing fee waived.
- Kotak Mahindra offers its Platina Salary Account holders free Investment Accounts. This provides account holders with access to over 2,200 mutual funds that can be redeemed or purchased online.
- Platina account holders also have a dedicated relationship manager and service helpdesk for their salary account.
- Some of the discounts and fee waivers for Platina Salary Account holders include a 2.5% waiver on fuel surcharge, 100% waiver on the issuance of a prepaid gift card, and a 50% discount and priority processing on the issuance of Kotak Multi-Currency World Travel Card.
- When an account holder has not had his/her salary credited for a period of more than two months, he/she will be required to maintain the minimum average balance that the bank stipulates. A fine is levied in cases where the average minimum balance drops below the amount mentioned.
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