Platina Savings Account FAQs

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.	Date	Narration	Withdrawal	Deposit	Closing balance
1	January 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 2012	Rs. 18,000/- x 1	Rs. 18,000/-
	Total EOD balances for the month January 2012		Rs. 5,79,000/-
	Divide by the no. of days in the month		31
	Average Monthly Balance (AMB)		Rs. 18677.42/-

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What is the minimum Average Monthly Balance (AMB) requirement for an Platina Savings Account?

The minimum Average Monthly Balance requirement in an Platina Savings Account is Rs. 100,000/-

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What is Platina Savings Account?

Platina Savings Account is a power packed savings account that gives you the additional advantage of banking and financial benefits for free.

Let Kotak Platina Savings Account take care of all your savings & investment requirements and ensure that you always get greater financial flexibility. With this exclusively designed savings account you get access to many premium services. So, make your money work harder by converting a part of your savings into fixed deposits or get add-on Debit Cards for your loved ones at no extra cost.

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What are the advantages of Platina Savings Account?

Below are the list of advantages:

Average Monthly Balance (AMB) of Rs. 1,00,000/-
Earn up to 4% interest p.a. on your savings account balance¹
Extended Debit Card withdrawal limit of Rs. 2 lakhs per day through ATM / POS
Three NMC waived Edge Savings Accounts for family members²
Free Platinum International Debit Card
Free add-on Platinum International Debit Card
Free Net Banking, Mobile Banking and Phone Banking
Free cash withdrawals at other domestic ATMs³
Free Home Banking up to 10 calls per month⁴
Free Demand Drafts (unlimited at Kotak Bank locations)
Free RTGS / NEFT / IMPS
No Annual Maintenance Charges on your Demat Account for the first year
Free outstation cheque collection
Free multi-city cheque books (at par cheque books)
Avail a discount of 25% on Locker Rent⁵
Avail a discount of 25% on issuance of Best Compliments Card (Gift cards)
Kotak ActivMoney - Converts savings account balance above a certain amount into Term Deposits, so you earn a higher rate of interest
Check out additional Kotak Bank Savings Account products by clicking here

Disclaimers:

¹Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 1 cr. Earn 5% p.a. interest on savings account balance up to Rs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs. 1 cr. Applicable for Resident Accounts only. Interest rates are subject to change from time to time.
²NMC: Non-Maintenance Charge. NMC Waiver is applicable only if the principal Platina Account meets the stipulated Average Monthly Balance requirements.
³Per transaction limit is Rs. 10,000/-.
⁴Home Banking Service available at limited locations.
⁵Subject to availability and maintenance of the required AMB in the Platina Savings Account.

All benefits are subject to terms, conditions and exclusions.

Note: If AMB maintained is less than or equal to 75% of the stipulated requirement, Standard charges applicable (irrespective of free limit) for cheque leaf, DD/BC, Decline in ATM/POS transaction due to insufficient balance, Home Banking, Cash Deposit).Additional charges Phone Banking @Rs.50 per call, Classic/ Gold Debit Card @ 25 p.m., Platinum Debit Card @Rs.50 p.m. and Cash Deposit @ Rs. 4 per 1000.

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Who are eligible to open an Platina Savings Account?

To apply for Kotak Mahindra Bank savings account you should belong to any one of the below mentioned categories:

Resident Indians (sole or joint account)
Hindu Undivided Families (HUF)
Foreign nationals residing in India¹

Disclaimers:

¹Foreign nationals (resident in India), should obtain an undertaking in form QA 22 duly signed by all the persons (irrespective of nationality) who are authorised to operate on the accounts. Fresh declarations will be necessary in the event of any addition to the list of persons authorised to operate on the accounts. Form QA 22 need not be completed by foreign nationals of non-Indian origin permanently resident in India and foreign nationals of Indian origin (other than those who are residing in India for employment of specified duration irrespective of the length thereof or for a specific job or assignment, the duration of which does not exceed three years) and foreign-born wives of Indian nationals and of persons of Indian origin resident in India.

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Platina Savings Account

Frequently Asked Questions

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What is the minimum Average Monthly Balance (AMB) requirement for an Platina Savings Account?

What is Platina Savings Account?

What are the advantages of Platina Savings Account?

Disclaimers:

Who are eligible to open an Platina Savings Account?

Disclaimers: