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The Hindu
6 days ago
- Business
- The Hindu
Kotak Mahindra Bank introduces premium service for affluent customers
Kotak Mahindra Bank introduced an invitation-only array of products for affluent customers at an event in Mumbai on Wednesday (July 23, 2025). 'India's affluent segment is growing rapidly, but their banking experience hasn't kept pace,' said Rohit Bhasin, President and Head of Affluent, NRI, and Business Banking at Kotak Mahindra Bank. The product would include pre-approved credit lines, segment specific financial solutions, invite only credit card and benefits like airport lounge access, dedicated relationship managers among others which extends to the family of the customer. 'Indian economy has been growing steadily, and data suggests that affluent is one of the fastest growing segments in the country, growing twice as fast as the market. Higher salaries, increasing entrepreneurial activity as well as the growth of GCCs in India are contributing to the growth,' Mr. Bhasin said. The bank defines affluence by a minimum relationship value of ₹75 lakh for salaried and ₹1 crore for self-employed, which constitutes about 35% of the bank's customers, which amounts to 5.3 crore. Kotak Mahindra is among the many other banks, including ICICI and Standard Chartered, which are tapping into the affluent segment of their bankers. KMB's and other banks' interest in the affluent segment comes at a time when the central bank has consistently reduced the interest rates. Lower repo rates when they are transmitted to the customer will hit deposit mobilisation as depositors may find it unattractive. This can have effects on net interest margin.
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Business Standard
6 days ago
- Business
- Business Standard
₹8 Cr credit, 0 forex, VIP lounges-Inside Kotak's invite-only banking club
olitaire isn't something you apply for. You're invited, and that too based not merely on account balances, but on something Kotak calls Total Relationship Value Sunainaa Chadha NEW DELHI Kotak Mahindra Bank on Friday launched Kotak Solitaire—an invitation-only banking experience designed for India's truly affluent families. But unlike premium accounts you can walk in and open, Solitaire isn't for everyone. You don't apply. You're invited. A Banking Experience You Can't Buy Into—Only Belong To Solitaire is invitation-only, reserved for individuals and families with a deep, multi-dimensional financial relationship with Kotak. It's not about account balances—it's about Total Relationship Value across deposits, investments, loans, insurance, and demat holdings offered by the Bank and it is calculated at a family level. 'Solitaire recognizes success, respects ambition, and reimagines what banking should feel like,' said Rohit Bhasin, President - Head of Affluent, NRI, and Business Banking at Kotak Mahindra Bank. Why it matters for affluent families For India's fast-growing wealthy segment, standard banking no longer meets elevated expectations. Through in-depth research, Kotak found affluent customers felt largely invisible—underserved, with fragmented experiences across product lines and little personal recognition. Solitaire seeks to change that with features such as: ₹8 Crore Pre-Approved Credit Lines across home, personal, and credit card loans Family-First Banking, including shared privileges and credit limits Segment-Specific Offerings tailored to salaried professionals and entrepreneurs Dedicated Relationship Managers for high-touch service A unified platform across Kotak's banking, wealth, and insurance products Solitaire Credit Card: The Lifestyle Enabler The invite-only Solitaire Credit Card brings more than luxury—it delivers loyalty rewards and savings designed for families: Zero forex markup, making it ideal for international travel 10% Airmiles on travel spends, with a cap of ₹1 lakh Airmiles per statement cycle Unlimited lounge access, even for add-on cardholders and their guests No annual fee, and generous redemption options across airlines and hotels Fuel surcharge waived for transactions up to Rs 7500 'This card doesn't just reward you—it respects your journey,' said Frederick Dsouza, Business Head – Credit Cards. 'It's designed for those who've earned their place at the top—and want their family to enjoy the same level of service and recognition.' Solitaire is Kotak's way of saying, 'We see you'—not just your money. But it's not for everyone. You can't apply. You must be invited. And that exclusivity? That's exactly the point. Is it worth it? If you qualify, the benefits are compelling: preferential service, curated offers, significant credit access, and family-first design. For frequent fliers, business families, and those managing multi-asset portfolios, Solitaire may offer more value—and dignity—than legacy wealth programs. But the exclusivity comes at a cost: you can't apply. That means the average high-income earner—even with a seven-figure salary—might not be eligible without deep, multi-layered engagement with Kotak. Still, for India's truly affluent families, Solitaire may be one of the few banking programs that finally speaks their language—discreet, discerning, and deeply personal.
Mint
6 days ago
- Business
- Mint
Kotak Mahindra wants to woo India's wealthy with Solitaire banking—Is it worth it?
If you have a crore in the bank, congratulations—you're an affluent Indian. That's the benchmark Kotak Mahindra Bank uses to determine eligibility for its new Solitaire program. For salaried individuals, the threshold is a little lower at ₹75 lakh. Other types of financial relationships also count toward eligibility—such as mutual funds invested through Kotak, or having a loan or demat account—though some adjustments may apply. Once you qualify, the bank is ready to roll out a red carpet of benefits. But are these perks compelling enough to justify locking in such a large sum? Here's a deep dive. What's on offer At the heart of the program is a pre-approved loan of up to 3x the size of your banking relationship, capped at ₹7.5 crore. So, if you have a ₹1 crore fixed deposit with Kotak, you could be eligible for a home loan worth ₹3 crore. While paperwork like property documents is still required, the loan approval process is expected to be smoother. What's more, Kotak considers combined family relationships, which includes your spouse, parents, and minor children. Even better—benefits extend to them. For instance, your father running a traditional grocery business may also enjoy the perks if the family's combined assets meet the eligibility threshold. You also get a credit card borrowing limit starting at ₹10 lakh. Then there is a dedicated customer care helpline only for affluent customers and dedicated 'investment specialists' who will help with investing your money. Also read: How to use credit cards smartly to earn rewards on UPI transactions Kotak is actively promoting its 'SIP + SWP' (Systematic Investment Plan + Systematic Withdrawal Plan), Aspire, as a dynamic retirement strategy, moving beyond traditional insurance policies. This approach leverages SIPs for staggered investments and SWPs for systematic withdrawals, allowing clients to build a robust retirement corpus by benefiting from stock market growth. Explaining this plan, Rohit Bhasin, president, head of affluent, NRI and business banking and chief marketing officer, Kotak bank said combining an SIP and SWP can help the customer define the amount they want to receive every month at a pre-defined age. 'This isn't about retirement alone. The idea is to build a second source of income that this product can help you achieve." Solitaire credit card The biggest highlight of the Solitaire package may well be the Kotak Solitaire Card, a super-premium travel credit card. It's currently free for Solitaire customers—but if your relationship dips below the eligibility level and you're downgraded, a ₹25,000 annual fee kicks in. The card is issued to the primary account holder, with up to three add-on cards for family members. You can earn rewards upto 10% of your spends on flight tickets and hotels booked via Kotak's dedicated platform called Unbox. The platform is also used to redeem the reward points by booking flights and hotels or transferring them to partner airline and hotel partner programs. The bank currently has eight airline partners, including Qatar, Etihad, British Airways etc and two hotel partners, Marriott and Accor. Air India transfers are available at a 1:1 ratio. For other partners, the transfer ratio is 2:1, except for Marriott, which allows transfers to airmiles at a 3:1 ratio. For all other transactions, including travel bookings done outside of Unbox, you will earn 3 reward points per ₹100 spent, translating into 3% reward earning rate. However, payments done towards utilities, insurance, rent, fuel, and education fee are excluded from earning any rewards at all. Notably, Solitaire is one of the few premium cards that will earn reward on tax payments–the 3% base reward apply. The maximum value of reward points you can earn from travel bookings on Unbox is capped at ₹1 lakh per month. To reach this cap, you would need to spend ₹10 lakh solely on travel bookings. Once you hit this limit, a lower base reward rate of 3% kicks in for all subsequent transactions during the month. Also read: Some credit and debit cards come with insurance, but be sure you're eligible for it If you're looking to redeem points on non-travel categories—such as vouchers—each point carries a redemption value of ₹0.5. Frederick D'Souza, business head of credit cards at Kotak Mahindra Bank, said the option to purchase and redeem vouchers directly on the Unbox platform will be rolled out soon. You also get unlimited lounge access, both domestic and international, for the primary and add-on card holders. On top of that, four guest lounge entries per year are allowed—handy for travelling friends or family members who don't hold an add-on card. The perks don't stop at travel. You might get early access to concerts and events, from Ed Sheeran to Peppa Pig. And for foreign usage, there's zero forex markup and just a 1% cash withdrawal fee abroad (no interest if paid on time). So, should you get it? Sumanta Mandal, founder, TechnoFino, an online platform that reviews credit cards and other banking products, said for those who already have a solid banking relationship with Kotak should get the card. 'Since it's free, the customer should get it. It offers unlimited lounge access and has zero forex." But if you don't, it may not be worth locking in a crore just for a card—especially if you're already holding premium offerings from rival banks. 'If you own an Infinia or Axis Magnus Burgundy and don't have an existing relationship with Kotak bank, I wouldn't recommend locking away ₹75 lakh– ₹1 crore just for the credit card," said Mandal. Also read: Mint Primer: Why are banks issuing fewer credit cards?
Mint
24-07-2025
- Business
- Mint
Kotak Mahindra Bank rolls out Solitaire programme with pre-approved credit line upto ₹8 crore for home, personal loans
Kotak Mahindra Bank has launched Solitaire, an exclusive invitation-only programme, offering top tier privileges, access to advanced investment tools, and personalised services tailored for affluent customers. The eligibility for this programme is salaried individuals maintaining a relationship value of ₹ 75 lakh with the bank, and ₹ 1 crore for those who are self-employed. 'it's not about account balances — it's about total relationship value across deposits, investments, loans, insurance, and demat holdings offered by the bank and it is calculated at a family level,' the bank said, adding that 'Solitaire' is available by invitation only. 'Customers are invited based on their relationship value and engagement across Kotak's ecosystem,' the bank said. The bank carried out a soft launch of this programme around two and a half months ago and has also received encouraging response so far. 'We have pivoted from a product-centric organisation to being a customer-centric organisation, and 'Solitaire' programme is our first scalable attempt to demonstrate that,' said Rohit Bhasin, president – head of Affluent, NRI, and Business Banking, Kotak Mahindra Bank. 'It has been built across products that we have manufactured ourselves, and products that we distribute on behalf of our group companies and various other partners. We have got a dedicated team of relationship managers, who have been specially recruited and trained to manage this cohort of affluent customers, both who exist in the bank today, and the customers who we would acquire over the next few years,' he added. Fewer than than one per cent of the bank's overall 53 million customers are from the affluent segment, and they contribute over 35 per cent of the overall business. The bank's market share in the affluent segment is 4 per cent, as compared to its 2 per cent overall banking market share, and the aim is to grow beyond 4 per cent with offerings like 'Solitaire'. We have 4 per cent share in the affluent market. So, 96 per cent of the market is not with us, but with other banks. So, that's the affluent ecosystem that exists. And it is growing at twice the rate of the non-affluent segment. Over the course of five years, we see a huge number of affluent customers being created, he said. Under Solitaire, the bank is offering around ₹ 8 crore pre-approved credit lines across home loans, personal loans, and credit cards. The Solitaire credit card will have no annual fees, and unlimited lounge access, zero forex markup among other things. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Hans India
23-07-2025
- Business
- Hans India
Kotak Launches Solitaire – An Exclusive, Invite - Only Affluent Banking Program
Kotak Mahindra Bank today announced the launch of Kotak Solitaire, a pioneering banking proposition crafted exclusively for India's truly affluent. This isn't just a product—it's a privilege. Solitaire is invitation-only, reserved for individuals and families with a deep, multi-dimensional financial relationship with Kotak. It's not about account balances—it's about Total Relationship Value across deposits, investments, loans, insurance, and demat holdings offered by the Bank and it is calculated at a family level. 'India's affluent segment is growing rapidly, but their banking experience hasn't kept pace,' said Rohit Bhasin, President - Head of Affluent, NRI, and Business Banking and Chief Marketing Officer at Kotak Mahindra Bank. 'Solitaire is our response to that gap. It's not a product—it's a proposition. Solitaire recognizes success, respects ambition, and reimagines what banking should feel like.' Born from Deep Customer Insight Extensive research revealed a clear disconnect between affluent customers and their banks. They felt invisible, underserved, and emotionally disconnected from their banks. Kotak listened—and built a solution that directly addresses their top pain points: Lack of recognition and personalization Fragmented service across financial products Absence of family-level banking experience Generic offerings that ignore lifestyle and aspirations Solitaire: A New Standard in Affluent Banking Solitaire is more than a set of benefits—it is a reimagined experience that puts the customer and their family at the centre: ₹8 Crore Pre-Approved Credit Lines** across home loans, personal loans, and credit cards Segment-Specific Solutions for salaried professionals and entrepreneurs Family-First Banking with shared credit limits** and privileges Dedicated Relationship & Service Managers for seamless, high-touch support Unified experience to Kotak's best across banking, wealth, insurance^, and lifestyle The Solitaire Credit Card: Designed for Distinction As part of the Solitaire experience, Kotak introduces the Solitaire Credit Card—a reflection of the program's ethos: Invite – only: Exclusively for Solitaire customers No annual fees for Solitaire customers High credit limits Unlimited lounge access for primary and add-ons. Guest travellers also get access to the lounge. Now, the entire family can get lounge access. Earn 10% Airmiles on travel spends via Kotak Unbox and earn 3% Airmiles on other eligible spends with a generous cap of ₹1,00,000 Air Miles per statement cycle on accelerated categories. Big savings for family travel Zero forex markup - One card for all your spends. Fuel surcharge waived for transactions up to Rs 7500 Wide array of redemption options for Airmiles. These include flight bookings, hotels and miles transfer to popular airline and hotel loyalty programs. 'This card doesn't just reward you—it respects your journey,' said Frederick Dsouza, Business Head – Credit Cards. 'It's designed for those who've earned their place at the top—and want their family to enjoy the same level of service and recognition.' Exclusivity Redefined Solitaire is available by invitation only. Customers are invited based on their relationship value and engagement across Kotak's ecosystem. It's a program that prioritizes quality over quantity, and recognition over reach. Solitaire is built on Kotak's legacy of trust and excellence. Kotak Mahindra Bank is one of India's leading financial institutions, trusted by 60% of India's top 100 families* for wealth management. This deep-rooted confidence is what powers Solitaire—a proposition that reflects the aspirations of India's most accomplished individuals and families.
