Kotak credit cards and accounts

[Alpha]

Hello All, I've been following up on some really interesting threads relating to credit cards, bank accounts, cashback offers, etc. on TechnoFino and it has often caught my attention as to how helpful people are here with their opinions and suggestions.

Keeping this in mind, I too, request you all to please share your personal experiences regarding the following:

1) Your take on Kotak Privy accounts: Prima vs Optima vs Insignia

2) Various privileges, services, offers, debit and credit cards offered with the respective Kotak Privy accounts of Prima, Optima and Insignia

As it's my first post - please let the frank experiences/opinions/suggestions roll in *_*

Thank you!

 

[avinash2711]

Following this as I have a similar question

 

[Bodhi]

Following this as I have a similar question

Hello All, I've been following up on some really interesting threads relating to credit cards, bank accounts, cashback offers, etc. on TechnoFino and it has often caught my attention as to how helpful people are here with their opinions and suggestions.

Keeping this in mind, I too, request you all to please share your personal experiences regarding the following:

1) Your take on Kotak Privy accounts: Prima vs Optima vs Insignia

2) Various privileges, services, offers, debit and credit cards offered with the respective Kotak Privy accounts of Prima, Optima and Insignia

As it's my first post - please let the frank experiences/opinions/suggestions roll in *_*

Thank you!

+1

 

[RajBlr]

@RajBlr
@drshenoy

Any suggestions from others who are Kotak Privy league members would be appreciated. Thank you

On credit card side I can comment. Not sure if you trying to avail any other banking facilities or so.

Optima comes with Paid version of Privy league signature card, which gives you 1600 rs in a quarter for minimum 1k spent every month in that quarter. You can see one of my post in the same.

Insignia comes with white reserve CC free which otherwise costs 12k or so. You can see my thread on the same as well in Kotak section.

 

[drshenoy]

i had prima acc in 2001 or so, later upgraded to Optima, for last 2 years its insignia. now also promoted to privy division in Kochi branch where my RM n team have altogether seperate from main hranch

 

[avinash2711]

i had prima acc in 2001 or so, later upgraded to Optima, for last 2 years its insignia. now also promoted to privy division in Kochi branch where my RM n team have altogether seperate from main hranch

Hello. What is the salary criteria for Prima & Optima ?

 

[drshenoy]

i dont think its salary criteria. its the average quarterly balance which matters

 

[avinash2711]

i dont think its salary criteria. its the average quarterly balance which matters

Thank you.

 

[RajBlr]

Hello. What is the salary criteria for Prima & Optima ?

You can explore here on the Eligibility criteria for various Privy, besides on the Salaried one what @drshenoy has already shared.


Privy League - https://www.kotak.com/en/personal-banking/privy-league/privy-services/eligibility.html

 

[D₹V]

Someone said, open Kotak Optima account with 5L cheque & after that you don't need to maintain anything, is it true?


I might consider to try premium banking first time.

 

[Bodhi]

Someone said, open Kotak Optima account with 5L cheque & after that you don't need to maintain anything, is it true?


I might consider to try premium banking first time.

Which city?

 

[D₹V]

Which city?

Not specifically, I mean idk about his city but it may vary from city to city.

 

[j_s]

None of the criteria in terms of AMB or RV mentioned on their website matters if you are new to the bank. If you visit the branch, I am certain you will be met by eager employees who would want to sign you up on their privy league programme. Typically, they will expect 2 lakhs initial funding for Prima, 10-15 lakhs for Optima and about 30 lakhs for Insignia. All these numbers are negotiable. The key here is that you are new to bank for a savings account. Once enrolled in the programme, your non maintenance charges are waived off. Effectively, you have 0 balance account.

I am not aware of their credit card offerings with privy league but aside from that, privy league is just fancy for the sake of fancy. You are treated better if you visit their branch, thats all.

They do run drives where they would offer Optima at siginificantly low intiail funding. So, maybe enquire about that as well.

 

[Arun Pratheep]

None of the criteria in terms of AMB or RV mentioned on their website matters if you are new to the bank. If you visit the branch, I am certain you will be met by eager employees who would want to sign you up on their privy league programme. Typically, they will expect 2 lakhs initial funding for Prima, 10-15 lakhs for Optima and about 30 lakhs for Insignia. All these numbers are negotiable. The key here is that you are new to bank for a savings account. Once enrolled in the programme, your non maintenance charges are waived off. Effectively, you have 0 balance account.

I am not aware of their credit card offerings with privy league but aside from that, privy league is just fancy for the sake of fancy. You are treated better if you visit their branch, thats all.

They do run drives where they would offer Optima at siginificantly low intiail funding. So, maybe enquire about that as well.

But for Prima there is Non Maintenance charges. For optima and Insignia no maintenance charges.

 

[j_s]

But for Prima there is Non Maintenance charges. For optima and Insignia no maintenance charges.

Even though it is mentioned on their site that Prima has NMC, this is not the case. There is no NMC on any variant of privy league. The bank employees will tell you this and you will receive a confirmation in the welcome kit as well.

 

[Arun Pratheep]

Even though it is mentioned on their site that Prima has NMC, this is not the case. There is no NMC on any variant of privy league. The bank employees will tell you this and you will receive a confirmation in the welcome kit as well.

Today I talked with my RM about upgrading my account to privy. He told if I don't maintain 2 lakhs there will be charges.

 

[j_s]

Today I talked with my RM about upgrading my account to privy. He told if I don't maintain 2 lakhs there will be charges.

That may be true for upgrades (I am not aware) but as I mentioned about new to bank customers, this is not applicable.

 

[plastikman]

Today I talked with my RM about upgrading my account to privy. He told if I don't maintain 2 lakhs there will be charges.

 

[vak93]

In Privy league(prima) since 6 years. First 4 years exceptional banking no spam etc. Frankly Cards are not if much use except for online sales few time a year. though they were generous with limit enhancements every 2 years

but I would say service deteriorated sine last few years. Even they wont solve issues if you raised. My query is still pending when i asked for card upgrade as was keep NRV 1.5x of optima but bank manger and RM went deaf. They just will call you around march for funding which is declined and rest spam calls for insurance on card ans other useless stuff.

Moved most of NRV to HDFC where imperia is far better with locker etc.

Avoid at all costs as i have a salary account with them so keeping it as mandated by my employer. Privy is of no use now. Earlier they were good but most of old guy left. I am also a Citi priority account holder(which i consider gold standard) still i would say they were at par in first 4 years but now even worst then PNB/SBI frankly

 

[technom]

I got upgraded to Privy League Prima in 2018 but did not maintain the minimum balance for that level shortly after that because Kotak reduced their interest rates in savings account during the time.

The account stayed at Prima until Sep/October 2022 and they downgraded to Kotak 811 shortly after that. I called customer care to ensure that they won't charge for non maintenance and instead go with account downgrade because we don't use it much anyways

Got this email in Sep 2022:-

Kotak