Kotak Bank launches solitaire programme for rich Indian families

Mumbai: Kotak Mahindra Bank has unveiled Solitaire, an exclusive, invitation-only banking initiative aimed at India’s affluent households. Eligibility hinges on maintaining a relationship value exceeding Rs 75 lakh for salaried individuals and Rs 1 crore for the self-employed, which is across grouped family holdings.

A unique feature is that, the programme permits the inclusion of up to 14 family members, offering one of the most expansive familial coverages in the domestic wealth management landscape.It offers a suite of financial privileges, including access to alternative investments, home loan benefits, premium credit cards, and personalised wealth management services.Members can invest up to $ 250,000 abroad annually and make outward remittances of up to $ 50,000 with relative ease.

Kotak provides an invite-only Solitaire credit card that earns 10 air miles per Rs 100 spent on flight and hotel bookings through the Kotak Unbox platform. International spending is made cost-effective with a 0% forex markup.Members of the Solitaire program can be referred to investment opportunities such as Alternative Investment Funds (AIFs) through Kotak group companies. The program offers access to pre-approved home loans of up to Rs 7.5 crore, with a streamlined application process designed to reduce turnaround time.

Financial flexibility is another key feature, with a pre-approved credit line of up to Rs 25 lakh, where interest is charged only on the amount utilised. The program also extends access to Kotak Life Insurance plans, including term and annuity products. A dedicated relationship manager is assigned to each member, offering personalised assistance across banking, investment, and insurance needs.The program includes enhanced banking facilities such as the ActivMoney feature, which automatically transfers idle balances above Rs 3 lakh into fixed deposits to earn higher returns.

Members can also request Solitaire-branded debit cards and chequebooks, and extend credit card benefits to up to three family members.Eligibility for Kotak Solitaire is by invitation and is based on the individual or family's overall Relationship Value with the bank. This includes balances in savings and current accounts, fixed deposits, mutual funds, life insurance premiums paid, 30% of sanctioned loans (including home loans and working capital), and 30% of Demat holdings through Kotak Securities.The relationship value can be aggregated across family members, including spouse, children, parents, daughter-in-law, and minors (as non-primary holders). HUF accounts are eligible if the Karta is included, and CRNs for business accounts can be grouped if at least one partner, proprietor, or director is shared.Membership status is reviewed every six months. If the Relationship Value falls below the required threshold, Solitaire benefits may be withdrawn after prior notice.

The Solitaire credit card’s annual fee is waived as long as eligibility is maintained. If the member is downgraded and no longer qualifies, an annual fee of Rs 25,000 applies unless separate card eligibility criteria are met. The default threshold for ActivMoney is Rs 3 lakh, with sweep-ins directed to 180-day term deposits (or one-year deposits for NRE accounts).

If an upgrade occurs, members must reset these thresholds manually.Insurance policies offered under the program are underwritten by Zurich Kotak Life Insurance and are not bank-guaranteed. The purchase of insurance products is entirely voluntary. All services, including credit facilities and investment referrals, are subject to the bank’s discretion and governed by internal policies and applicable RBI regulations.