Kotak Veer Select Credit Card – Benefits, Fees & Eligibility

Introduction

The Kotak Veer Select Credit Card, issued by Kotak Mahindra Bank, is a specialized credit card exclusively designed for officials of the Indian armed forces. Positioned as a niche offering, it aims to honor and provide tailored financial benefits to the nation's guardians. Key differentiating benefits include a zero joining fee, a spend-based annual fee waiver, complimentary IHO membership as a welcome perk, and a robust rewards program with accelerated points on categories like movies, dining, and groceries. It also offers travel benefits such as domestic airport lounge access and waivers on fuel and railway surcharges. Please note that this product has been discontinued for new sourcing and is only displayed for existing cardholders.

Welcome Benefits

• Complimentary IHO membership worth Rs. 8,500 on spending Rs. 500 within the first 30 days of card issuance.

Fees

• Joining Fee: Nil
• Renewal Fee: Rs. 599 + GST
• Spend-Based Waiver: The annual fee for the next year is waived on spending Rs. 1,00,000 or more on retail purchases in the previous year.
• Rewards Redemption Fee: Not Applicable
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.5% per month (42% annually)
• Fuel Surcharge: 1% fuel surcharge waiver across all petrol pumps (capped at Rs. 3,500 annually). This waiver is applicable on transactions between Rs 500 and Rs 3,000. No reward points are credited on fuel transactions.
• Cash Advance Charges: Rs. 300 per withdrawal of Rs. 10,000.
• Add-on Card Fees: No fee is charged for add-on cardholders.

Rewards

• Reward Rate:
  • Earn 9 Reward Points for every Rs. 200 spent on movies, dining, grocery, and departmental stores.
  • Earn 3 Reward Points for every Rs. 200 spent on all other categories.
• Movies & Dining: Earn 9 Reward Points on every Rs. 200 spent.
• Travel:
  • 8 complimentary domestic airport lounge access per year (capped at 2 per calendar quarter within India).
  • 1.8% railway surcharge waiver on transactions done through the IRCTC website.
  • 2.5% railway surcharge waiver on transactions done at Indian Railway Booking Counters.
• Insurance Benefits:
  • Insurance cover worth up to Rs. 2.5 lakhs against unauthorized transactions on a lost/stolen card.
  • To avail of the insurance, immediately contact the Customer Contact Centre (1860 266 2666) to get your card deactivated/blocked, then register a claim with the Insurance company.
• Lifestyle: Complimentary IHO membership worth Rs. 8,500 as a welcome benefit.

Rewards Redemption Guide

• Value: 1 Kotak Reward Point = Re. 0.25.
• Redemption Categories: Accumulated Veer Points can be redeemed against a host of categories such as Movies, Mobile Recharges, and e-vouchers. They can also be redeemed for shopping, travel, and more at Kotak Rewards or partner stores and websites.
• Partial Payment: If reward points are not sufficient for a particular transaction, the remaining amount can be paid with your Kotak credit card.

Card Eligibility Criteria

• The applicant should be an Indian armed force official.
• The applicant should be a resident of India.
• The age of the primary cardholder should be between 18-65 years.
• The age of the add-on cardholder should be 18 years or above.
• This credit card is available in the following locations: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurgaon and Noida), Hyderabad, Kolkata, Mumbai, and Pune.

Documents Required

• Identity Proof: Aadhar Card, Driving License, PAN Card, Passport, Voter’s Id, etc.
• Address Proof: Aadhar Card, Latest months’ water/electricity/telephone bills, Ration Card, rent agreement, etc.
• Proof of Income: Latest months’ salary slips/bank statements or latest ITR report.

Card Review

The Kotak Veer Select Credit Card is a thoughtful offering specifically tailored for Indian armed forces officials, providing a comprehensive suite of benefits for their daily expenditures. It stands out with its zero joining fee and an achievable annual fee waiver, making it a cost-effective option. The accelerated reward points on essential categories like movies, dining, groceries, and departmental stores offer significant value. Furthermore, the inclusion of domestic airport lounge access and waivers on both fuel and railway surcharges addresses common spending needs for this demographic. The insurance cover against fraudulent transactions adds a layer of security. While the product is currently discontinued for new sourcing, for existing cardholders, it remains a valuable tool that enhances their shopping, dining, and travel experiences, truly giving back to those who serve the nation.

Important Product Details

• Exclusive card for officials of the Indian armed forces.
• Zero joining fee.
• Annual fee of Rs. 599 + GST, waived on spending Rs. 1,00,000 annually.
• Complimentary IHO membership worth Rs. 8,500 as a welcome benefit on spending Rs. 500 in the first 30 days.
• Earn 9 reward points on every Rs. 200 spent on movies, dining, grocery, and departmental stores.
• Earn 3 reward points on every Rs. 200 spent in all other categories.
• 8 complimentary domestic airport lounge access per year (capped at 2 per quarter).
• 1% fuel surcharge waiver across all fuel stations (capped at Rs. 3,500 per annum).
• 1.8% railway surcharge waiver on the IRCTC website; 2.5% for transactions on Indian Railway Booking Counters.
• Credit liability cover worth up to Rs. 2.5 Lakh against fraudulent transactions on a lost/stolen card.
• Foreign currency markup of 3.5%.
• Interest rate of 3.5% per month (42% annually).
• Cash advance fee of Rs. 300 for each withdrawal of Rs. 10,000.

Other Details

• This product has been discontinued for new sourcing and is only displayed for existing Veer Select cardholders.
• Add-on Card:
  • Get a free Add-on card with all the benefits of the primary credit card.
  • Spend limits can be set on the Add-on Card as per requirement.
  • Spends can be tracked separately for each Add-on Card.
• Safety Features:
  • Embedded EMV Chip for an additional level of security.
  • 6-digit PIN authentication for higher security of transactions.
• How to Apply:
  • Offline: Visit the nearest Kotak bank branch and fill out the offline form, carrying all essential documents.
  • Online: Choose the ‘Kotak Veer Select Credit Card’ option, click on ‘Apply Now’, fill in all required information, and proceed.