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.