If you withdraw it completely then the card will be canceled. You need to have atleast 1K rupees FD with them for the card to keep going.
However, if you partially withdraw it, then I don't know what happens. I don't think they will downgrade you from Select to Platinum but unfortunately I can't say for sure.
Essentially your money is locked in for the first 7 days, even if you cancel the card it cannot be withdrawn before the 7 day period. After that you can withdraw it partially anytime, However if you withdraw it completely your card will be canceled.