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Kotak Mahindra Bank Non-Resident External (NRE) Savings Account

Savings Account
  • Instant money transfer
  • 24x7 ATM withdrawals
  • Attractive rate of interest

Catering specifically to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), Kotak Mahindra Bank has rolled out the Non-Resident External (NRE) Savings Account. Using the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account, NRIs and PIOs can park their savings that they earn in foreign countries. The Kotak Mahindra Bank Non-Resident External (NRE) Savings Account comes with a relatively low average quarterly balance of Rs.10,000 and customers are granted a Gold debit card when opening the account - enabling them to carry out transactions in India and abroad.

Features and Benefits of Kotak Mahindra Bank Non-Resident External (NRE) Savings Account

  • Through the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account, customers can carry out home banking services in India and abroad.
  • On opening this NRE account, customers are granted a Gold debit card - giving them the benefit of carrying out banking transactions at retail and online merchant establishments and ATM withdrawals in India and abroad.
  • To avoid a penalty for non-maintenance of the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account, customers have to maintain an average quarterly balance of Rs.10,000.
  • Customers also have the benefit of a dedicated relationship manager across all Kotak Mahindra Bank branches in the country.
  • For transactions above equivalent or above $10,000, the preferential Forex rate will be applicable.
  • Customers enrolled with the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account will earn an interest of 4% per annum on deposits that will paid on a half-yearly basis.
  • For NRE savings accounts, amount deposited in the account (principal) and the interest accrued is fully repatriable.
  • Through phone banking, customers can make cheque requests 24/7.
  • Customers can carry out net banking services through their Kotak Mahindra Bank Non-Resident External (NRE) Savings Account.

Kotak Mahindra Bank Non-Resident External (NRE) Savings Account Eligibility Criteria

  • For the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account, all NRIs, PIOs, Seafarers of Indian nationality, Indian Government employees with diplomatic passports, Indian students pursuing studies on foreign countries, and Indians employed by overseas shipping companies are eligible.
  • Non-Resident Indians (NRIs) have to meet certain requirements to be eligible:
    • Staying outside India for employment purposes.
    • Is officially carrying out temporary assignments on behalf of the Government or Public sector.
  • Persons of Indian Origin (PIOs) have to meet any of the following requirements to be eligible:
    • He/she should have held an Indian passport at any time.
    • Either their parents or grandparents should have been a citizen of India.
    • Is a spouse of an Indian citizen.

Documents required for Kotak Mahindra Bank Non-Resident External (NRE) Savings Account

For Non-Resident Indians:

NRI customers applying for the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account will have to submit the below listed documents:

  • NRIs have to submit their passport as proof of identification and address. The passport should contain the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.
  • Proof of mailing address - either local or overseas address.
  • Colour passport size photograph.
  • Copy of Visa - either residence or work visa.

Listed below are the documents required for candidates submitting the account form from overseas:

  • Proof of mailing address - either local or overseas address.
  • Colour passport size photograph.
  • Copy of Visa - either residence permit or work visa.
  • Copy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.

For those applying to open a Kotak Mahindra Bank Non-Resident External (NRE) Savings Account overseas, the documents mentioned above have to be attested either by an overseas bank official, an official at an Indian Scheduled Commercial Bank, a Notary Public Authority, or by an Indian diplomatic mission in the applicant’s country.

For Person of Indian Origin (PIO):

For PIOs submitting the account opening form for the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account in any local Kotak Mahindra Bank branch, listed below are the documents required:

  • One photocopy of one’s passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.
  • Copy of Visa - either residence permit or work visa.
  • Proof of mailing address - either local or overseas address.
  • Colour passport size photograph.

For PIOs submitting the account opening form from overseas, listed below are the documents that would be required to submit.

  • If place of birth is outside India, the applicant would be required to submit either of the following documents:
    • Copy of Indian passport of spouse.
    • Copy of Indian passport held by either one’s parents or grandparents.
    • PIO card.
    • Overseas Citizen of India (OCI) card.
  • Photocopy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.
  • Recent colour passport size photograph.
  • Copy of Visa - either residence permit or work visa.
  • Proof of mailing address - either local or overseas address.
  • If place of birth is outside India, the applicant would be required to submit either of the following documents:
    • Copy of Indian passport of spouse.
    • Copy of Indian passport held by either one’s parents or grandparents.
    • PIO card.
    • Overseas Citizen of India (OCI) card.

For PIOs applying to open a Kotak Mahindra Bank Non-Resident External (NRE) Savings Account account overseas, the documents mentioned above have to be attested either by an overseas bank official, an official at an Indian Scheduled Commercial Bank, an Indian diplomatic mission , or a Notary Public Authority in the country one is residing in.

For Seafarers Employed with Foreign Vessels:

For seafarers employed with foreign vessels that are submitting the account opening form at any local Kotak Mahindra Bank branch, they would have to submit the documents listed below.

  • Copy of Visa - either residence permit or work visa.
  • One copy of passport containing the name of the candidate, photograph, date and place of birth, date of issue and expiry of the passport, address and specimen signature.
  • Merchant navy declaration of the established contract.
  • Proof of mailing address.
  • Recent passport size colour photograph.
  • The applicant has to also submit a valid contract copy containing the below listed details:
    • Name of the employee
    • Employment letter of principal shipping company containing their name and address.
    • Name of vessel
    • Name of port
    • Commencement of contract
    • Tenure of contract
    • Salary in foreign currency
    • Passport number

Kotak Mahindra Bank Non-Resident External (NRE) Savings Account Fees and Charges

Particulars Kotak Mahindra Bank Non-Resident External (NRE) Savings Account charges
Average Quarterly Balance (AQB) Rs.10,000
DD at Local Branch Location / Pay Order Free upto Rs.1 lakh
DD at Other Bank Branch Locations Free upto Rs.50,000
Fund Transfer Free
NEFT (Per Transaction) Through net banking account - Free Through local bank branch - Standard charges apply
Local Clearing Cheque Free
Outstation Cheque Collection Charges - Branch Location (Per Instrument) Free
Cash Deposit at Home / Non-Home Location Free upto 5 times per month or Rs.10 lac per month
Cash Withdrawal at Home Location Free
Cash Withdrawal at Non Home Location Free
At-par Cheque Book Charges Free
Non At-par Cheque Book Charges NA
Classic Debit Card - Issuance Charge Free
Platinum Debit Card - Issuance Charge Rs.250
Cash Withdrawal at own ATM Free
Cash Withdrawal at other Domestic ATM Free for the first 5 withdrawals per month. Standard charges are applicable from the 6th withdrawal onwards.
Cash Pick-up / Delivery (Home banking) Free upto 5 calls per month
Instrument Pick-up / Delivery (Home banking) Free upto 5 calls per month
Standing instructions Free
Interest Statement Free
Signature Verification Certificate Free
Photo Attestation Free
Duplicate TDS (Tax deducted from source) Certificate Free
Physical Account Statement (Quarterly) Free
Monthly E-mail Account Statement Free
Pass Book (In Lieu of Account Statement) Free
Non Maintenance Charge (Quarterly) Rs.900 if Average Quarterly Balance>50% but less than required Average Quarterly Balance and Rs.1,200 if Average Monthly Balance less than 50%
Regeneration of PIN Free
Account Closure (if closed after 1 month and before 7 months of A/C opening) Rs.600
Email alert subscription Free
Tax Collection Charge through Internet Banking Free
Inoperative account for more than 1 year Free
Record Retrieval Charges Free
Activation of Inoperative Account Free

Kotak Mahindra Bank Non-Resident External (NRE) Savings Account FAQs

1. Are the funds deposited in the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account and interest earned subject to tax?

As per the guidelines set by the Reserve Bank of India, the principal amount and the interest accrued in the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account are exempted from tax.

2. Can I open a Kotak Mahindra Bank Non-Resident External (NRE) Joint Savings Account?

Yes, you can open a joint account provided that the secondary account holder is either an NRI or PIO.

3. Can I transfer funds between NRE savings accounts?

Yes for bonafide purposes you can transfer funds between NRE savings accounts.

4. Can I make nominations in my Kotak Mahindra Bank Non-Resident External (NRE) Savings Account? Does the nominee have to be an NRI or PIO as well?

Yes, like most savings accounts, you can make nominations for the Kotak Mahindra Bank Non-Resident External (NRE) Savings Account. The nominee can either be a resident of India or an NRI or PIO.

5. Possible to access my Kotak Mahindra Bank Non-Resident External (NRE) Savings Account when overseas?

Yes, when abroad you can access your Kotak Mahindra Bank Non-Resident External (NRE) Savings Account via Kotak Mahindra Bank’s net banking and phone banking facilities. You can also make ATM withdrawals and transactions at retail and online merchant establishments using the Gold debit card.

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