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Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account

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

Coming to the aid of NRIs (Non-Resident Indians) across the globe, Kotak Mahindra Bank has rolled out the Non-Resident Ordinary (NRO) Savings Account. NRIs can park their savings earned in India in the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, either from their investments, rent, pension, etc. This NRO savings account comes with the benefit of a low average quarterly balance of Rs.10,000 and the sweep-in, sweep-out option of the funds in the account.

Features and benefits of the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account

  • With this savings account, customers can make easy remittances into the account via wire transfer or cheque.
  • Customers have the option of availing Double taxation avoidance agreements (DTAAs) to gain higher returns following tax deductions.
  • For transactions equal or above $10,000, the preferential Forex rates will be applicable.
  • This NRO savings account comes with a low average quarterly balance of Rs.10,000.
  • Interest accrued on deposits is fully repatriable after deduction of tax. As per the guidelines of the Reserve Bank of India, repatriation up to $1 million is allowed for bonafide purposes.
  • On opening this NRO savings account, customers are granted an Access India debit card that can be used anywhere in India at merchant establishments that accept VISA cards.
  • Through the phone banking facility, customers can request for cheque books 24/7.
  • Through the Non-Resident Ordinary Savings Account net banking facility, customers can carry out regular banking procedures such as fund transfers, cheque book requests, check their bank statements, pay utility bills, pay credit bills and so on.
  • Customers can benefit from personal risk advisors that are affiliated with Kotak Mahindra Bank.
  • With the Kotak Mahindra Bank NRO Savings Account, customers can carry out a number of home banking facilities.
  • Deposits in this savings account come with an interest rate of 4% p.a. The interest is paid on a half-yearly basis.
  • NRI customers can benefit from the sweep-in, sweep-out facility of their funds.
  • NRIs can also open joint accounts provided that the secondary account holder is also an NRI or PIO (Person of Indian origin) .
  • The principal amount in the NRO account is exempt from tax, however, the interest accrued is subject to tax. Customers are subject to 30% tax (GST) of the interest accrued. If the customer avails the DTAA (Double taxation avoidance agreements) facility, the TDS will be reduced to between 10-15%.

Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account Eligibility Criteria

  • For the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, PIOs, NRIs, all Indian Government employees with diplomatic passports, Indian national Seafarers, Indian students pursuing studies in foreign countries, and Indians employed by overseas shipping companies are eligible.
  • To be eligible for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, Non-Resident Indians (NRIs) have to meet certain criteria:
    • Should be staying outside India for employment purposes.
    • Or the NRI 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 for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account:
    • Is a spouse of an Indian citizen.
    • Should have held an Indian passport at one point in his/her life.
    • Either the parents or grandparents of the customer should have been a citizen of India.

Documents Required for Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account

For Non-Resident Indians:

  • NRIs have to submit their passport as proof of identification and address. The passport should contain:
    • The name of the candidate
    • Photograph of the customer
    • Date and place of birth
    • Date of issue and expiry of the passport
    • Address
    • 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.
  • 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.

For those applying to open a Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account overseas, the documents mentioned above have to be attested either by a Notary Public Authority, an overseas bank official, an official at an Indian Scheduled Commercial Bank, 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 Ordinary (NRO) Savings Account in any local Kotak Mahindra Bank branch, listed below are the documents required:

  • Photocopy of passport.
  • Either a residence permit or work visa copy.
  • 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 the customer’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, a Notary Public Authority, or by an Indian diplomatic mission in the applicant’s country.

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.
  • 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.
  • 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 Ordinary (NRO) Savings Account Fees and Charges

Particulars Kotak Mahindra Bank Non-Resident Ordinary (NRO) 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 Ordinary (NRO) Savings Account FAQs

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

Yes, the interest accrued in the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account is subject to tax. Though the principal amount deposited in the account is free from tax, the interest earned over the deposits is subject to TDS (Tax Deducted from Source). 30% of the interest accrued will be subject to tax. If the customer avails the DTAA (Double taxation avoidance agreements) facility, the TDS will be reduced to anything between 10-25%.

2. Is it possible to open a joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account?

Yes, you can open a joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account only in cases when the secondary account holder is either an NRI or PIO.

3. How is the interest rate for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account calculated and paid?

The interest rate for this NRO savings account is calculated daily based on the closing balance of each day. The interest is payable half-yearly, between September and March.

4. What is the cash withdrawal and transaction limit for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account?

The daily cash withdrawal from ATMs for the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account is Rs.75,000 while the transaction limit at retail or online merchant establishments is Rs.1 lakh.

5. For the joint Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account, is there a separate debit card that is issued to the secondary account holder?

Yes, if applied for, the secondary account holder can avail a debit card to carry out transactions and withdrawals.

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