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Kotak Mahindra Bank Platina Savings Account - Non-resident External (NRE)

 4.0 / 5.0   by 26 users
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Fees & Charges

Promised Interest Rate

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Responsiveness

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

Catering to the NRI (Non-Resident Indians), Kotak Mahindra Bank has rolled out the Platina Saving Account. With this NRE savings account, customers can deposit or invest their foreign currencies in India and can carry out normal banking transactions in Indian rupees. With the Kotak Mahindra Bank Platina Savings Account, customers are eligible for free repatriable deposits and are granted a Global Visa Platinum Debit Card when opening the account.

Features and Benefits of Kotak Mahindra Bank Platina Savings Account (NRE)

  • Through the Kotak Mahindra Bank Platina Savings Account, customers can carry out home banking services in India.
  • On opening this NRE account, customers are granted a Global Visa Platinum debit card - giving them the benefit of carrying out banking transactions across the globe.
  • Customers have to maintain an average quarterly balance of Rs.1 lakh.
  • For doubts, requests, grievances or help relating to processes of this savings account, customers have a dedicated relationship manager across all Kotak Mahindra Bank branches in the country.
  • Customers can make quick and economical remittances into India by wire transfer or cheque.
  • For transactions above $25,000, the preferential Forex rate will be applicable.
  • Customers will earn an interest of 4% per annum on deposits that will paid on a half-yearly basis.
  • Through phone banking, customers can make cheque requests 24/7.
  • Customers can carry out net banking services through the Kotak Mahindra Bank Platina Savings Account.

Kotak Mahindra Bank Platina Savings Account (NRE) Eligibility Criteria

  • 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 for the Kotak Mahindra Bank Platina Savings Account.
  • 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 Platina Savings Account (NRE)

For Non-Resident Indians:

Listed below are the documents required for opening this NRE savings account at any Kotak Mahindra Bank branch in India:

  • 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.
  • Copy of Visa - either residence or work visa.
  • Proof of mailing address - either local or overseas address.
  • Latest colour passport size photograph.

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

  • 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.
  • Copy of Visa - either residence permit or work visa.
  • Proof of mailing address - either local or overseas address.
  • Latest colour passport size photograph.

For those applying to open a Kotak Mahindra Bank Platina Savings NRE 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 in any local Kotak Mahindra Bank branch, listed below are the documents required:

  • 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.
  • Copy of Visa - either residence permit or work visa.
  • Proof of mailing address - either local or overseas address.
  • Latest colour passport size photograph.
  • 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 submitting the account opening form from overseas, listed below are the documents that would be required to submit.

  • 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.
  • Proof of mailing address - either local or overseas address.
  • Latest colour passport size photograph.
  • 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 Platina Savings NRE 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, listed below are the documents that they would be required to submit:

  • 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.
  • 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
  • Merchant navy declaration of the established contract.
  • Proof of mailing address.
  • Latest passport size colour photograph.

Kotak Mahindra Bank Platina Savings Account (NRE) Fees and Charges

Particulars Kotak Mahindra Bank Platina Savings Account charges
Average Quarterly Balance (AQB) Rs.1 lakh
DD at Branch Location / Pay Order Free up to Rs.1 lakh
Fund Transfer Free
NEFT (Per Transaction) Free
Local Clearing Cheque Free
Outstation Cheque Collection Charges - Branch Location (Per Instrument) Free
Cash Deposit at Home / Non-Home Location Free upto 10 times per month or Rs. 15 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
Gold Debit Card - Issuance Charge Free
Platinum Debit Card - Issuance Charge Free
Classic Debit Card - (Primary) Annual Charge Free
Classic Debit Card - (Add-On) Annual Charge Free
Gold Debit Card - (Primary) Annual Charge Free
Gold Debit Card - (Add-On) Annual Charge Free
Platinum Debit Card - (Primary) Annual Fee Free
Platinum Debit Card - (Add-On) Annual Fee Free
Replacement of lost Debit Card (for all card types) Free
Cash Withdrawal at own ATM Free
Cash Withdrawal at other Domestic ATM Free
Cash Pick-up / Delivery (Home banking) Free upto 10 calls per month
Instrument Pick-up / Delivery (Home banking) Free upto 10 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.1,200 if Average Quarterly Balance>50% but less than required Average Quarterly Balance and Rs.1,500 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.1,200
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 Platina Savings Account (NRE) FAQs

1. Who exactly is an NRI?

A non-resident Indian is an Indian citizen that is living abroad either due to employment outside the country, or is living outside the country for whatever reason or who has been been transferred on work outside the country.

2. Are investments or deposits in the Kotak Mahindra Bank Platina NRE Savings Account subject to tax?

No, the deposits in the Kotak Mahindra Bank Platina Savings Account are free from tax.

3. If I am overseas, how can I open the Kotak Mahindra Bank Platina Savings Account?

Since you are overseas, the whole account opening procedure can be done online. All the required documents can be uploaded on the Kotak Mahindra Bank branch for verification.

4. Can I repatriate funds from my Kotak Mahindra Bank Platina NRE Savings Account without restrictions?

Yes, NRE accounts as this account have no restrictions with regard to repatriation. It can be done freely.

5. If I repatriate funds to India, will it be in foreign currency or Indian currency?

It will be in Indian currency.

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Kotak Mahindra Bank Platina Savings Account - Non-resident External (NRE) Reviews

Page 1 of 2 1 2
  • Kotak Debit Card
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 16, 2019
  • Kotak Debit Card
    "Good Bank"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Kotak Bank i opened through Online portal. It is Very Easy to Open .Zero Rupees Charges.I ordered for a Debit card of kotak bank i got it delivered.Kotak App is Very User Friendly to Everyone.Zero balance maintain No Extra Charges..Quite Good App
    Was this review helpful? 52
    , bangalore
    Reviewed on Feb 16, 2018
  • Kotak Debit Card
    "Decent Credit Card"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have a Salary account with them and the bank has offered a complimentary Credit card on the basis of this account. They have given me a Credit Limit of Rs.2.5 Lakhs, which I felt is quite a good one to have. One thing which let me down over here is their high interest rate. Also an added advantage is, they have good reward points system available with them.
    Was this review helpful? 21
    , chennai
    Reviewed on Jan 23, 2018
  • Kotak Debit Card
    "Good"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am using domestic debit card of Kotak Mahindra Bank. The daily withdrawal limit was 25,000 rupees which was satisfactory. I am using this debit card for the last six months. There is no charge for other ATM swipe. ATM facilities are good and enough.
    Was this review helpful? 23
    , navi mumbai
    Reviewed on Jan 04, 2018
  • Kotak Debit Card
    "Good service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    Within 4days of time I got the car loan from Kotak Mahindra bank. The customer support is good with Kotak mahindra bank. The rate of interest which they have offered was low, when compared with other banks. The required loan amount has been disbursed and I am happy with it.
    Was this review helpful? 15
    , hyderabad
    Reviewed on Oct 16, 2017
  • Kotak Debit Card
    "Kotak Mahindra Bank Fraud Services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Kotak Mahindra Bank has **fraud banking services**. Rs. 800+ charge for other ATM Withdraws. 10000+ Charge for not maintaining minimum balance. 1000+ for delayed credit card payments. One Purchase = Service Tax+Conversion Charge+Interest Charge+Actual MRPâ?¦. **Close all your accounts** of Kotak Mahindra Bankâ?¦
    Was this review helpful? 50
    , bangalore
    Reviewed on Apr 06, 2017
  • Kotak Debit Card
    "GOOD BANK BEST SERVICES GOOD JOB NICEBANK GOODRELATIONSHIP "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    SUPPORTING WITH A MINIMUM WORKING TIME BANK QUICK DESISION WONDERFUL JOB GOOD PROVIDED BY OTHER BANKS LIKE ICICI, HDFC , IDBI , AXIS AND MORE NATIONALIZED BANKS FUTURE GOOD BANK MANAGMENT GOOD ALSO SUPPORT AND THANKS TO ALL THEY ARE HELPING PEOPLE THANK YOU AGAIN..
    Was this review helpful? 25
    , vadodara
    Reviewed on Mar 26, 2017
  • Kotak Debit Card
    "Share a experience with Kotak Mahindra Bank on line service"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I like Kotak Mahindra Bank because this bank replied fast comparing with another bank.The process was comleted process on line with in a five minute.its pleasant experience when compared with other bank services I like Kotak than another private sector banks.
    Was this review helpful? 24
    , ahmedabad
    Reviewed on Mar 25, 2017
  • Kotak Debit Card
    "zero use for kotak rupay debit card"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    i applied for a kotak mahindra rupay debit card after surrendering my existing visa debit card. firstly for some strange reason kotak doesnt allow rupay debit card as a addon card to my existing visa card. hence they automatically blocked my visa debit card on applying for rupay card. next i tried using the kotak rupay debit card on various POS terminals and online transactions. but it was declined everytime. later i got to know that they mention that it cant be used online. but there is no mention of non usage at POS too. after i tried it at around 20-30 machines i wrote them an email. to which they replied that there rupay card is not enabled for POS yet. and its not happening anytime soon. WHILE OTHER BANKS' RUPAY CARD WORKS EASILY ONLINE AS WELL AS AT POS, KOTAK CHOSES NOT TO ENABLE THESE. this card is only usefull for taking out cash from atm and that too only 10000. i was left bitterly dissapointed and have finally blocked it for reissue of visa debit card.
    Was this review helpful? 39
    , new delhi
    Reviewed on Mar 09, 2017
  • Kotak Debit Card
    "Very Poor service - Dont go for it - i am frustrated ."
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Deducted money, I tried to communicate with them, but I didnt get any response. having many features of KOTAK bank is not good when it comes to customer service. Do not open your account in Kotak bank they will not give you service. I am frustrated with Kotak bank. Very bad feelings.
    Was this review helpful? 41
    , pune
    Reviewed on Dec 15, 2016
  • Kotak Debit Card
    "Make False Offer"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    I'm a Kotak Platina Salary account holder which comes with a Kotak Platinum Debit Card. The Platinum Card holders has no withdrawal limit from Kotak and Non-Kotak ATM in india. Everything was going fine for last 1.5 year. I have been happily withdrawing cash around 10-15 times a month from Non-Kotak ATM. Suddenly they charged me with some CW Fee. Querying on that, I get to know that they downgraded my account upto five ATM transaction/Month. The reason of downgrading my account is many number of withdrawal of 300-400 INR. But still they are showing in the charges page the same unlimited Kotak and non-Kotak transaction. The link of the charges page is : http://www.kotak.com/service-charges.html
    Was this review helpful? 27
    , bangalore
    Reviewed on Dec 10, 2016
  • Kotak Debit Card
    "Good overall"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I am happy with the services and response I received from Kotak Mahindra Bank for the debit card application. They contacted me and informed me all the details and the procedure as well. Since I went ahead with another bank, I cancelled my application with them. I do not wish to comment on the charges.
    Was this review helpful? 13
    , mumbai
    Reviewed on Dec 05, 2016
  • Kotak Debit Card
    "KOTAK MAHINDRA CLASSIC DEBIT CARD"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I never new applying for KOTAK MAHINDRA CLASSIC DEBIT CARD will be so easy. Awaiting to open an account with KOTAK MAHINDRA & get the best previlages offered better than other banks. KOTAK BANK is doing well compared to other banks with Customer service. I have heard of the bank quite some time & eagerly waiting to have an account with KOTAK MAHINDRA.
    Was this review helpful? 10
    , bangalore
    Reviewed on Nov 30, 2016
  • Kotak Debit Card
    "Very use ful site, Its very easy-to-use site Bank Bazaar i l"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    Very easy applying Very use ful site, Its very easy-to-use site Bank Bazaar i like it. Bank bazar is giving me too awesome offers and I would like to use all offers. I will tell about this to my relatives and my families and also my friends and I hope bank bazaar is giving us more offers in future. So, thanking you for this great offers..
    Was this review helpful? 18
    , indore
    Reviewed on Oct 26, 2016
  • Kotak Debit Card
    "Application for debit card"
    KOTAK MAHINDRA BANK
    0.5 4.5/5 "Excellent!"
    Excellent experience on line debit card application filling application. I am not experiencing any google service it is excellent so we can purchase all in one place with our debit card so I am very much assured to open account in any bank in our computer & use any places in india so my request to all dont miss this opportunity.
    Was this review helpful? 12
    , chennai
    Reviewed on Oct 12, 2016
  • Kotak Debit Card
    "Good service "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    They are require a minimum balance of 10000Rs in the account.The service provided was good with Kotak Mahindra based on the saving account maintenance.They have responded on time for the application.They have taken around 5days to respond for the application
    Was this review helpful? 65
    , nagpur
    Reviewed on Jan 28, 2016
  • Kotak Debit Card
    "Wonderful service "
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I have opened and commercial account with Axis Bank so I was not requiring this saving account with Kotak Mahindra.The service provided by Kotak Mahindra was very good in account maintenance.They have provided wonderful service to the customer and the rates applied was around 9%.
    Was this review helpful? 23
    , pune
    Reviewed on Jan 14, 2016
  • Kotak Debit Card
    "Good bank"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had my address proof which was not belonging to my personal address .The customer service provided was all good with Kotak Mahindra.They have to improve on the terms and conditions applied by Kotak.They have to works on the proofs required because all customer will not have the required proofs.
    Was this review helpful? 21
    , new delhi
    Reviewed on Jan 13, 2016
  • Kotak Debit Card
    "Need immediate response!"
    KOTAK MAHINDRA BANK
    0.5 2.0/5 "Expected more"
    Once I applied for a debit card with Kotak Mahindra bank, there was a delay in the response from the executives. But after 6 days they made a call to me and I am not able to respond to them properly. And as the online executive told me there are good offers on the debit card, I opted to take the debit card with them.
    Was this review helpful? 18
    , mumbai
    Reviewed on Jan 13, 2016
  • Kotak Debit Card
    "Good debit card feature"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    The response was good from kotak mahindra when i applied for the debit card and they gave all the details about the product. The debit card feature are good compare to other banks. I was not available in the station so the application was closed.
    Was this review helpful? 11
    , chandigarh
    Reviewed on Jan 13, 2016
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