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

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

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.