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.
Listed below are the documents required for opening this NRE savings account at any Kotak Mahindra Bank branch in India:
Listed below are the documents required for candidates submitting the account form from overseas:
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 PIOs submitting the account opening form in any local Kotak Mahindra Bank branch, listed below are the documents required:
For PIOs submitting the account opening form from overseas, listed below are the documents that would be required to submit.
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 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:
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 |
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.
No, the deposits in the Kotak Mahindra Bank Platina Savings Account are free from tax.
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.
Yes, NRE accounts as this account have no restrictions with regard to repatriation. It can be done freely.
It will be in Indian currency.
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