NRIs can open a Kotak Mahindra Bank NRE savings account to keep their hard earned money from abroad in India. Kotak NRE savings account comes with a wide range of benefits like low average monthly balance requirements, net banking and phone banking facilities, global debit cards, etc.
Key Features of Kotak NRE Savings Account
NRIs will enjoy following benefits when they open an NRE savings account with Kotak Mahindra Bank.
- Minimal Average Monthly Balance: An account holder needs to maintain a minimum of Rs. 10,000 only in his/ her NRE savings account with Kotak Mahindra Bank.
- Easy and Economical Inward Remittances: NRIs can easily transfer funds into their savings accounts in India for minimal charges by the way of cheque, wire transfer or Click2Remit.
- Attractive Interest Rates: NRIs can earn 3.5% p.a. interest on daily closing balance on their savings accounts.
Other Features
- There is no tax on interest earned from NRE savings accounts.
- Both principal and interest are fully and freely repatriable.
- With Kotak Mahindra Bank Global Debit card, NRIs can access their bank account anytime, anywhere on all VISA ATMs in India and abroad.
- 24X7 phone banking and net banking, allowing you to access your account from across geographies as per your time zone and convenience.
- Home banking services in India.
- An NRI applicant can open a Kotak Mahindra Bank NRE account with another NRI/ OCI card holder. The account can be opened jointly with a resident Indian on a former or survivor basis.
How to Open Kotak NRE Savings Account
There are two ways to open an NRE savings account at Kotak Mahindra Bank:
- Apply for Kotak NRE savings account online on bank’s website
- Visit a branch of the bank in India
Apply for Kotak NRE Savings Account Online
- Open NRE Rupee savings account page on the official website of Kotak Mahindra Bank.
- Click on ‘Apply Now’ button.
- You will be redirected to the account opening application page.
- Fill up details like your name, country of residence, contact details, type of savings account, etc.
- Click ‘Open Account Online’ button.
The NRI Acquisition team of Kotak Mahindra Bank will contact you within 2 working days for further procedure.
Visit a Kotak Mahindra Bank Branch in India
If you are in India, you can visit the nearest branch of Kotak Mahindra Bank to open an NRE savings account.
Open NRI Account Online through SBNRI
You can apply for NRE account opening online. Click on ‘Open NRE Account‘ button on this blog or download SBNRI App. Take the following steps to open an NRI account on the SBNRI app online:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Documents Required
For NRIs (Non-Resident Indians)
NRIs need to carry the following documents while submitting the account opening form at Kotak Bank branches in India:
- Photocopy of Indian passport pages containing your name, date and place of birth, date of issue/ expiry, photograph, specimen signature and address details
- Copy of valid visa/ work or residence permit
- Address proof for communication (local or overseas address as selected on the account opening form)
- Latest coloured passport-sized photograph
While sending the account opening form and documents from overseas
- Photocopy of Indian passport pages containing your name, date and place of birth, date of issue/ expiry, photograph, specimen signature and address details
- Copy of valid visa/ work or residence permit
- Address proof for communication (local or overseas address as selected on the account opening form)
- Latest coloured passport-sized photograph
If you are sending the account documents from overseas, the documents need to be attested by any of the following entities:
- Overseas branch of Kotak Mahindra Bank or an Indian Scheduled Commercial Bank.
- Bank official of Overseas Correspondent Bank of Kotak Mahindra Bank.
- Notary Public abroad/ Court Magistrate/ Judge.
- Indian Embassy/ Consulate General in the country of your residence.
For PIOs (Persons of Indian Origin)
- Photocopy for foreign passport pages that include your name, date and place of birth, specimen signature, photograph, date of issue/ expiry and address details
- Copy of a valid visa/ work permit (applicable only if the country of correspondence address is different from the country of citizenship and India)
- Applicant whose place of birth is outside India needs to provide any of the below mentioned documents:
- Copy of Indian passport of spouse
- Copy of Indian passport held by self or parents/ grandparents at any time
- PIO card
- OCI (Overseas Citizen of India) card
- Proof of mailing address (Indian or overseas as mentioned in the account opening form)
- Latest coloured passport-sized photograph
If you are sending the account documents from overseas, the documents need to be attested by any of the following entities:
- Overseas branch of Kotak Mahindra Bank or an Indian Scheduled Commercial Bank.
- Bank official of Overseas Correspondent Bank of Kotak Mahindra Bank.
- Notary Public abroad/ Court Magistrate/ Judge.
For Seafarer Employed with Foreign Vessels
- Photocopy of Indian passport pages containing your name, date and place of birth, date of issue/ expiry, photograph, specimen signature and address details
- Photocopy of valid transit/ work visa, or a copy of Continuous Discharge Certificate (CDC) (the CDC must indicate latest discharge stamp/ last date of arrival in India or declaration that applicant is sailing for the first time)
- Valid contract copy or original letter on the letterhead from agent/ principal featuring logo and address, carrying the following details: 1. Employee’s name 2. Employment in the principal shipping company 3. Name of the vessel & flag 4. Name of port 5. Commencement of contract 6. Tenure 7. Salary in foreign currency 8. Passport number
- Merchant navy declaration – format provided in the account opening form
- Proof of mailing address (Indian address only)
- Latest coloured passport-sized photograph
Kotak Mahindra Bank NRE Account Interest Rate
NRI account holders can earn 3.5% p.a. interest on deposits in Kotak Mahindra Bank NRE savings account. The interest is applicable on daily closing balance and is paid on quarterly basis.
Kotak Mahindra Bank NRE Account Minimum Balance Requirement
Account holders are required to maintain an average quarterly balance of Rs. 10,000 only in Kotak NRE savings account.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
Funds in your NRE account are maintained in Indian Rupee (INR) only. Once you transfer foreign currency money in your NRE savings account, it is converted into INR right away.
Yes. Funds in an NRE account are fully and freely repatriable to overseas accounts.
You need to deposit at least Rs. 10,000 or its equivalent in foreign currency to open an NRE savings account at Kotak Mahindra Bank. You would be required to maintain an average quarterly balance of Rs. 10,000 only.
The principal amount as well as interest earned on an NRE account are not taxable in India.
Yes. You can transfer funds from your NRE savings account to your NRO savings account or a resident’s bank account.
