A Kotak Mahindra Bank NRO account is an ideal rupee savings account for Non-Resident Indians to manage their income sourced in India. The bank offers two types of NRO savings accounts – NRO rupee savings account and NRO Platina saving account.
Features and Benefits of Kotak Mahindra Bank NRO Account
- Account holders can earn up to 3.5% p.a. interest on the savings account balance.
- Interest earned is fully repatriable after payment of applicable taxes. However, you can repatriate up to USD 1 million or its equivalent in other currencies per financial year.
- Different types of NRO accounts cater to diverse needs of customers.
- Low average monthly balance of Rs. 10,000 should be maintained in the account.
- The interest earned will be subject to a tax of 30% (plus applicable surcharge and cess). However, you can enjoy higher yield by availing DTAA facility.
- The NRO account can be jointly opened with NRI/ PIO and resident Indian.
- Rupay debit card to access the bank account anytime, anywhere on all Visa ATM and at merchant locations in India.
- 24/7 net banking and phone banking. Home banking services in India.
Kotak Mahindra Bank NRO Account Interest Rates
Kotak Mahindra Bank NRO account interest rates are as under:
| NRO Savings Account | Interest Rate (p.a.) | Interest Payment |
|---|---|---|
| NRO Rupee Savings Account | 3.5% | Interest is earned on daily closing balance and paid on half yearly basis |
| NRO Platina Savings Account | 3.5% | Interest is earned on daily closing balance and paid on quarterly basis |
Kotak NRO Account Minimum Balance
Kotak Mahindra Bank NRO account minimum balance requirement varies depending on the account type as under:
| Account Type | Average Quarterly Balance/ Average Monthly Balance |
|---|---|
| NRO Rupee Savings Account | Rs. 10,000 (AQB) |
| NRO Platina Savings Account | Rs. 1,00,000 (AMB) |
Kotak NRO Account Minimum Balance
Kotak Mahindra Bank NRO Account Opening
Kotak NRO account opening process is short and hassle-free. Here are ways to open Kotak Mahindra NRO account online and offline:
- Through the bank’s branch or website
- Use SBNRI app for online NRI account opening
Apply for NRO Bank Account on Kotak Bank’s website
Kotak NRO Account
Kotak Mahindra Bank has two types of NRO bank accounts – NRO rupee savings account and NRO Platina savings account. Here are the steps to apply for NRI savings account online with Kotak Mahindra Bank:
- Go to the NRI banking page of Kotak Mahindra Bank and select a savings account.
- Choose from Kotak Mahindra NRI account types – NRE or NRO savings account.
- Click on ‘Apply Now’ and fill out the form to open an account online.
- Select between Kotak NRE account and NRO account on the form.
- Once you submit the form, the NR acquisition team of Kotak Mahindra will call back within 2 days to proceed with Kotak Mahindra account opening.
- Kotak Mahindra Bank provides an account opening documents pickup facility from your doorstep.
- Once your account is opened, the bank will inform you about the same via your registered email ID.
NRI Account Online through SBNRI
SBNRI website/ app is one of its kind that allows NRIs to apply for an NRI account online in the simplest and shortest way. You can either click on ‘Apply for NRO Account’ button in this blog or download the SBNRI app to apply for an NRI account opening online.
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Eligibility for Kotak Mahindra Bank NRO Account
The following individuals can apply for Kotak Mahindra Bank NRO savings accounts:
- NRIs and PIOs/ OCIs as per FEMA definition
- Seafarers of Indian nationality / origin employed by foreign shipping companies, or
- Government of India’s employees carrying diplomat passports, or
- Students pursuing studies in foreign countries
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
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
An NRO savings account is maintained in Indian Rupee (INR).
As per RBI guidelines, you are allowed to repatriate up to one million USD or its equivalent from an NRO savings account per financial year.
You can open an NRO savings account with a minimum of Rs. 10,000/- or its equivalent in foreign currency. You will have to maintain an average monthly balance of Rs. 10,000 to avoid any penalty.
Average monthly balance = sum of daily closing balance of all calendar days in a month/ the number of days in that month.
No. While the principal amount is exempt from taxes in India, the interest earned is subject to tax of 30% plus applicable surcharge and cess.
