Kotak Mahindra Bank is a next-gen private sector Indian bank. The bank extends a wide spectrum of NRI banking services for NRIs and PIOs, such as high-interest NRI savings accounts, low-interest loans and credit cards. Indians living abroad can open Kotak NRI accounts to save their foreign income at attractive interest rates, transfer funds, and pay bills. NRI accounts extended by Kotak Mahindra Bank are savings and current accounts.
Also Read: NRI Accounts: Which one to choose? NRE or NRO?
How to Open NRI Account
Kotak NRI account opening process is short and simple. Here are ways to open Kotak Mahindra NRI account online and offline:
- Through the bank’s branch or website
- Use SBNRI app for online NRI account opening
Apply for NRI Bank Account on Kotak Bank’s website
Kotak NRI Rupee Savings Account
Kotak Mahindra Bank has two types of NRI bank accounts – savings account and current 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.
Kotak NRI Rupee Current Account
If you want to open Kotak NRI current account, here are the steps you will need to follow:
- Go to the NRI banking page of Kotak Mahindra Bank and select a savings account.
- Choose one of the Kotak NRI bank accounts.
- To open NRE account online, tick (✓) NRE Rs. Savings box or tick (✓) for Kotak NRO account.
- Click on ‘Apply Now’ and fill the form to open a current account.
- Once you submit the required details, one of the bank representatives will get in touch with you shortly.
- 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.
Also Read: Kotak NRI FD Rates 2022: Book your NRI FD Today
Open Kotak NRI Account Online on SBNRI app
SBNRI app is one of its kind that allows NRIs to apply for an NRI account online in the simplest and shortest way. Following are the easy steps to apply for an online NRI account opening in Kotak Mahindra Bank via the SBNRI app:
- 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 Kotak Mahindra Bank from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
If you are in India, you can apply for a Kotak NRI account at any of Kotak Bank branches in India.
Documentation
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
Types of Kotak Mahindra NRI Savings Account
Kotak NRE Rupee Savings Account
Kotak NRE account allows NRIs to move their foreign earned funds to India without paying tax on interest. Key features of Kotak Mahindra NRE account are mentioned below:
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- Kotak Mahindra NRI account minimum balance is Rs. 10,000 only for NRE rupee savings account.
- Both the principal amount and the interest earned on NRE accounts are not taxable in India.
- Free repatriability of funds (both principal and interest).
- Kotak NRE account interest rate is 3.5% p.a. and is paid on quarterly basis.
- Home banking services in India.
- Kotak NRE account can be opened jointly by NRIs/ PIOs only. It can be opened jointly with a resident Indian on a ‘former or survivor’ basis.
Kotak NRO Rupee Savings Account
Kotak NRO savings account allows NRIs to park their money earned in India as well as abroad. Key features of Kotak NRO account are as under:
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- Kotak Mahindra NRI account minimum balance is Rs. 10,000 only for an NRO rupee savings account.
- The principal amount in the NRO account is exempt from taxes in India. The interest earned on NRO accounts is subject to a tax of 30% + applicable surcharge and cess.
- Interest earned on saving is fully repatriable after payment of applicable tax. However, you can’t repatriate more than $1 million or equivalent per financial year.
- Kotak NRO account interest rate is 3.5% p.a. and is paid on quarterly basis.
- Home banking services in India.
- Kotak NRO account can be opened jointly by NRIs/ PIOs and resident Indians.
Kotak NRE mariner saving account
This account is to simplify the banking for family members of a mariner while he sails.
- Full and free repatriability of funds (both principal and interest earned).
- 3.5% p.a. interest on your savings account and is paid on a quarterly basis.
- Low average monthly balance requirement i.e. Rs. 10,000 only.
- Global debit card with add-on card free for first year.
- The principal as well as the interest earned on NRE accounts are exempt from income tax in India.
Also Read: NRI Account Minimum Balance: Updated for 2021
Kotak NRE Account Interest Rate 2023
Current Kotak Mahindra Bank NRE/ NRO savings account interest rate is 3.5% p.a. and is paid on quarterly basis.
Types of Kotak Mahindra NRI Current Account
Kotak NRE Rupee Current Account
Kotak NRE current account allows NRIs to transfer their income earned from foreign sources to India. Features and benefits of Kotak NRE current account are as under:
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- Minimum monthly balance required in Kotak NRE current account is Rs. 25,000 only.
- Free repatriability of funds (both principal and interest).
- Home banking services in India.
- Kotak NRE current account can be opened jointly by NRIs/ PIOs only. It can be opened jointly with a resident Indian on a ‘former or survivor’ basis.
Kotak NRO Rupee Current Account
Kotak NRO current account allows NRIs to park their money earned in India as well as abroad. Key features of Kotak NRO account are as under:
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- Minimum monthly balance required in Kotak NRO current account is Rs. 25,000 only.
- Interest earned on deposits is fully repatriable after payment of applicable tax. However, you can’t repatriate more than $1 million or equivalent per financial year.
- Home banking services in India.
- Kotak NRO account can be opened jointly by NRIs/ PIOs and resident Indians.
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
Features and benefits of NRI accounts vary from bank to bank. While some banks offer attractive interest rates and require minimal monthly balance, others may have a widespread branch network for easy communication. Hence, you must compare the features of multiple banks. Kotak NRI accounts are very popular among NRIs.
NRE account is a fully repatriable account. Hence, you can transfer funds from NRE to NRO account without any restrictions.
You can keep money in the NRE account for as long as you want while maintaining the minimum monthly balance.
There is no upper limit on the upper transaction from NRE and FCNR accounts. However, NRIs can remit up to $1 million in a financial year from an NRO account.
