Kotak Mahindra Bank NRE Savings Account allows you to manage your overseas earnings better. Your funds are totally tax-free and completely repatriable. Carefully thought-out value additions make this even more rewarding.
Features & Benefits
Banking is extremely easy and comfortable with our Convenience Banking services. You have access to:
- Net Banking: Your bank is where you are: in your living room, your office or just about any place you choose. Net Banking allows you easy access to your account any time, from any place. Know more about Net Banking.
- Phone Banking: Our Phone Banking officers are on call 24 hours a day, 7 days a week for you. You can call our toll free number 1800 116022 (North India) OR 1800 226022 (Rest of India) from anywhere in India without spending a single rupee. International Callers can call on 0091 22 66006022 - STD rates apply. Know more about Phone Banking.
- Global Debit Card: The Kotak Mahindra Bank Global Card is your personal bank in your wallet. Our Visa Electron Global Card allows you access to your bank account anytime, anywhere on all Visa ATMs. Plus, you can also shop at merchant locations both in India and abroad.
- 2 Way Sweep: The Kotak 2 Way Sweep provides you with the dual opportunity to earn higher interest and manage cash flows as the same time. You can access the funds in the linked term deposits by issuing a cheque or withdrawing from an ATM anywhere in the world. Know more about 2 Way Sweep.
Manage your funds in India and take care of your family back home by appointing a loved one to operate your account for you, in India.
The Account can be held jointly with Non-Resident Indians only. An average quarterly balance of INR 25,000/- must be maintained in the account. Nomination facilities are provided with each account.
Source of funds:
- You can freely deposit funds received from abroad, traveler's cheques or foreign currency you bring in any convertible currency through normal banking channels into your account.
- You can also deposit Interest / Maturity Proceeds of Government securities including National Savings Certificates, dividends of Unit Trust of India, provided these securities were purchased out of funds from NRE / FCNR Accounts.
- Funds from a local source are permissible only if the funds are repatriable.
Freedom of use and movement of funds:
- You can freely move funds along with interest earned, anywhere outside India without the prior approval of the Reserve Bank of India. This movement of funds is subject to guidelines laid down by the RBI.
- You can also use your funds for any transaction within India. Please note that investments in shares / securities / commercial paper of Indian companies or purchase of immovable property in India need general / specific permission of the RBI.
The principal amount and the interest earned on an NRE Account are exempt from Income Tax in India. Your balance in this account does not attract any Wealth Tax either.