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Banking

Eligibility for an NRI account

  • An Indian citizen who lives outside India qualifies as a Non-resident Indian (NRI).
    A 'Person Residing Outside India' is someone who stays outside India for employment or business or vocation, or for any other purpose, indicating intention to stay outside India for an uncertain period.

    ^The Foreign Exchange Management Act

  • Any person who is a of any country (not a Pakistani / Bangladeshi) is deemed to be a Person of Indian origin^ if -
    1. he held an Indian Passport at any time, or
    2. he or either of his parents/grand parents was a citizen of India, or
    3. he/she is a spouse of an Indian citizen or a person as referred to in i or ii

    ^FEMA Notifications 5 and 13

    1. If customer submits foreign passport on which the place of birth is mentioned India
    2. or PIO card
    3. or previously held Indian passport
    4. or Indian passport held by customer's spouse or customer's parents or grand-parents
  • Any account opened for NRIs in the Indian branch of a bank is an NRI account.

    For more information you can use our account guide

Account Opening

  • The compulsory documents you are required to carry when submitting the form at a branch* are:
    1. Photocopy of the Passport pages with:
      1. Name and address
      2. Specimen-signature
      3. Photograph
      4. Passport expiry date
    2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately)
    3. Proof of Mailing Address (local or foreign address as selected on the accounting opening form)
    4. Latest photograph (passport sized)
    5. Initial Payment for each account or deposit selected
    6. Profile sheet for each account holder

    *Additional procedure if you have not met with a Kotak branch staff in person.

    The additional documents (To be submitted along with the documents above):
    A Person of Indian Origin (PIO):
    1. Copy of Indian passport of spouse OR
    2. Copy of Indian passport held by self or your parents / grandparents at any time OR
    3. PIO Card OR
    4. OCI (Overseas Citizen of India) Card
    Merchant Navy Employee:
    1. Merchant Navy Declaration - Format provided in the Account Opening Form
    2. Valid contract copy
    3. Original letter from principal / agent / liaison office stating the contract details
    4. CDC Booklet copies*. The CDC must indicate latest discharge stamp / last date of arrival in India, or a declaration that you are sailing for the first time.

    *For sea- farers who reside overseas on cruise-liners, CDC booklet is Continuous Discharge Contract Booklet which is a Mandatory documentary requirement.

    Document Overseas Indian
    Copy of Passport Y Y
    Copy of Bank statement / passbook (no internet downloads, not more than 3 months old)Overseas/ Indian (Original Bank Statement required in case of Self-attestation) Y Y
    Copy of Driving License Y Y
    Employer's Certificate indicating the address (on letterhead with stamp) Y NA
    Copy of Credit card statement (not more than 3 months old) (Original in case of Self-attestation) Y NA
    Copy of Company ID card indicating the address Y NA
    Certificate from Indian Diplomatic mission stating the contact address Y NA
    Copy of Govt. ID card (SSN / Green Card / PIO card / OCI card) Y NA
    Copy of appointment letter indicating the address (on letterhead with stamp) Y NA
    Copy of Utility bill (electricity/ gas/tel / water - not more than 3 months old) (Original in case of Self-attestation) Y Y
    Copy of letter from University stating the address(for on-campus lodging) Y NA
  • In this case, please submit all the compulsory documents as mentioned here. In addition, please attest these documents*:
    1. Photocopy of the Passport pages with:
      1. Name and address
      2. Specimen-signature
      3. Photograph
      4. Passport expiry date
    2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately)
    3. Proof of Mailing Address (local or foreign address as selected on the accounting opening form)

    *Attestation can be done by:

    1. Any overseas banker applicable in Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, UAE, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States of America only. OR
    2. Any Branch of an Indian Bank Abroad OR
    3. Notary Public or Equivalent Authority OR
    4. The Indian diplomatic mission in your country of residence OR
    5. Self Attestation. In case of Self Attestation, all documents submitted should be signed by respective account holders with the words 'TRUE • COPY'. Additionally, you must submit:
      1. A signed cheque drawn in favour of Kotak Mahindra Bank A/c - (your name) on your existing A/c in India or abroad AND
      2. An original bank account statement (not more than 3 months old) OR
      3. An original credit card statement (not more than 3 months old) OR
      4. An original utility bill (electricity / gas / telephone / water - not more than 3 months old) OR
      5. An original cheque issued by you and paid by your banker outside India. (The cheque should have cleared in the last 3 months. For banks which no longer return paid cheques, please take a print of the same from internet banking and get it stamped from the same bank.)
    Document Overseas Indian
    Copy of Passport Y Y
    Copy of Bank statement / passbook (no internet downloads, not more than 3 months old)Overseas/ Indian (Original Bank Statement required in case of Self-attestation) Y Y
    Copy of Driving License Y Y
    Employer's Certificate indicating the address (on letterhead with stamp) Y NA
    Copy of Credit card statement (not more than 3 months old) (Original in case of Self-attestation) Y NA
    Copy of Company ID card indicating the address Y NA
    Certificate from Indian Diplomatic mission stating the contact address Y NA
    Copy of Govt. ID card (SSN / Green Card / PIO card / OCI card) Y NA
    Copy of appointment letter indicating the address (on letterhead with stamp) Y NA
    Copy of Utility bill (electricity/ gas/tel / water - not more than 3 months old) (Original in case of Self-attestation) Y Y
    Copy of letter from University stating the address(for on-campus lodging) Y NA

Account Types

Account Operations

  • No. In the case of NRO Accounts, only the interest earned on these accounts can be transferred to NRE/FCNR Accounts.
  • Yes, you can transfer funds from your NRE or FCNR account to open an NRO account.
  • You can transfer funds from your NRE or FCNR account to open an NRO account. However, only the interest earned on NRO accounts can be transferred to NRE/FCNR Accounts. The entire NRO account balance cannot be transferred to an NRE /FCNR account.
  • Yes. Transfer of funds from NRE Accounts maintained by two different persons may be allowed for bonafide purposes.
    1. For NRE & NRO savings accounts: Interest is calculated on daily closing balances maintained in the account and paid half yearly in september & march.
    2. For NRO Term deposits, interest would be paid as per the deposit type chosen by the customer (Monthly, Quarterly & Annually).
    3. For NRE & FCNR term deposits, Interest is compounded on 180 day basis and paid annually.
  • Payments in the form of debits are allowed freely for all the permissible transactions by Non Residents. Money representing legitimate dues of the account holder from local sources and proceeds of remittances received from abroad through normal banking channels are credited freely.
  • 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.

    Credits to the account, through funds from a local source would be permissible only if the funds are eligible for repatriation.

    Proceeds of remittances received from abroad in freely convertible currency through normal banking channels may be credited freely. Traveller's Cheques or foreign currency tendered by the account holder during his temporary visit to India is also allowed.

    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 are allowed.
  • Account Repatriation
    Account Principal Interest
    Non-Resident Ordinary (NRO) Savings Account Upto USD 1 million per financial year subject to documentation. Interest is repatriable.
    Non-Resident External (NRE) Savings Account Yes Yes
    Foreign Currency Non-Resident (FCNR) Fixed Deposit Yes Yes
  • Account Joint account
    Account Resident Indians NRIs
    Non-Resident Ordinary (NRO) Savings Account Upto USD 1 million per financial year subject to documentation. Interest is repatriable.
    Non-Resident External (NRE) Savings Account No Yes
    Foreign Currency Non-Resident (FCNR) Fixed Deposit Yes Yes
  • Yes, but a penalty of 0.5% is charged on the FCNR deposits for pre-mature withdrawal of deposit. No interest will be paid on principal amount withdrawn from NRE or FCNR (B) term deposits before completion of one year.
  • Yes, your deposits can be set to automatic renewal
  • Yes. Funds in your NRO/NRE Accounts can be used for this purpose.
  • Yes, subject to satisfying certain conditions stipulated by RBI.
  • You may request the bank you hold the FCNR deposit with to:
    1. Wire transfer the funds - a quick and convenient method where your SWIFT instructions should give instructions for FCNR to be booked and other appropriate details. (wire transfer details to be provided)
    2. Issue a Foreign currency draft - Kotak will send this cheque on collection and credit proceeds on realization to your new FCNR a/c. A letter from the other bank stating that these are funds from your FCNR a/c will be required.
  • Source of Funds Proof
    Dividend warrants Counterfoil of the warrant
    Transfer from another bank Bank certificate
    Sale of shares Copy of RBI / Authorised Dealer permission and Broker's Note
    Sale of property Copy of the purchase deed AND Cheques issued to estimate whether funds used for purchase of property was from repatriable or non-repatriable funds
    Closure of TD Copy of Bank Certificate etc
    Current income like rent, pension, interest Appropriate certification by a Chartered Accountant (certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid / provided for and proof of nature of such income.)
  • In the case of FCNR schemes, an NRI account is maintained in the currency of your choice (USD, GBP, JPY & EURO), therefore you will not bear any exchange risk.

    NRE accounts are held in Rupees, so there is an exchange risk only if the Rupee depreciates and you want to make an outward remittance at the time.

    NRO accounts are non-repatriable and therefore the issue of exchange risks is not applicable.
  • Any foreign currency which is freely convertible sent in by the account holder during his temporary visit to India can be deposited. Foreign currency exceeding USD 5000/- or its equivalent in form of cash should be supported by Currency Declaration Form. Rupee funds should be supported by Encashment Certificate, if they represent funds brought from outside India.

Taxation

Account Nomination

  • Yes, you can nominate an NRI or an Indian Resident subject to some conditions
  • Yes, you can nominate an NRI or an Indian Resident subject to the following conditions:
    1. Funds held in the NRO cannot be repatriated by the non-resident nominee & will be credited to the nominee's NRO account.
    2. Application from a resident nominee for remittance of funds outside India for meeting the liabilities of any of the deceased Account Holders or for similar purposes should be forwarded to the Reserve Bank of India.
  • In the case of a resident nominee, the funds held in the NRE/FCNR account can be repatriated subject to prior specific RBI permission.

Power of Attorney / Mandate Holder

  • A POA is a legal agreement registered with the courts covering all financial transactions, based on your individual requirements.
  • A Mandate holder is anyone who holds the Mandate, an agreement that permits the concerned person to only operate the accounts held by you with Kotak Mahindra Bank.
  • A POA is a legal agreement registered with the courts to cover financial transactions, based on your individual requirements. However, Mandate holder is an agreement that permits a concerned person to only operate your Kotak Mahindra Bank accounts.
    Transaction Mandate holder PoA holder
    Open CASA No No
    Open new TD in name of a/c holder Yes Yes, if covered in the PoA agreement
    Renew TD in same names Yes Yes, if covered in the PoA agreement
    Draw cheques, deposit and / or discount cheques, endorse cheques, drafts - local payments only. Yes Yes, if covered in the PoA agreement
    Deposit of foreign currency cash into NRE a/c No No
    Give instructions in writing involving debits to the said account - local payments only. Yes Yes, if covered in the PoA agreement
    Make foreign remittances No Yes, only in favour of the a/c holder
    Make MF / direct equity investments No Yes, if covered in the PoA agreement
    Sign OD docs No No
    Close CASA / prematurely withdraw TD No No
  • Yes, simply submit a copy of the Power of Attorney (POA) agreement to the bank. Please carry a copy of the original agreement along with a copy of the POA to be submitted for the Bank's records.
  • The Power of Attorney Holder/ Mandate Holder has these powers:
    1. Place fixed deposits in the same name as the savings account holder.
    2. Instruct the bank for renewal of the deposit on maturity in the same order or names or credit the same back to the saving account.
    3. Cannot open or close NRI accounts.
    4. Cannot ask for premature cancellation of a deposit.
    5. Cannot repatriate funds outside India held in the NR accounts or make payments or gifts on behalf of the account holder to a third party.
  • No. A POA or Mandate Holder is not permitted to credit foreign currency into NRE accounts.

Access India Debit Card

Net Banking

  • All Kotak Mahindra Bank NRI customers get free Net Banking access if you have a Savings Account, a Term Deposit, a Current Account, a Demat Account or an Investment Account with Kotak Mahindra Bank. Then, you need to register your email address or mobile number with the Bank.
    1. Please download the channel access request form for individuals.
    2. Please download the channel access request form for limited companies, associations, trusts, partnerships, sole proprietorships and HUFs.
    Simply fill up the form and put it in the drop boxes in our branches/ATMs or mail it to Customer Contact Centre, Kotak Mahindra Bank Ltd., Post Box Number 16344, Mumbai 400 013
  • To access Net Banking you need:
    1. Net Banking User ID and Password
    2. A PC with a browser
    3. An Internet connection
    The following PC configuration is recommended for best performance:
    1. Pentium processors with at least 64 MB RAM.
    2. Any of the following: Windows 95, Windows 98, Windows 2000, Windows XP or Windows NT.
    3. Internet Explorer 5.5 or higher version.
    4. Monitor Resolution of 800x600.
  • All Kotak Mahindra Bank customers are eligible for free access to Net Banking.
  • We can help you retrieve your password. Simply call our 24 Hrs Contact Centre where our Customer Care Officer would be glad to help you.
  • Your Nick Name is an alternative to User ID to simplify Net Banking access. You can create your Nick Name by visiting "My Profile" page after logging into Net Banking. You have the option of using your Customer Relationship Number (CRN) as your user ID or Nick Name, with the same Net Banking password.
    1. Convenience - Easy to remember and as selected by you
    2. Security - your Customer Relationship Number (CRN) is never disclosed
  • To select a Nick Name, follow the simple steps:
    1. If you are a first time user or have forgotten your Nick name, login to your Net Banking using your Customer Relationship Number (CRN)
    2. Go to "My Profile" section and enter a Nick Name
    3. Click on 'Go' to create your Nick Name
    Next time you login, you can use your Nick Name and Net Banking Password to log in.

NetBanking activities

  • Your Kotak Mahindra Net Banking account is your one point to view all your banking and investment activities anytime from anywhere. Online Banking gives you full access and freedom to transact through your Kotak NRI account 24x7.
    1. Account Information: Account balance, details, different fund transfer status
    2. Transact online: Transfer funds between your accounts or third party accounts maintained with Kotak Mahindra Bank, or with any other Bank which participates in RBI NEFT scheme*
    3. Make investments: Open a term deposit, check the Term Deposit rates over various tenures & amounts, set up standing instruction online to transfer funds between your own accounts, third party accounts or through Bankers Cheques
    4. Cheque Book Request: Decide the cheques leaves per cheque book in addition to the ability to stop cheques in the Cheque related Services option.
    5. Account updates: print an online statement of accounts using the Account Activity option.
    6. Additional Information: view TDS information on your deposits for the current & previous financial year. Also view interest rates for different tenures of deposits in Open Term Deposits & Inquire Rates.
    7. Contact Kotak: Communicate with the bank in a secure medium through "My Mail" which will allow greater flexibility for communicating with us, including the ability to put an online request for our Home Banking Services

    *Service available at cities/districts covered under RBI-NEFT system

  • The Inter Bank Fund Transfer is a facility that allows you to transfer money from your account with Kotak Mahindra Bank Ltd. to an account in any other Bank, subject to the beneficiary's bank participating in the RBI National Electronic Funds Transfer (RBI - NEFT) scheme*. This facility is available currently to resident Indian customers only.

    *Service available at cities/districts covered under RBI-NEFT system

  • The Inter Bank Fund Transfer is a facility that allows you to transfer money from your account with Kotak Mahindra Bank Ltd. to an account in any other Bank. To make an Inter Bank Fund Transfer:
    1. Login using your Net Banking login ID and password
    2. Select InterBank Fund transfer option under Payments
    3. Select the source account
    4. Enter amount to be transferred and details of the beneficiary account
    Your account will be debited online subject to sufficient available balance and a transaction/daily limit of Rs. 1 lakh. Requests received before 10:30 am IST and 3:00 pm IST on all Mumbai working days (Monday to Friday) and 12:00 pm IST on working Saturdays in Mumbai will be sent by us to RBI in the respective clearing cycles.
    NOTE: The time taken to credit the Beneficiary's account will be dependent on the time taken by the Beneficiary's Bank to process the payment.
    1. You can view Account Statement, Account Activity, Holding Details and Billing Details
    2. You can request for physical statements, client master details and pledge forms
    3. You can view ISIN details and settlement calendars
    1. You can view your Account, Transaction details and Latest NAVs of your investments
    2. You can purchase and redeem investments online
    3. You can check on status of your Purchase/Redemption requests.
    4. You can download reports
    5. You can get the latest NAVs and advisory services

Online Security

  • Kotak has the most advanced security system to safeguard your Net Banking transactions. All your transactions travel in 128-bit SSL encrypted medium, the highest level of security on Internet. The servers are protected with firewalls that make unauthorised access impossible.

    At customer level, every customer is provided with a unique User ID and password. In addition, we make sure that
    1. To prevent somebody from guessing your password and getting unauthorised access to your account your User ID is locked in case of three consecutive wrong password entries.
    2. To prevent an unauthorized person from viewing your Net Banking account in case you leave your computer idle, we close your Internet session if there's no activity for more than 30 minutes.
    3. If you want to block your Net Banking for a specific duration, you can call our 24 Hrs Customer Contact Centre and ask our Customer Care Officers to do so. You can unblock it whenever you want by calling us up.
    1. Please memorize the password and destroy the password mailer after you receive it.
    2. After receiving the password mailer, immediately log on to Net Banking and change your password.
    3. Please don't disclose your password to anyone, including Kotak Mahindra Bank staff.
    4. Please change your password at regular intervals (at least once a month), especially after you have accessed Net Banking on shared PCs.
    5. Please don't use obvious passwords (like name, date of birth, etc.)

Netbanking Errors

  • It is possible you have entered your User ID and password incorrectly. Please note that password is case sensitive ('a' is different from 'A').

    The other reasons for error could be:
    1. Your browser is not compatible with our Net Banking application. Please use Internet Explorer 5.5 or higher version.
    2. You have entered wrong passwords three times consecutively. Your User ID is locked in case you enter a wrong password three times consecutively. This is done to prevent somebody from guessing your password and getting access to your account. Please call our 24 Hrs Customer Contact Centre.
    3. You have instructed us to block your Net Banking User ID. If you want to unblock your User ID, please call our 24Hrs Customer Contact Centre.
    4. Our server may be temporarily down, please try logging in after some time.
  • We suggest you check your operating mandate. Account holders with joint or conditional operating mandate cannot do financial transactions on Net Banking. Additionally for Investment accounts, a Power of Attorney is required to be executed in favor of Kotak Mahindra Bank for giving online Purchase/Redemption requests.

    Please contact any of our Branches/ our 24 Hrs Customer Contact Centre to get a POA Form.

Do Not Contact Services

Global Debit Card

  • You can use them at Kotak Mahindra Bank ATMs. For your convenience, we have installed state of the art touch screen ATMs that allow you to access your accounts 24 hours a day.
  • At the ATM

    You can Check your account balance, Withdraw cash, Deposit cash/cheques, Transfer funds between your accounts with the Bank, Print Account Snapshot showing recent transactions, Order account statements, Request for a cheque book and Change your Personal Identification Number (PIN).

    At Merchant Establishments

    Your Global Debit Card is welcome at over 3.88 lakhs Merchant Establishments in India and over 29 million Merchant Establishments the world over. You can access only your Primary Account* for transactions at Merchant Establishments after activation**.

    *You can specify any account to be your Primary Account. In the absence of any instructions your first account opened with us will by default be treated as your Primary Account.

    **Check activation process

    At VISA/PLUS ATMs

    You can use your Global Debit Card at over 2700 HDFC Bank ATMs in India absolutely free. Additionally you can also use your Card at all other Banks' VISA ATMs for a nominal fee.

    You can enquire on the balance in your account or withdraw cash.

    At other Bank ATMs

    You can access upto one savings account and current account (if your Primary Account is a savings account, then the first current account opened by you can be accessed and vice versa).

  • For your safety purpose, we send you a card which is in-active for usage at merchant establishments.
  • To activate your Global Debit Card for use at Merchant Establishments, you will need to:
    1. Use your Debit Card at any VISA ATM OR
    2. SMS K POSACT D (D - Last 4 digits of your Debit Card) to 9971056767 / 5676788 OR
    3. Click on "Requests" link after logging into Net Banking OR
    4. Call our 24 hrs Customer Contact Centre

    #Foreign currency transactions on debit cards will be charged at VISA rate inclusive of commission/fees charged by Visa and 3.0% conversion commission

    Please check your individual product type for free access to VISA ATMs
  • Kotak Mahindra Bank Global Debit Card works in 4 easy steps at Merchant Establishments, your account will be automatically debited for the amount of your purchase.

    1. Look for the VISA signage / logo
    2. Present your card to the merchant
    3. Card will be swiped through the electronic terminal and the amount will be entered
    4. Slip will be generated and you will have to sign the transaction slip
  • The limits depends on the Account maintained with the Bank
    Card Features Kotak Edge Kotak Pro Kotak Ace
    Card c/w limit Rs 25,000.00 Rs 25,000.00 Rs 75,000.00
    POS limit Rs 25,000.00 Rs 25,000.00 Rs 50,000.00
    Per day limit Rs 50,000.00 Rs 50,000.00 Rs 125,000.00
  • The limits depends on the Account maintained with the Bank
    Card Features Kotak Edge Kotak Pro Kotak Ace Free
    Cash Withdrawal at Own ATM Free Free Free Free
    Cash Withdrawal at Partner ATM 16 Free Free Free
    Other Visa ATM Cash Withdrawal - Domestic 17.80 * Free Free
    Other Visa ATM Balance Enquiry - Domestic Free Free Free Free
    Visa ATM Cash Withdrawal - International 90 * * Free
    Visa ATM Balance Enquiry - International 15 * * Free

    *Indicates Charged Service. Applicable charges will be as per Standard Charge

  • Immediately contact us at our 24 hour Customer Contact Centre /visit any of our branches and request for a new card.

Investments

General

Mutual Funds

  • Yes, an NRI can invest in Mutual Funds. Only in the case of Money Market Mutual Funds, the investments will be on a non-repatriable basis.
  • No, NRIs can invest & redeem units in Mutual Funds without prior permission from RBI.
  • You can invest by issuing a cheque against your NRO/NRE Accounts. If you invest from funds in your NRE/FCNR Accounts then you will be able to repatriate income on Mutual Fund earnings abroad. You can also invest by way of an Indian Rupee draft purchased abroad or through a foreign exchange draft.

Demat Services

  • In order to open a Demat account, you will need to provide/produce the following documents
    1. Duly filled Client Relationship Form (Individual or Corporate), Demat Account Opening Form.
    2. Duly executed and stamped Depository Participant Client Agreement supplied by the Bank.
    3. A photograph of each holder/signatory to be pasted on the form and signed across.
    4. A copy of Passport/ Ration Card/ Voter's ID card/ Bank attestation for identification.
    5. Nomination form (if required)
    6. Copy of Certificate of incorporation.
    7. Copy of Certificate of Commencement of Business.
    8. Memorandum and Articles of Association.
    9. Board Resolution for opening of the Demat Account and authorising the authorised signatories to operate the Demat account.
    10. The HUF accounts can be opened in the name of and operated by the Karta only.
    11. HUF stamp should be affixed on all Demat Account related documents.
    12. HUF Mandate letter.
  • Kotak Mahindra Bank, as a Depository Participant with NSDL, caters to a wide cross section of the country's investing population. We have designed tariff plans that address the needs of all categories of investors in the capital market. At one end, we have a general tariff for clients who do not transact too frequently. At the other end of the spectrum, we have schemes for frequent traders with high transactions. Here again we have differential tariffs for different sub-brokers. A detailed structured tariff customised to each type of investor is available at our branches.
  • Dematerialisation is a process by which physical certificates of a beneficial owner are converted into an equivalent number of securities in electronic form and is credited to his account with its depository participant (DP). For this process to happen the beneficial owner will have to open an account with a DP and have to submit Demat Request Form (DRF) and physical certificates to the DP. The beneficial owner can submit securities for dematerialization provided the holders in the certificate and the account is in same order. The investor has to ensure that before the certificates are handed over to the DP for demat, they are defaced by marking "Surrendered for Dematerialisation" on the face of the certificates.
  • You can dematerialise only those certificates that are already registered in your name and are in the list of securities admitted for dematerialisation at NSDL.
  • The securities should be available for dematerialisation before it is defaced, therefore you should take due care in finding out with depository participant (DP) whether the ISIN (code number for the security in a DP system) has been activated and made available for dematerialisation by the DP. If the certificates are available for dematerialisation you should submit DRF and physical certificates to the DP.
  • Dematerialisation normally takes about 30 days.
  • Rematerialisation is a process of converting electronic holdings back into certificates. You will have to submit a Remat Request Form(RRF) to the depository participant (DP) who generate a RRN and will forward the request to the registrar. The Registrar will print the certificate and forward it to the investor.
  • On every stock exchange, various settlements are effected every day such as daily settlement, auction settlement, etc. Each of these settlements is identified by a combination of a market type and a settlement number. You are required to mention the appropriate settlement details on the delivery instruction slip while transferring the shares to your broker's account. These settlement details are available on the contract note issued by the broker.
  • The relevant company obtains the details of beneficiary holders and their holdings from NSDL. The payment to the investors will be made by the company through the ECS (Electronic Clearing Service) facility or by issuing warrants on which your bank account details are printed. The bank account details will be those which you would have mentioned in your account opening form or changed thereafter.
  • The relevant company obtains the details of beneficiary holders and their holdings from NSDL. Your entitlement will be credited by the company directly in your NSDL depository participant (DP) account.
  • The issuer Registrar and Transfer (R&T) agent for bonus/rights issue would send an allotment advice to the investor and the depository participant (DP) would send a transaction statement showing credit into his account. The investor can confirm his entitlement by comparing the quantity shown in the advice and statement of transaction given by his DP.
  • The system provides the facility to freeze the depository participant (DP) accounts for any debits or for both, debits and credits. In an account which is "freezed for debits", no debits will be permitted from the account, till the time it is unfrozen.
  • Shares, scrips, stocks, bonds debentures, debenture stock or other marketable securities of similar nature of any incorporated company or body corporate including underlying shares of ADRs and GDRs. Units of mutual funds, rights under collective investment schemes and venture capital funds, commercial paper, certificate of deposit, securitised debt, money market instruments and unlisted securities are the securities available for dematerialisation.

    The investor should note that he can convert physical form of securities into book entry form in NSDL depository system only if the company which has issued the securities has entered into an agreement with NSDL to offer demat facility.
  • It is not necessary to have a depository account for applying shares through Rights Issue/IPO. The investor can apply shares in physical form also, however for your convenience and in order to eliminate the risks to investors on account of fake/forged certificates, bad deliveries, delays in transfer etc., settlement of all trades in securities of company making an IPO has to be in demat form only.
  • Yes you can have same demat account for the purpose of holding other securities such as government securities, mutual funds etc.

Account Opening

Bank Details in Account

Demat Account Nomination

  • Nominations can be made only by individuals holding beneficiary accounts either singly or jointly. Non-individuals including society, trust, body corporate, partnership firm, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.
  • Nomination for joint holders is permitted, however in the event of death of any of the holders the shares will be transmitted to the surviving holder's name. In the case of death of all holders the securities will be transmitted to the nominee account.
  • Yes, a NRI can nominate directly. But, the power of attorney holder cannot nominate on behalf of NRI.
  • No, a minor cannot nominate either directly or through its guardian.
  • Only an individual can be a nominee.

    A nominee cannot be a society, trust, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney holder.
  • No, only one nomination can be made per depository account.
  • Yes, a minor can be a nominee. In such a case, the guardian will sign on behalf of the nominee and in addition to the name and photograph of the nominee, the name, address and the photograph of the guardian must be submitted to the DP.
  • No. Nomination can be made account wise and not security wise.
  • Yes, a NRI can be a nominee subject to the exchange control regulations in force.
  • To nominate the account holder(s) must fill nomination form containing their signatures along with the signatures and photographs of the nominee and signatures of two witnesses. In case if the nominee is a minor then the signature and the photograph of guardian will also be required. This form can be submitted to depository at the time of account opening or at the later date even after the account is opened.
  • Yes, the nomination can be changed by the account holder/s anytime, by simply filling up a new nomination form and submitting the same to the depository participant (DP).
  • In transmission, the securities of the deceased account holder will be transferred to the account of surviving holder(s)/nominee/legal heirs of the deceased account holder. This process is simpler in case of dematerialised holdings as it can be completed easily by submitting relevant documents to depository participant (DP).
  • In the event of death of sole holder, the nominee has to submit various documents such as transmission form, notarised copy of death certificate and an affidavit in the prescribed format to the depository participant (DP) for the purpose of transmission of securities. After verification of these documents, the depository participant (DP) will transmit the securities to the account of the nominee.
  • In case a nomination is not made by the sole account holder, the securities would be transmitted to the account of the legal heir(s), as may be determined by an order of the competent court. However in cases where the value of securities to be transmitted is less than Rs. 1,00,000/- the depository participant (DP) may process the request based on submission of necessary letter of indemnity, surety , affidavits and "No Objection Certificates" documents.
  • On submission of Transmission form and a notorised copy of death certificate of the deceased joint holder(s) in the event of death of the joint holder(s), the securities will be transmitted to the surviving holders account. However for transmission of securities, the account of the surviving holder(s) must be in the same sequence in which the names appear in the joint account to be closed.
  • Any trade settled through a clearing corporation is termed as a 'Market Trade'. These trades are done through stock brokers on a stock exchange. 'Off Market Trade' is one which is settled directly between two parties without the involvement of clearing corporation. The same delivery instruction slip can be used either for market trade or off-market trade by ticking either one of the two options.

Taxation

Gift

  • No, there is no tax liability for either you or the recipient of your gift in any form.
    The Gift Tax Act was abolished long back. When a person gives a gift to anyone, nobody has to pay any gift tax. However, in order to curb abuse of this limit, the definition of income has changed where gifts received from "non relatives" above a certain limit are taxed as income of the recipient. Thus, if a person receives gifts exceeding Rs. 50,000 in a year from person(s) other than a relative then that amount would be treated as Income from Other Sources of the recipient and such person would have to pay tax on the total income (including the gift) at the applicable tax slab rate. For this purpose, "Relative" is defined in the Income-tax Act and includes "son".
    If the relative here is your mother, the amount (irrespective of the amount involved) would not be considered as her taxable income. At the same time, the clubbing provisions would also not apply. Therefore, if and when the mother starts receiving rent from the property (if the property is let out), even at that time, the rental income would not be clubbed with the NRI son's income. Therefore, that income would be the mother's income.
  • Though the Gift Tax Act was abolished, when a person gives a gift to anyone, nobody has to pay any gift tax. However, in order to curb abuse of this limit, the definition of income has changed where gifts received from "non relatives" above a certain limit are taxed as income of the recipient. Thus, if a person receives gifts exceeding Rs. 50,000 in a year from person(s) other than a relative then that amount would be treated as Income from Other Sources of the recipient and such person would have to pay tax on the total income (including the gift) at the applicable tax slab rate.
  • In the event that you give a loan instead of a gift, there are no tax implications for both parties.

Income

Tax on Investments

  • The interest on NRO is fully taxable at the rates applicable to Residents. But there is no income threshold under which TDS is not chargeable. However, TDS is applicable @30% plus surcharge and education cess and nothing can be done in practice, to avoid it. The only recourse open is to claim refund by filing tax returns.
  • The TDS is not the same as your tax liability. This liability will be computed on the basis of the income tax rates which again depend upon your income and the exemptions, deductions and rebates you can claim. If your tax liability is less than the TDS, the only practical way to get the refund is to file the tax returns. Form15-G, requesting for non-application of TDS is not available for NRIs, so this is the only recourse.
  • If your tax liability is less than the TDS you can get a refund by filing your tax returns. Form15-G, requesting for non-application of TDS is not available for NRIs, so this is the only recourse.
  • Dividends are tax-free in the hands of the investor and attract no TDS. However, the interest on NRO account is fully taxable at the rates applicable to Residents and there is no income threshold under which TDS is not chargeable. However, TDS is applicable @30% plus service tax and cess and nothing can be done in practice, to avoid it. The only recourse open is to claim refund by filing tax returns.
    In case the interest payable is over Rs. 10 lakh from the same branch of the bank, there is a surcharge of 10% taking the total tax to 33.99%.
  • A minor cannot enter into a contract or purchase a property as per the Indian Contract Act. However, his father and natural guardian can enter into a contract on his behalf. If his/her father signs the agreement to buy the property on behalf of the child (and makes this fact very clear in the agreement at all the relevant places) then the agreement would be a valid agreement. However, care must be taken to ensure that the funds are paid out of the bank account of the minor.
  • A minor cannot enter into a contract or purchase a property as per the Indian Contract Act. However, his father and natural guardian can enter into a contract on his behalf. Further, his parents can be second or joint owners of the property.
  • A minor cannot enter into a contract or purchase a property as per the Indian Contract Act. However, his father and natural guardian can enter into a contract on his behalf. If loan is required to be taken, then the bank would require both the owners to be co-borrowers. However, again, the parents will only be representing the child and would not be a borrower in his own capacity.
  • Since the child is supposed to be the owner, the father cannot claim the tax benefits in respect of the housing loan. At the same time, the mother too will be able to claim the tax benefits only if she is actual joint owner that is she has paid for part of the purchase price from her account. Merely being a co-owner on paper does not automatically confer tax benefits on the co-owner.
  • I work in an Indian shipping company. My work takes me to different parts of the world. Since I am abroad most of the time, I have NRI status. However, if I ask my company to credit my bank account, then taxes are deducted as per income tax regulations, because the earning is treated as local income and not foreign remittance. So I get paid in cash every month, whether it is dollars, pounds, euro, etc. I do not know how to get the bank in the US, the UK, etc to remit my savings to my account in India. If I approach a bank, it asks me for identity and tax documents, which I do not have because I am based on the ship. I cannot use Western Union because, it gives cash whereas I need to show a transfer directly into my bank account to get income tax benefit under my NRI status. Can anyone suggest me how to remit my legitimately-earned cash into my bank account in India from different parts of the world?

    The term NRI is a concept under FEMA where as under the IT Act, there are 3 types of residential status - Non Resident, Resident and Ordinarily Resident and Resident but Not Ordinarily Resident.

    In case of Residents, the global income is taxable in India. In case of Non Residents, the income arising or accruing in India is taxable. Income arising or accruing outside India is not taxable unless it is from a business set up in or controlled from India. As regards salary income, if it is received in India, it is taxable in India. If it accrues or arises in India, it is taxable in India. The taxability of an income in India does NOT depend on the status under FEMA. It depends on the status under the IT Act. Also, it is not necessary that a person who is a NRI under FEMA is also a NRI under IT Act.

    The issues relating to credit of the money into an NRO/NRE account in India are all relating to FEMA and not Income-tax.

    Now, the question is whether the income that the gentleman is earning is taxable in India or not. For this, one needs to study his employment contract and also know is tax residential status in India. Without that, it is not possible to determine either way what is the position. The statement made by him that if he wants his salary income to be given to him by cheque instead of in cash results in the same being taxed in India is based on incorrect understanding. The mode of payment has nothing to do with taxability. Similarly, credit of an amount into an NRO/NRE account does not necessarily determine the taxability of that amount in India.

    Therefore, what the reader needs to do is to first of all understand his tax residential status under the IT Act. Then he needs to fix his tax liability in India in respect of the salary income. If the income is taxable then he has to pay the tax - irrespective of whether he gets the income in cash or by transfer to his account and also irrespective of whether the money is brought into India or not.

Transfers

Transfers

FUNDStoHOME

  • Any NRI who wants to:
    1. Make a remittance (in foreign currency) to an individual in India (in Indian Rupees)
    2. Open an NRE / NRO / FCNR account
  • FUNDStoHOME remittances must be made in USD. The remittance will be made to your recipient in India in Indian Rupees.

    You can also remit funds for the purpose of creating a FCNR deposit. You will need to specify the currency in which the deposit is to be held and the tenor of the deposit.

    The necessary conversion will be made (if required) and the FCNR deposit created.

  • FUNDStoHOME treats all your personal information as confidential and does not share it with any third party (unless, required to do so by law). All your transactions are fully secured behind state of the art firewalls, and which go through ongoing security tests.
    1. Crediting your own NRO/NRE savings account/fixed deposit and/or FCNR Fixed Deposit with Kotak Mahindra Bank
    2. For crediting beneficiaries savings account
    3. For family support
    1. Turnaround time of 24 hours* for credit of funds in Kotak Mahindra Bank accounts.
    2. Demand Drafts will be delivered in 3 working days* after receipt of funds at Kotak Mahindra Bank for Metros and Non-Metros.
    3. Neither the remitter nor the beneficiary needs to open an account with Kotak Mahindra Bank, as the payment can be by way of a Demand Draft payable in 351 locations across the country.
    4. Facility to send a message to the beneficiary.
    5. Facility to track the remittance.

    *After your Overseas Bank initiates the remittance. Working days- not including Saturdays, Sundays and Public Holidays in both countries.

  • If the beneficiary does not have an account with Kotak Mahindra Bank, the bank would dispatch a Demand Draft to the beneficiary's address as submitted by you on FUNDStoHOME while defining a beneficiary in your personal address book.

    Kotak offers you the facility to issue the draft favoring the beneficiary's bank account, for e.g. Mr. Beneficiary has an account with XYZ Bank account number 123456789, the draft can be made payable to- "XYZ Bank a/c no 123456789 of Mr. Beneficiary ". You can specify these details while initiating the remittance. This additional information makes the draft more secure.

  • Demand Drafts will be delivered in 3 working days* after receipt of funds at Kotak Mahindra Bank for Metros and Non-Metros.

    *After your Overseas Bank initiates the remittance. Working days- not including Saturdays, Sundays and Public Holidays in both countries.

  • Inward remittances are free for NRI customers, though the Foreign Currency Conversion Charge will be levied if there is foreign currency conversion involved.
  • All the details including the SWIFT address, Kotak Mahindra Bank's account number in the respective banks/ country would be automatically generated in the transaction slip when you initiate your remittance request.

Cheque

Direct Debit

  • Direct Debit is a completely online mode of remittance into India. The remitter need not open an account with Kotak Mahindra Bank. Even the beneficiary need not have an account with Kotak Mahindra Bank as the payment can be by way of a demand draft. Now you can:
    1. Get funds in your Kotak Mahindra Bank account within 5working days*.
    2. Receive Demand Drafts in 3 working days* after receipt of funds at Kotak Mahindra Bank for Metros and Non-Metros.
    3. Direct credit to the beneficiaries account
    4. Set up Standing Instructions.
    5. Send a message to the beneficiary.
    6. Track the remittance online.

    *5 working days after instructions have been received by us. Working days- not including Saturdays, Sundays and Public Holidays in both countries

    1. All you have to do is register your personal details with us. You would also need to enter your bank account details (bank account number, ABA routing number) that would enable us to directly debit your account using the ACH facility.
    2. On the basis of your authorisation we would initiate two-sub dollar credits and one sub-dollar debit (equivalent to sum of the two sub-dollar credits) on your account.
    3. After 5 working days KMBL would send an email requesting you to confirm details of the sub dollar credit transactions done on your account.
    4. An online verification is done of the same, and after successful verification, the account is immediately activated.
  • With Direct Debit, you get funds in your Kotak Mahindra Bank account within 5working days*

    *5 working days after instructions have been received by us. Working days- not including Saturdays, Sundays and Public Holidays.

  • Demand Drafts will be delivered in 3 working days* after receipt of funds at Kotak Mahindra Bank for Metros and Non-Metros.

    *Working days- not including Saturdays, Sundays and Public Holidays

Terms & Conditions

Movie Download Offer

    1. This offer is valid for 6 months from the date of issue.
    2. This offer cannot be combined with any ongoing offers or promotions at Big Flix
    3. In order to avail the offer, you have to enter the voucher/gift code number before downloading the movie
    4. Each voucher/gift code can be used only once
    5. Kotak Mahindra Bank ("the Bank") & Big Flix reserve the right to extend or terminate this offer or alter the terms and conditions at any time without assigning any reason whatsoever during the offer period.
    6. The decision of the Bank in all matters in connection with and incidental to this offer is final and shall be binding on all persons.
    7. The Bank shall not be responsible in any manner whatsoever for any deficiency or inadequacy in the services rendered by Big Flix and the customer hereby agrees not to hold the Bank responsible or liable for any actions, claims, losses, damages, costs, charges and expenses that he/she may suffer on account of the offer.
    8. All disputes arising out of or in connection with the offer shall be subject to the jurisdiction of courts at Mumbai.
Status Tracker
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Interest Rates -

Maturity Period: 3 Years

  • NRE/NRO SB 4% pa
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Maturity Period : 1 year

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