Kotak Mahindra bank is one of the leading banks of India. It created its massive space in the private banking industry. Therefore, the bank is not only offering services limited to the Indian citizens only but also for the NRI’s as well. NRI stands for Non-Resident Indian. Kotak Mahindra bank offers NRI’s external savings account for the customers who live abroad but are Indian.
They can quickly save or deposit their foreign currency on a particular account along with massive benefits. The customer will receive a gold ATM card in the Instant kit during account opening. Meanwhile, the Gold card from Kotak Mahindra bank is capable of doing foreign and national transactions at low cost. Let’s learn more about it.
Features of Kotak Mahindra Bank Non-Resident External (NRE) Savings Account
- The customers can avail home banking services from Kotak bank while living in abroad or India using NRI savings account.
- During the account opening, the customer will receive a Gold ATM card for carrying out every transaction that takes place abroad or India.
- There is only a minimum of Rs 10000 balance required quarterly to avoid any charges, and It is less so far for the NRI savings account.
- Customers can opt for the dedicated relationship manager for Kotak bank NRI savings account.
- The customer will also receive the digital banking access like net banking and mobile banking during the opening of NRE account on Kotak bank.
- You should belong from Indian nationality if you are living in abroad.
- You need to show the documents like the employee slip or working under government work.
- NRI’s candidate have to submit their passport photocopy at the bank, and there should be the name of candidate mentioned on the passport
- Your proof of mailing address (Indian or Abroad)
- Your two passport size colour photograph.
- Your VISA copy.
Kotak Mahindra Bank Non-Resident External (NRE) Savings Account FAQs
- The funds deposited in NRE Savings account of Kotak Mahindra bank and the interest earned on the particular deposit tend to tax?
The guidelines of Reserve bank of India states the tax is exempted from the principal amount and the tax earned on the particular deposit.
- Can I open a joint NRE savings account?
Yes, you can open Joint NRE savings account in Kotak Mahindra bank, but the joint individual should be PIO or NRI.
- Can I transfer funds using NRE savings account?
Yes, you will be provided with digital banking access, and yes, you are eligible for transferring funds between linked accounts.
- Can I Make any nominee for my savings account?
Yes, but the nominee should be either from India or Non-resident of India.
How to open Kotak Bank NRE Savings account?
If you have all the documents handy with you, then you need to visit the bank for once for completing the rest of the process. One of the bank executives will guide you effectively for opening an NRE savings account in Kotak Mahindra bank.
Read More – Kotak Mahindra Mobile Banking
We know that Kotak Bank is providing every banking services in India and now It is all set to provide its excellent services to the people of abroad as well like the non-resident Indians. In this post, I have mentioned all the details about Kotak Mahindra bank NRE Savings accounts like its benefits and opening process. If you wish to open a perfect account in India, then Kotak could be the best option for you. Do let us know in the comments section if you need to ask us anything else.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.