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Manage your finances effortlessly and effectively with a Kotak Mahindra Bank NRO Savings Account. The ideal way to route investments made out of Indian funds just got better. Kotak Mahindra Bank now gives you the opportunity to do more for your loved ones in India than ever before and provides an even greater freedom for your money.
Features & Benefits
Convenience Banking:
Banking is extremely easy and comfortable with our Convenience Banking services. You have access to:
- Debit Card: While you work abroad,
your loved ones are still your priority. On your brief visit
to India, you would definitely want to shower to them with
all your affection. The Access India – Kotak Mahindra
Bank Debit Card brings you the power to access your NRO
account anytime at over 18,000 ATMs and 300,000 merchant
establishments in India.
- 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 - ISD rates apply. Know more about Phone
Banking.
- 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. Know
more about 2 Way Sweep.
Easy nomination:
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.
Account operation: The Account can be
held jointly with Resident Indians. An average quarterly balance
of INR 25,000/- must be maintained in the account. Nomination
facilities are provided with each account.
Source of funds:
Your account can be credited from any source in India. Foreign exchange funds can also be credited to an NRO account. (Not recommended due to restrictions on repatriation of funds held in the NRO account).
Freedom of use and movement: Funds in
your NRO Account can be used for any transaction in India
. Now you can do more with your funds, for yourself and for
your family as indicated below.
- You can freely move the interest you earn, anywhere outside India without the prior approval of the Reserve Bank of India subject to guidelines
- Current income like pension, dividend, rent, etc. credited to the account can be repatriated. (Subject to the submission of appropriate documentation)
- You can remit funds from your NRO account /sale proceeds
of assets up to a limit of USD 1 million per financial year,
subject to the submission of documents.
- You can settle your International Credit Card dues out of funds held in your NRO account for cards issued by banks in India.
Taxation - NRO: The principal amount in
your account is exempt from taxes in India. However, the interest
earned will be subject to a tax of 30% (for interest income
less than INR 10 lacs). Tax Deducted at Source (TDS) certificates
will be issued to you.
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