Non Resident External (Rupee) Current Account

1860 266 2666

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An Indian Rupee account opened by NRIs/PIOs for parking income earned from foreign sources.

  1. Low Average Quarterly Balance of Rs. 25,000/- only
  2. Easy and Economical1 Remittances into India by Cheque or Wire Transfer or Click2Remit
  3. Preferential Forex rate for transaction above USD 10,000/- or equivalent
  4. Personalized investment advisory customized to risk return
  5. Fully and freely repatriable deposit (both principal and interest)
  6. Global Debit Card allows access to your bank account anytime, anywhere on all VISA ATMs and at merchant locations both in India and abroad
  7. At Par Cheque book along with 24/7 access through phone banking
  8. Net Banking allows you to access account from across geography as per your time zone and convenience to carry out banking transaction from transfer of payment, book term deposit to payment of credit card and utility bills in India
  9. Home banking services in India
  10. 2 Way Sweep provides a dual opportunity to earn higher interest and manage cash flow at the same time
  11. It can be jointly opened by NRIs/PIOs only. However, the same be opened jointly with Resident Indian on former or survivor basis

Disclaimers :

1Subject to nominal foreign currency conversion charges.
 
  • NRIs1 and PIOs2 as per FEMA definition
  • Seafarers of Indian nationality / origin employed by overseas shipping companies, or
  • Indian government employees with Diplomat passports, or
  • Students pursuing studies in foreign countries.

1NRIs – Non Resident Indians

An NRI is an Indian citizen who stays outside India:

  • For employment or business; or
  • Intends staying outside India for an uncertain period; or
  • Is an official deputed abroad by Government / Public Sector Undertakings on temporary assignments

2PIOs – Persons of Indian Origin

A foreign citizen is deemed to be of Indian origin if:

  • He/she, at any time held an Indian passport
  • He/she or either of his/her parents or any of his/her grandparents was a citizen of India
  • He/she is a spouse of a PIO / Indian citizen

Disclaimers

* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions

  • Non Resident Indian

    Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:-

    1. Photocopy of Indian Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
    2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
    3. Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
    4. Latest colour photograph (passport sized)

    Documentation for Non Resident Indian, while sending the account opening from / documents overseas:-

    1. Photocopy of Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
    2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
    3. Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
    4. Latest colour photograph (passport sized)

    The above documents mentioned under a, b and c needs to be attested by:

    • An overseas bank official located and operating 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 USA only. OR
    • Any Branch of an Indian Scheduled Commercial Bank having overseas branch OR
    • Notary Public or Equivalent Authority OR
    • The Indian diplomatic mission in the applicant’s country of residence OR
    • Self-Attestation. In case of Self Attestation, all documents submitted should be signed by respective account holders with the words ‘TRUE COPY’. Additionally,
      • A signed cheque drawn in favour of Kotak Mahindra Bank A/c - (your name) on your existing account in India or abroad AND      
      • An original bank account statement (not more than 3 months old)or
      • Original credit card statement (not more than 3 months old) or
      • Original utility bill (electricity/piped gas/telephone/water - not more than 3 months old)

    Notes:

    • Entry Work/Residence Visa accompanied with employment contract and customer signed declaration will be accepted to open an account. The customer has to submit the valid permanent visa before expiry of the Entry Work/Residence Visa failing which the account will be blocked/ closed.
    • Bridging Visa for customers resident in Australia can be accepted for account opening. For bridging visa - copy of customer passport which bears the original expired visa date along with email of bridging visa needs to be submitted.
  • Person of Indian Origin

    Documentation for Person of Indian Origin (PIO), while submitting the  account opening form / documents at Kotak Bank Branches in India:-

    1. Photocopy of Foreign Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
    2. Copy of valid Visa / Work / Residence Permit (required only if the country of mailing address is different from the country of citizenship and India, the visa could be either in the passport or given separately); and
    3. Additionally, applicant has to provide any of the below mentioned document, if the place of birth is outside India:
      • Copy of Indian passport of spouse OR
      • Copy of Indian passport held by self or parents / grandparents at any time OR
      • PIO Card OR
      • OCI (Overseas Citizen of India) Card
    4. Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
    5. Latest colour photograph (passport sized)

    Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-

    1. Photocopy of Foreign Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
    2. Copy of valid Visa / Work / Residence Permit (required only if the country of mailing address is different from the country of citizenship and India, the visa could be either in the passport or given separately); and
    3. Additionally, applicant has to provide any of the below mentioned document, if the place of birth is outside India:
      • Copy of Indian passport of spouse OR
      • Copy of Indian passport held by self or parents / grandparents at any time OR
      • PIO Card OR
      • OCI (Overseas Citizen of India) Card
    4. Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
    5. Latest colour photograph (passport sized)

    The above documents mentioned under a, b, c and d needs to be attested by:

    • An overseas bank official located and operating 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 USA only. OR
    • Any Branch of an Indian Scheduled Commercial Bank having overseas branch OR
    • Notary Public or Equivalent Authority OR
    • The Indian diplomatic mission in the applicant’s country of residence OR
    • Self-Attestation. In case of Self Attestation, all documents submitted should be signed by respective account holders with the words ‘TRUE COPY’. Additionally,
      • A signed cheque drawn in favour of Kotak Mahindra Bank A/c - (your name) on your existing account in India or abroad AND      
      • An original bank account statement (not more than 3 months old)or
      • Original credit card statement (not more than 3 months old) or
      • Original utility bill (electricity/piped gas/telephone/water - not more than 3 months old) or
  • Seafarer Employed with Foreign Vessels

    Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-

    1. Photocopy of Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
    2. Copy of valid Transit / Work Visa (the visa could be either in the passport or given separately); OR Copy of Continuous Discharge Certificate (CDC). The CDC must indicate latest discharge stamp / last date of arrival in India, or a declaration that you are sailing for the first time; and
    3. Valid Contract Copy OR Original letter on the letterhead from agent / principal carrying logo and address providing contract details namely: 1. Name of the employee 2. Employment in the principal shipping company (Name of the principal where employed & Address of the overseas company) 3. Name of the vessel & flag. 4. Name of the port. 5. Commencement of contract. 6. Tenure. 7. Salary in foreign currency. 8. Passport no.; and
    4. Merchant Navy Declaration - Format provided in the Account Opening Form; and
    5. Proof of Mailing Address (Indian Address only); and
    6. Latest colour photograph (passport sized)

Disclaimer

All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.


Expand All

In which currency is my NRE current account maintained?

Your NRE current account will be maintained in Indian Rupees.

Can I repatriate funds held in my NRE current account?

Yes, the funds held in your current account are fully and freely repatriable.

What is the minimum amount required to open NRE current account?

The minimum amount required to open NRE current account is Rs. 25,000/- or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of Rs. 25,000/- only.

How is average quarterly balance (AQB) calculated?

Average quarterly balance is the sum of daily closing balance of all the calendar days in a quarter divided by the number of days in that quarter.

Can I have a joint account holder in my NRE current account?

Yes, you can open NRE current account jointly with Non Resident Indians / Person of Indian Origin.

How can I deposit money in my NRE current account?

Funding into your NRE current account can be done by the following ways:-

  • Online funds transfer through Click2Remit
  • Wire Transfer: Transfer money through overseas banks wire transfer service to fund your KMB NRE account.
  • Exchange House: Remit money from GCC countries, Singapore and Hong Kong and get the credit on the same day with minimal costs.
  • Foreign currency Cheque:Simply deposit a foreign currency demand draft or cheque favouring your name at any of our branches and the bank will clear the same through an overseas bank and credit it to your respective account.
  • Foreign Currency cash deposit: If you are on visit in India, deposit foreign currency cash (in all major currencies) at select Kotak Mahindra Bank branches in India and start using your account thereafter.

    Note:

    • Currency Declaration Form is required:
      • FCY Cash deposit in excess of USD 5000/- or equivalent.
      • FCY Cash together with Travellers Cheques in excess of USD 10000/- or equivalent per person.
    • The CDF should be endorsed for the amount surrendered.
    • Foreign Currency Cash or Travellers Cheques can be credited in to your NRE account only if you visit the branch in person.
  • Transfers from other NRE/FCNR accounts in India: Transfer funds from your existing NRE/FCNR bank account with other banks in India by drawing a cheque in favour of Kotak Mahindra Bank account or transfer funds online from other bank's accounts and start enjoying Kotak Mahindra Bank's exclusive facilities.

Can I transfer money / issue cheques from my NRE current account to resident or NRO account?

Yes, you can transfer money from your NRE current account either to NRO current account or resident account.

Can I transfer funds between NRE current accounts?

Yes, transfer of funds between NRE current accounts are allowed for bonafide purpose.

What is the rate of interest payable in my NRE current account?

The NRE current account is a non interest bearing account. Therefore, no interest is paid on the amount held in the account.

What do I get on opening NRE current account?

You will get a personalized cheque book and Global Debit Card on opening NRE current account.

Do we issue a separate debit card to joint holder in NRE current account?

Yes, a joint holder can have separate debit card in NRE accounts, if the same has been applied.

Can I use my NRE current account debit card in India or is it only for overseas usage?

Yes, Global debit card issued to account holders in NRE account can be used in India as well as abroad for cash withdrawal at VISA ATM and POS at Merchant establishment.

How can I access my NRE current account when I am overseas?

You can access your NRE current account through Global Debit Card, Net Banking and Phone Banking.

Can I have nomination facility in my NRE current account?

Yes, you can avail nomination facilities in your NRE account. A nominee can either be resident or non-resident, as desired by the account holder.

Can I have a mandate in my NRO current account?

Yes, you can add a mandate holder in your current account.

What are the fees and charges for the NRE current account?

Please click here to know about fees and charges applicable to your NRE current account.


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