Non Resident Ordinary (Rupee) Savings Account

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

  1. Low Average Quarterly Balance of Rs. 10,000/- only
  2. Higher Yield post tax by availing DTAA benefits1
  3. Easy and Economical2 Remittances into India by Cheque or Wire Transfer or Click2Remit
  4. Preferential Forex rate for transaction above USD 10,000/- or equivalent
  5. Personalized investment advisory customized to risk return
  6. Interest earned on deposits is fully repatriable after payment of tax. However, RBI allows repatriation up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.).
  7. Interest is earned on daily closing balance on your savings account at 4.00% and is paid on half yearly basis
  8. Access India Debit Card allows access to your bank account anytime, anywhere on all VISA ATMs and at merchant locations while being in India
  9. At Par Cheque book along with 24/7 access through phone banking
  10. Net Banking allows you to access your account as per convenience to carry out banking transaction from transfer of payment, book term deposit to payment of credit card, utility bills in India and much more
  11. Home Banking Services in India
  12. 2 Way Sweep provides a dual opportunity to earn higher interest and manage cash flow at the same time
  13. It can be jointly opened by NRIs/PIOs and Resident Indian
  14. The principal amount in account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess). On availing DTAA facility, the TDS rate applicable would be in range of 10-15% as per the country of residence based on the prevailing DTAA Agreement from time to time.

List of counties with DTAA facility

Disclaimer:

1Double Taxation Avoidance Agreement (DTAA) allows earning higher yield due to reduced TDS rate applicable for the residence of the country with which Indian government has signed bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country along with self-declaration as per bank format.
2 Subject 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 NRO savings account maintained?

You NRO savings account will be maintained in Indian Rupees.

Can I repatriate funds held in my NRO savings account?

RBI allows repatriation of balances held in NRO savings account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation. However, Indian income earned in the current FY (like rent, dividend, interest) can be repatriable as per the above criteria provided there is no tax liability arising out of this income.

What is the minimum amount required to open a NRO savings account?

The minimum amount required to open NRO savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of Rs. 10,000 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.

Are these accounts taxable in India?

As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess). However, on availing DTAA facility, the TDS rate applicable would be in range of 10-25% as per the country of residence based on the prevailing DTAA agreement from time to time.

Can I have a joint account holder in my NRO savings account?

Yes, you can open NRO savings account with Non Resident Indians / Person of Indian Origins / Resident Indian as a joint holder.

How can I deposit money in my NRO savings account?

Funding into your NRO savings account can be done by following ways:-

  • Online funds transfer through Click2Remit
  • Wire Transfer: Transfer money through overseas banks wire transfer service to fund your Kotak Mahindra Bank NRO account.
  • Exchange House: Remit money from GCC countries, Singapore and Hong Kong and get the credit on the same day with minimal of 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:
      • For FCY Cash deposit in excess of USD 5000/- or equivalent.
      • For FCY Cash together with Travellers Cheques in excess of USD 10,000/- 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 NRO account only if you visit the branch in person.
  • Transfers from other NRE/NRO/FCNR accounts in India: Transfer funds from your existing NRE/NRO/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 banks account and start enjoying Kotak Mahindra Bank's exclusive facilities.
  • Rs. cash deposit / transfer from third party resident accounts in India.

Can I transfer money / issue cheques from my NRO savings account to NRE account?

Yes, you can transfer / issue cheques from your NRO savings account to your NRE account with 15CA/CB and declaration as per bank format.

Can I transfer money / issue cheques from my NRO savings account to Resident account?

Yes, you can transfer / issue cheques from your NRO savings account to resident account.

Can I transfer funds between NRO savings accounts?

Yes, the transfers of funds between NRO savings accounts are allowed.

What is the rate of interest payable in my NRO savings account?

The rate of interest on your NRO savings bank account is 4.0 % p.a. (with effect from 1st April, 2011).

At what frequency the rate of interest is calculated and payable in NRO savings bank account?

The rate of interest on your savings account is calculated on the daily closing balance maintained and payable on half yearly intervals on last day of September and March respectively.

What deliverables do I get on opening NRO savings account?

You will get a personalized cheque book and Access India Debit Card on opening NRO savings account.

Do we issue a separate debit card to joint holder in NRO savings account?

Yes, a joint holder in NRO savings account will be issued a separate debit card, if the same has been applied.

What is the limit for cash withdrawal and POS in India Access debit card in NRO savings account?

The limit for Cash withdrawal and POS on access India card issued on NRO savings account is Rs. 75,000/- and Rs. 1,00,000/- respectively.

Can I use my NRO savings account debit card overseas or is it only for India usage?

The Access India Card issued on your NRO savings account is for India usage only.

How can I access my NRO savings account when I am overseas?

You can access your NRO savings account through Net Banking and Phone Banking.

Can I have a mandate in my NRO savings account?

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

Can I have a nomination facility in my NRO savings account?

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

What are the fees and charges for the NRO savings account?

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


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