Max Yield Non Resident Ordinary (Rupee) Term Deposit

1860 266 2666

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An Indian Rupee deposit opened by NRIs / PIOs to earn high, safe and secured return due to lower TDS under the DTAA arrangement.

  1. Higher Yield post tax by availing DTAA benefits1
  2. Minimum amount required for booking Max Yield NRO Term Deposit is Rs. 50,000/- only
  3. Interest earned on deposit 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.).
  4. Interest earned on deposit is at par with resident deposit (senior citizen rates are not applicable on NRO deposit)
  5. Max Yield NRO deposit tenure is same as that of resident deposit
  6. Interests on Max Yield NRO deposit are compounded quarterly
  7. Phone Banking and Net Banking facilities are available
  8. It can be jointly opened by NRIs/PIOs and Resident Indians
  9. The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-15% (plus applicable surcharge and cess) as per the country of residence.

Disclaimers :

1Double Taxation Avoidance Agreement (DTAA) allows earning a higher yield due to the reduced TDS rate applicable for the residence of the country with which India has signed a bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country in the format prescribed along with self-declaration as per bank format.
The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-25% (plus applicable surcharge and cess) as per the country of residence.
 
  • 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 Max Yield NRO term deposit maintained?

Your Max Yield NRO term deposit will be maintained in Indian Rupees.

What should be the minimum tenure to earn interest on Max Yield NRO retail term deposit?

The minimum tenure to earn interest on Max Yield NRO retail deposit is 15 days or above.

What is the maximum tenure of Max Yield NRO deposits?

The Max Yield NRO term deposit can be kept for maximum of 10 years.

What is the tenure and interest rate for which I can open a Max Yield NRO term deposit?

Please click here to know more on tenure and interest rate.

Will I get a cheque book and an access India debit card when I open a Max Yield NRO term deposit?

No, you will not get cheque book and access India debit card with your Max Yield NRO term deposit. You shall get a fixed deposit advice on booking a Max Yield NRO deposit.

Can I repatriate funds held in my Max Yield NRO term deposit?

RBI allows repatriation of balances held in Max Yield NRO saving account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.

What is the minimum amount required to open a Max Yield NRO term deposit?

The minimum amount required for opening a Max Yield NRO term deposit is Rs. 50,000/- only.

Are these deposits taxable in India?

As per current guidelines, the principal amount in Max Yield NRO deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-15% (plus applicable surcharge and cess) as per the country of residence.

Can I have a joint account holder in my Max Yield NRO term deposit?

Yes, you can open a Max Yield NRO term deposit with Non Resident Indians / Person of Indian Origins / Resident Indian as a joint holder.

Is premature withdrawal facility available in my Max Yield NRO retail term deposit? If yes, what would be the fore closure charges applicable?

The Premature withdrawal of NRO Retail Term Deposit is permissible. However, for period of less than 15 days - no Interest payable; from 15 days to 180 days, subject to card rate at the time of booking deposits for the period for which it is held, will be payable. After 180 days, subject to card rate at the time of booking deposits for the period for which it is held, after deducting the  penal charge of 0.5% on the rate which is applicable.

For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Can my Max Yield NRO deposits with the bank automatically get renewed on maturity?

If you provide specific instructions during the opening of term deposit, it will be executed in accordance to that. However, in absence of any specific instruction, deposits will be renewed for the same period at the rates prevailing at the time of maturity.

How can I access my Max Yield NRO term deposit when I am overseas?

You can access your Max Yield NRO term deposit through Net Banking and Phone Banking.

Can I have nomination facility in my Max Yield NRO term deposit?

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


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