Non Resident External (Rupee) Term Deposit

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Non Resident External Term Deposit is a tax free and fully repatriable Indian Rupee deposit account opened by NRIs / PIOs to earn safe and secured return from the income earned through foreign sources.

  1. Minimum amount required for booking NRE Term Deposit is Rs. 50,000/- only
  2. Auto renewal of term deposits on maturity
  3. Fully and freely repatriable deposit (both principal and Interest)
  4. Interest earned on deposit is at par with resident deposits (senior citizen rates are not applicable on NRE deposit)
  5. Interests on NRE deposit are compounded quarterly
  6. To earn interest on fixed deposit, it needs to be kept for a minimum of one year and above, up to a maximum of 10 years
  7. Phone Banking and Net Banking access facilities are available
  8. It can be jointly opened by NRIs/PIOs
  9. The principal amount and the interest earned on NRE deposit is exempted from Income Tax in India
 
  • 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 term deposit maintained?

Your NRE term deposit will be maintained in Indian Rupees.

What should be the minimum tenure to earn interest on NRE term deposit?

In order to earn interest on your NRE term deposit, it needs to be kept for a minimum of 1 year.

What is the maximum tenure of NRE deposits?

The NRE deposit can be kept for a maximum of 10 years.

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

Please click here to know more about the tenure and interest rate.

Will I get a cheque book and a global debit card when I open NRE term deposit?

No, you will not get cheque book and global debit card with your NRE term deposit. You shall get a fixed deposit advice on booking a NRE deposit.

Can I repatriate funds held in my NRE term deposit?

Yes, the funds held in your NRE term deposit are fully and freely repatriable (both principal and Interest).

What is the minimum amount required to open a NRE term deposit?

The minimum amount required for opening NRE term deposit is Rs. 50,000/- only.

Are these deposits taxable in India?

As per current guidelines, the principal amount as well as the interest earned on NRE deposit is exempted from Income Tax in India.

Can I have a joint account holder in my NRE term deposit?

Yes, you can open NRE term deposit jointly with Non Resident Indians / Person of Indian Origins.

Is premature withdrawal facility available in my NRE Term deposit? If yes, what would be the fore closure charges applicable?

The Premature withdrawal of Retail Term Deposit is permissible. However, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower.
Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for term deposits booked/ renewed on or after 1st November, 2012.

Tenure of Term DepositPenalty
Less than 1yearNil
1 year and above0.50%

Interest on Term Deposit will be compounded at quarterly rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 1 year and above.
No interest is payable on the Term Deposits held for less than 1 year.

Can my NRE 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 NRE term deposit when I am overseas?

You can access your NRE term deposit through Net Banking and Phone Banking.

Can I have nomination facility in my NRE term deposit?

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

INTEREST RATES FOR NRE TERM DEPOSITS

Maturity PeriodsLess Than Rs. 1 Crore
(w.e.f July 12, 2014)
365 Days - 389 Days9.00%
390 Days9.10%
391 Days - 699 Days9.00%
700 Days9.00%
701 Days - Less than 2 Year8.75%
2 Year - 1000 Days8.75%
1001 Days8.75%
1002 Days - Less than 3 Year8.75%
3 Year - Less than 4 Year8.50%
4 Year - Less than 5 Year8.50%
5 Year - Up to & inclusive of 10 Year8.25%

Maturity PeriodsRs. 1 Cr & Above But Below Rs. 5 Cr
(w.e.f August 11, 2014)
Rs. 5 Cr & Above But Below Rs. 10 Cr
(w.e.f August 11, 2014)
Rs. 10 Crores & above But below 25 Cr#
(w.e.f August 11, 2014)
Rs. 25 Cr & Above#
(w.e.f August 11, 2014)
12 Months - Less than 15 Months9.00%8.75%8.75%8.75%
15 Months - Less than 18 Months8.75%8.70%8.70%8.70%
18 Months - Less than 2 Year8.75%8.70%8.70%8.70%
2 Year - Less than 3 Year8.75%8.70%8.70%8.70%
3 Year - Less than 4 Year8.50%8.50%8.50%8.50%
4 Year - Less than 5 Year8.50%8.50%8.50%8.50%
5 Year - Up to & inclusive of 7 Year8.50%8.50%8.50%8.50%

Disclaimer

* Rates for Senior Citizen category not available for NRE TDs.
No interest will be payable for NRE TDs staying less than 1 year.
Standalone Term Deposits of tenure 1 year and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be levied as applicable.
Interest rates are subject to change without prior notice.

Important: Penal Charge on Pre-mature withdrawal of NRE Term Deposit:

Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank.

As per Terms & Conditions of Term Deposit Accounts of the Bank, the penal charge on premature closure of NRE term deposits including partial closure has been fixed by the bank as below on NRE term deposits booked/ renewed on or after 1st November, 2012.

Tenure of Term DepositPenalty
Less than 1 yearNil
1 year and above0.50%

In addition to the above, no interest will be paid on the principal amount withdrawn from NRE term deposits before completion of one year.


INTEREST RATES FOR DOMESTIC / NRO / NRE TERM DEPOSITS - PREMATURE WITHDRAWAL ALLOWED

Disclaimer

#Simple interest rate
*Senior Citizens' rate is not applicable on NRO/NRE deposits
- No interest will be payable for NRE TDs staying less than 1 year.
- For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- Standalone Term Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as above.
- For ActivMoney (2 way sweep deposits) Regular Term Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank.
- Interest on Term Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per RBI directives
- Above rates are applicable for mentioned dates only and are subject to change without prior notice
- The calculation of interest is basis 365 days in a year for deposits booked in a non-leap year and 366 days in a year for term deposits booked in a leap (calendar) year.

INTEREST RATES FOR DOMESTIC / NRO / NRE TERM DEPOSITS - PREMATURE WITHDRAWAL NOT ALLOWED

Disclaimer : Premature withdrawal Not Allowed Deposit

#Simple interest rate
*Senior Citizens' rate is not applicable on NRO/NRE deposits
- Premature withdrawal of this deposit is not allowed till maturity.
- No interest will be payable for NRE TDs staying less than 1 year.
- For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
- ActivMoney/ Sweep in Facility is not available on this deposit
- Auto Renew option is not available.
- Acceptance of deposits of Rs. 5 cr. and above is at the discretion of the Bank
- Monthly Interest Payout option is not available.
- Above rates are applicable for mentioned dates only and are subject to change without prior notice.
- Bank will not extend any kind of facility including OD against Term Deposits booked under No Premature Withdrawal scheme;
- Bank will not book Term Deposits in respect of funds lying in Escrow account / arrangement
- The calculation of interest is basis 365 days in a year for deposits booked in a non-leap year and 366 days in a year for term deposits booked in a leap (calendar) year.

Important: Penal Charge on Pre-mature withdrawal of Term Deposits (Domestic / NRO / NRE)

Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank.
As per Terms & Conditions of Term Deposit Accounts of the Bank, the penal charge on premature closure of term deposits including partial closure has been fixed by the bank as below on term deposits booked/ renewed on or after 1st November, 2012.

Tenure of Term DepositPenalty
Less than 181 daysNil
181 days and above0.50%
For erstwhile ING Vysya Bank customers the above premature withdrawal penalty slabs will be applicable for Tem Deposits booked/ Renewed on or after 1st April 2015.

INTEREST RATES FOR RECURRING DEPOSITS (For Resident Individuals & HUF only)

Disclaimer

Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
*Recurring Deposit Advice will be dispatched to your registered mailing address with the bank within 3 - 4 working days of opening the RD account
Not available for Non Resident Indians / Persons Of Indian Origin

Penalty on delay in payment of RD installment

In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.
Fraction of a month will be treated as full month for the purpose of calculating such interest.
Even if the payment for the month is honoured, but the standing instruction towards installment recovery has failed, the Bank will recover a standing instruction failure charge from the current / savings bank account as per General Features and Schedule of Charges (GFSC)
The total penal interest chargeable shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account as the case may be.

Premature Withdrawal of RD

In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.
On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit

INTEREST RATES FOR FCNR DEPOSITS

  • Interest Rates are subject to change without notice.
  • Rates for Senior Citizen category not available for RFC or FCNR[B] Deposits
  • For RFC Deposits of up to 1 year, simple interest shall be paid.
  • For FCNR[B] deposits:
    • Minimum tenure to book FCNR (B) deposit is 1 year
    • No interest would be paid if the said deposit is pre-closed in less than a year.
    • For deposits which are prematurely withdrawn after 1 year, penalty applicable as per below:
      Penalty on premature withdrawal of FCNR[B] depositsGBPEUROJPY
      0.50%0.10%0.10%

Disclaimer

*Rates for Senior Citizen category not available for FCNR Deposits.
No interest will be payable for FCNR Deposits staying less than 1 year.
Acceptance of deposits of USD 1 mio and above [or equivalent] is at the discretion of the Bank.



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