Non Resident Ordinary (Rupee) Term Deposit

1860 266 2666

(24 X 7)

An Indian Rupee deposit opened by NRIs / PIOs to earn safe and secured return from the income earned either through Indian or foreign sources.

  1. Minimum amount required for booking NRO Term Deposit is Rs. 50000 only
  2. Auto renewal of term deposits on maturity
  3. 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.).
  4. Interest earned on deposit is at par with resident deposits (senior citizen rates are not applicable on NRO deposit)
  5. NRO deposits tenure is same as that of resident deposits
  6. Interests on 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 Indian
  9. The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).
 
  • 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 term deposit maintained?

Your NRO term deposit will be maintained in Indian Rupees.

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

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

What is the maximum tenure of NRO deposits?

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

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

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

Can I repatriate funds held in my NRO term deposit?

RBI allows repatriation of balances held in 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 NRO term deposit?

The minimum amount required for opening NRO term deposit is Rs. 50000 only.

Are these deposits taxable in India?

As per current guidelines, the principal amount in NRO deposit is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).

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

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

Is premature withdrawal facility available in my NRO retail term deposit? If yes, what would be the foreclosure 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 181 daysNil
181 days 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 181 days and above.
For Term Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

Can my 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 NRO term deposit when I am overseas?

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

Can I have nomination facility in my NRO term deposit?

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


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

Disclaimer

# Simple interest rate
*Senior Citizens' rate is not applicable on NRO deposits
{C}- 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


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 deposits.
- Premature withdrawal of this deposit is not allowed till maturity
- 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


Important: Penal charge on Pre-mature withdrawal of NRO Term Deposit

As per the Terms & Conditions of Term Deposit Accounts of the Bank, the penal charge on premature closure of Term Deposits including partial closures, 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.

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