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Invest in a NRE Fixed Deposit that is tax-free and fully repatriable Indian Rupee deposit account for NRIs & PIOs to earn high returns from income earned through foreign sources.
Minimum amount required for booking NRE Fixed Deposit is Rs. 50,000/- only
Auto renewal of fixed deposits on maturity
Fully and freely repatriable deposit (both principal and Interest)
Interest earned on deposit is at par with resident deposits
NRI’s – Non-Resident Indians
PIOs – Persons of Indian Origin
* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions
Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:
Documentation for Non Resident Indian, while sending the account opening from / documents overseas:
The above documents mentioned under a, b and c needs to be attested by:
Notes:
Documentation for Person of Indian Origin (PIO), while submitting the account opening form / documents at Kotak Bank Branches in India:-
Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-
The above documents mentioned under a, b, c and d needs to be attested by:
Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-
All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.
*Rates for Senior Citizen category not available for NRE TDs.
- No interest will be payable for NRE TDs staying less than 1 year.
- Standalone Fixed 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.
- For interest rates on deposits of Rs. 10 crore and above, please get in touch with the nearest Kotak Mahindra Bank branch
- 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 Fixed Deposits booked in a leap (calendar) year.
- Premature withdrawal of this deposit is not allowed till maturity.
- No interest will be payable for NRE TDs staying less than 1 year.
- 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 Fixed Deposits booked under No Premature Withdrawal scheme;
- Bank will not book Fixed 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 Fixed Deposits booked in a leap (calendar) year.
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 Fixed Deposit Accounts of the Bank, the penal charge on premature closure of NRE Fixed Deposits including partial closure has been fixed by the bank as below on NRE Fixed Deposits booked/ renewed on or after 1st November, 2012.
Tenure of Fixed Deposit | Penalty |
---|---|
Less than 1 year | Nil |
1 year and above | 0.50% |
In addition to the above, no interest will be paid on the principal amount withdrawn from NRE Fixed Deposits before completion of one year.
The Premature withdrawal of Retail Fixed 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 Fixed Deposits booked/ renewed on or after 1st November, 2012.
INTEREST RATES FOR NRE FIXED DEPOSITS effective from 8th Aug 2017 (subject to change form time to time)
Fixed Deposit | Penalty |
---|---|
Less Than 1 year | Nil |
1 year and above |
0.50% |
Interest on Fixed 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 Fixed Deposits held for less than 1 year.
Your NRE Fixed Deposit will be maintained in Indian Rupees.
In order to earn interest on your NRE Fixed Deposit, it needs to be kept for a minimum of 1 year.
The NRE deposit can be kept for a maximum of 10 years.
Please click on the below link to know more about the tenure and interest rate.