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Can I have both Non Resident and Resident Savings Account?

No, a person can either have a Resident saving account or Non-Resident accounts (NRE /NRO)

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What are the permissible credits in a NRE account?

Proceeds of remittances to India in any permitted currency

Proceeds of personal cheques drawn by the account holder on his foreign currency account and of traveller’s cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency. These instruments deposited by the account holder in person during his temporary visit to India, provided the authorized dealer/bank is satisfied that the account holder is still resident outside India
Proceeds of foreign currency/ bank notes tendered by account holder during his temporary visit to India, provided
- The amount was declared on a Currency Declaration Form (CDF), where applicable, and
- The notes are tendered to the authorised dealer in person by the account holder himself and the authorised dealer is satisfied that account holder is a person resident outside India
Transfers from other NRE / FCNR accounts
Interest on Government securities and dividend on units of mutual funds, provided the securities/ units were purchased by debit to the account holder's NRE/ FCNR account or out of inward remittance through normal banking channels
Maturity proceeds of Government securities including National Plans/ Savings Certificates as well as proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India; sale proceeds of units received from mutual funds provided the securities/units were originally purchased by debit to the account holder’s NRE/FCNR account of the account holder or remittance from outside India through normal banking channels

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How is the Average Monthly Balance (AMB) requirement calculated for savings account?

Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.

Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.	Date	Narration	Withdrawal	Deposit	Closing balance
1	January 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 2012	Rs. 18,000/- x 1	Rs. 18,000/-
	Total EOD balances for the month January 2012		Rs. 5,79,000/-
	Divide by the no. of days in the month		31
	Average Monthly Balance (AMB)		Rs. 18677.42/-

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What are the permissible debits from NRE account?

Local disbursements
Remittances outside India

Transfer to NRE/ FCNR (B) accounts of the account holder or any other person eligible to maintain such account
Investment in shares/ securities/ commercial paper of an Indian company or for purchase of immovable property in India provided such investment/ purchase is covered by the regulations made, or the general/ special permission granted by the Reserve Bank
Any other transaction if covered under general or special permission granted by the Reserve Bank

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How can I apply for a 811 passbook?

Your Kotak811 digital savings account does not require you to carry a passbook. You can check all your transactions online on the Kotak Mobile Banking App.

If you wish to have a statement of your transactions for documentation purposes, you can place a request on the Kotak Mobile Banking App and receive your statement on your registered email ID.

If you still prefer a Passbook, you can apply for it online and get it be delivered to your preferred communication address as per Bank records in 7-10 working days. Please note, only Full KYC account holders can request for a passbook. This process is applicable only for customers applying for a passbook for the first time. For second passbook onwards, please visit your nearest bank branch.

To apply for a passbook, Click Here

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Frequently Asked Questions

Can I have both Non Resident and Resident Savings Account?

What are the permissible credits in a NRE account?

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What are the permissible debits from NRE account?

How can I apply for a 811 passbook?

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Frequently Asked Questions

Can I have both Non Resident and Resident Savings Account?

What are the permissible credits in a NRE account?

How is the Average Monthly Balance (AMB) requirement calculated for savings account?

What are the permissible debits from NRE account?

How can I apply for a 811 passbook?