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Frequently Asked Questions

How can I deposit money in my NRE savings account?

Funding into your NRE savings account can be done by following ways:-

  • Online funds transfer through Click2Remit
  • Wire Transfer: Transfer money through overseas banks wire transfer service to fund your Kotak Mahindra Bank NRE account.
  • Exchange House: Remit money from GCC countries, Singapore and Hong Kong and get the credit on the same day with minimal costs.
  • Foreign currency Cheque: Simply deposit a foreign currency demand draft or cheque favouring your name at any of our branches and the bank will clear the same through an overseas bank and credit it to your respective account.
  • Foreign Currency cash deposit: If you are on visit in India, deposit foreign currency cash (in all major currencies) at select Kotak Mahindra Bank branches in India and start using your account thereafter.
    Note:
    • Currency Declaration Form is required:
      • FCY Cash deposit in excess of USD 5000/- or equivalent.
      • FCY Cash together with Travellers Cheques in excess of USD 10,000/- or equivalent per person.
    • The CDF should be endorsed for the amount surrendered.
    • Foreign Currency Cash or Travellers Cheques can be credited in to your NRE account only if you visit the branch in person.
  • Transfers from other NRE/FCNR accounts in India: Transfer funds from the your existing NRE/FCNR bank account with other banks in India by drawing a cheque in favour of Kotak Mahindra Bank account or transfer funds online from other banks account and start enjoying Kotak Mahindra Bank's exclusive facilities.

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Is premature withdrawal facility available in my FCNR (B) deposit? If yes, what would be the fore closure charges applicable?

Yes, 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.

Premat Penalty USD GBP EURO YEN AUD
0.50% 0.50% 0.10% 0.05% 0.50%

Interest on Term Deposit will be compounded at 180 days rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 360 days and above.
No interest is payable on the Term Deposits held for less than 360 days.

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What is the maximum tenure of FCNR (B) deposits?

The FCNR (B) deposit can be kept for maximum of 5 years.

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Can I transfer money / issue cheques from my NRE savings account to resident or NRO account?

Yes, you can transfer money from your NRE savings account either to NRO savings account or other account holders' resident account.

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What is the minimum amount required to open NRE savings account?

The minimum amount required to open NRE savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of Rs. 10,000/- only.

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