Re-Designation of Account (Resident to Non-Resident)

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Moving Abroad? We are here to make your transition overseas as smooth as possible.

You can convert your existing Resident Savings Account to a Non-Resident Savings Account without closing your banking relationship with Kotak. If your residency status has changed to NRI, you are required to have your savings account converted to an NRO Account

Benefits of re-designation

Continue with the same account number with access to your existing banking history

Hassle-free transition process

New credentials/setup not needed to access your account

Let’s check what happens to all other accounts in your banking relationship

Fixed Deposit : Your existing Resident Deposit will be closed and rebooked. The closure proceeds of the closed Fixed Deposit will be treated as principal for the new NRO Fixed Deposit. The tenure of the new NRO Fixed Deposit must be equal to the existing Resident Fixed Deposit. The rate applicable for the new NRO Fixed Deposit will be available on the date of booking of the new NRO Deposit.
Locker : You can continue to hold the locker with modified debit authorization to the NRO Savings account.
Demat : NIL holding- Separate annexure must be submitted for closure. Withholding- Separate annexure must be submitted for conversion
Mutual Funds : If your Investment account has ZERO holding at present, you may close down your investment account. If you have holding available in your account, the same will be de-linked from your respective Savings Account and you need to submit the separate conversion forms to the respective Asset Management Company.

Relocating Abroad?No need to relocateyour bank!

Benefits of re-designation

Let’s check what happens to all other accounts in your banking relationship

Relocating Abroad?
No need to relocate
your bank!