Your full guide to Kotak Bank NRI Accounts

Aman Saxena

Kotak Bank offers banking services for NRIs, and those who are planning on moving their residence abroad.

Learn more about the types of savings accounts and deposits Kotak offers, and if it can be a good option for you.

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Kotak Bank NRI account types

Kotak Bank offers savings accounts, current accounts, and deposit accounts for NRIs.

They also offer investments, loans and remittances specifically for NRIs. But let’s dive deeper into the NRI banking accounts available.

ℹ️ You're an NRI if you reside outside of India more than 182 days a year.

If you're intending to head abroad for the majority of the year, you will need to convert your regular banking accounts to NRI accounts. This goes for Indian students going overseas to study too.

Savings and current accounts at Kotak Bank are separated into NRE and NRO accounts.

NRE (Non-Residential External) accounts are best suited for those who have income coming in from outside India.

NRO (Non-Residential Ordinary) accounts are primarily for income earned in India.

🔖 Read more: Full guide to NRI accounts

Here are the different savings account options available and their intended purposes at Kotak Bank:

Kotak NRI savings account Purpose
NRE Rupee Savings Account An easy account with a low average monthly balance
NRO Rupee Savings Account This account has a low average monthly balance, and can help with tax benefits
NRE Platina Saving Account A unique account with preferential pricing and a relationship manager
NRO Platina Saving Account For average monthly balances over 1 lakh and comes with a dedicated relationship manager
NRE Mariner Saving Account For Indian seafarers specifically, with a debit card to use globally

And if you are interested in current accounts, Kotak Bank offers the following with low average balances and easy remittances to India:

  • NRE Rupee Current Account
  • NRO Rupee Current Account

Kotak Bank also offers fixed deposit accounts for those that are looking to grow their income.

Kotak NRI fixed deposit account Purpose
NRE Fixed Deposit A fixed deposit that can be repatriable to India for free
FCNR Deposits A fixed deposit that can be held in foreign currencies: USD, EURO, GBP, YEN, AUD and SGD
NRO Fixed Deposit A fixed deposit that can be opened jointly with a Resident Indian and NRIs/OCIs

One of the benefits of working with Kotak is that you don’t have to be an existing banking client to open a NRI account.

Let’s take a look at how to go about doing that.¹

How to open an NRI account in Kotak Bank

You can open an NRI account with Kotak by starting the process online, or even going to your local Kotak branch if you are in India.

Kotak Bank NRI account opening online

Opening an NRI account online with Kotak Bank is the easiest way to get started, especially if you are outside India. Here are the steps:²

  1. Complete the online account opening form with the best contact details to reach you
  2. A Kotak bank representative for NRI accounts will reach out to you within 2 business days
  3. Gather your documents and make copies as needed
  4. Get your documents attested, if overseas
  5. Follow the steps laid out by the Kotak bank representative
  6. Submit the required documents
  7. Await account approval
  8. Transfer funds into your new account to make your account active

The process to open an account, however, can differ depending on each applicant’s unique financial situation.

Kotak NRI account opening documents

Kotak requires specific documents to open an account, depending on where you are applying from.
Here are the documents required for NRIs currently in India with access to a Kotak branch:

  • A recent color passport size photograph
  • A copy of your details in your Indian passport, which include your name, date of birth, photo, place of birth, signature, address and validity dates for your passport
  • A copy of your visa or residence permit in your place of residence
  • A proof of your local or overseas address as listed on your application

If you are still in India and have these documents ready, you can open an account at a Kotak branch before you leave.

Here are the documents required for NRIs outside India:

  • A recent color passport size photograph
  • A copy of your details in your passport, which include your name, date of birth, photo, place of birth, signature, address and validity dates for your passport
  • A copy of your visa or residence permit in your place of residence
  • A proof of your local or overseas address as listed on your application

However, if you are applying from abroad all the documents are required to be attested by any of the following:

  • Your local Indian embassy or consulate general, or
  • A notary public, court magistrate or judge, or
  • At one of the Kotak overseas correspondent bank branches, or
  • An official Kotak branch bank overseas for an Indian Scheduled Commercial Bank branch overseas

You may be required to provide additional documentation as you go through the application process.³

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Kotak NRI account minimum balance

NRI accounts at Kotak require a minimum average balance to avoid fees. Here is a break down of the minimum monthly balances for NRI bank accounts:⁴

Kotak Bank NRI Account Average minimum monthly balance
NRE Rupee Savings Account ₹10,000
NRO Rupee Savings Account ₹10,000
NRE Platina Saving Account ₹1,00,000
NRO Platina Saving Account ₹1,00,000
NRE Mariner Saving Account ₹10,000
NRE Rupee Current Account ₹25,000
NRO Rupee Current Account ₹25,000

Your balance requirement can also depend on your overall relationship with Kotak bank.

⚠️ If your balance is below minimum, Kotak bank charges a monthly non-maintenance charge which is 5% of the difference.

Interest rates for Kotak NRI account

NRI deposits and some NRI accounts have an interest rate to help grow your money.
Here is a quick table on interest rates you can expect for Indian Rupee accounts and foreign currency deposits:⁵

But keep in mind that interest rates do fluctuate, so check with Kotak when you are looking at opening an account.

Interest rates for Kotak Bank’s NRI Savings Accounts

Kotak NRI Savings Accounts Below ₹1,00,000 If the daily balance is above ₹1,00,000
NRE Account 3.50% p.a. 4.0% p.a on entire balance
NRO Account 3.50% p.a. 4.0% p.a on entire balance

Interest rates for Kotak Bank’s NRI Fixed Deposits

Here are the interest rates for fixed deposits for below ₹2 crore

Kotak Bank fixed deposits 1-2 years 2-3 years 3-4 years 5-10 years
NRE & NRO Account 4.50% 5.00% 5.10% 5.25%

The Kotak bank interest rates for fixed deposits will be changing on September 23, 2021.

Interest rates for Kotak Bank’s FCNR Fixed Deposits

These are specifically for fixed deposits being held in the foreign currencies available at Kotak.

Kotak Bank currency deposit 1-3 years 3-4 years 4-5 years 5 years
US Dollars 0.10% 0.10% 0.15% 0.20%
British Pound .01% .01% N/A N/A
Euro 0.0% N/A N/A N/A
Yen 0.0% 0.0% N/A N/A
Australian Dollars .01% .01% N/A N/A
Singapore Dollars .01% .01% N/A N/A

Kotak NRI account benefits

Overall, Kotak Bank offers easy to open NRI accounts that come with features and services that make it easy to use too.

  • There are no transaction fees or monthly account fees
  • You have multiple options for NRI accounts to find the best for you
  • Access to online banking and mobile banking
  • You don’t need to be an existing Kotak Bank customer to open an account

If you are unsure of what you need, you can also take the Kotak Bank quiz on the NRI website to find which NRI products can be best for you and your family.

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Kotak NRI account customer care

Kotak has 3 main ways to contact their NRI services:

Kotak also has an online Help Centre for customers who are looking for answers online and troubleshooting.

Sources used for this article:

  1. Kotak Bank Accounts
  2. Account opening
  3. Documents
  4. Minimum balance
  5. Kotak interest rates

All sources checked as of 1 September, 2021

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