Many Indians are working in various parts of the world. The repatriation of foreign money was the focus of attention for all. To ensure proper repatriation, many Government and private banks are providing Non-Resident Indians (NRIs) with many banking choices. The banking facility allows NRIs to own a rupee account and smartly manage financial transactions between foreign countries and India with less effort. NRIs can have choices of two different options of bank accounts namely NRO and NRE. Check Kotak NRE Savings Account Details below.
What do NRE Bank Accounts Mean?
NRIs or Indian origin individuals can open a Non-Resident External account who had stayed abroad for at least 180 days. They can use any foreign currency to open an account in any national or private banks. At the time of conversion, the foreign currency is mandatorily converted to Indian currency at the exchange rates.
The account holder can repatriate funds from abroad to India and from India to other countries. The NRE account’s objective is to enable feasible and effective foreign exchange and Indian rupees to be transferred and converted. Once the account holder returns to India, the NRE can be transferred to a resident account. Considering NRIs and Persons of Indian Origin (PIOs), Kotak Mahindra Bank has offered a new Non-Resident External (NRE) Savings Account.
Kotak Non-Resident External (NRE) Savings Account – Features and Benefits
- With this account, both NRIs and PIOs can save their earned savings in foreign countries.
- The Kotak allows NRIs with a low average quarterly balance of Rs.10,000, to avoid a penalty for non-maintenance of account.
- The bank offers a Gold debit card at the time of account opening, helping them to smartly manage banking transactions at online and retail merchants and also ATM transactions in India and abroad.
- Applicants can also have the benefit of a dedicated professional relationship manager across all Kotak Bank branches all over parts of India.
- Forex rate will be applicable for transactions of up to or above $10,000.
- Enrolled NREs applicants can earn a 4% interest per annum on their savings and paid on a half-yearly basis.
- The deposited amount along with the interest is fully repatriable.
- NREs customers can avail of phone banking facility to make cheque requests at any time.
- Also, customers can use net-banking services with Kotak NRE Savings Account.
Documents to Submit for Kotak NRE Savings Account:
- Passport for Identity & Address proof
- Local/overseas mailing address proof
- Colour passport size photos
- Copy of residence/work visa
- Mailing address proof
- Colour photograph
- Visa Copy (residence/work)
- Passport copy
Eligible Factors to Consider for Kotak NRE Savings Account:
- NRIs, PIOs, Indian Seafarers, Indian Government employees with diplomatic passports, Students pursuing studies abroad, and overseas shipping companies’ Indians employed are eligible.
- Persons who stay outside India for job purposes.
- Individuals officially carrying out temporary projects either Government or Public sector.
- Indian person living abroad with a valid Indian passport.
- Candidate’s parents or grandparents should be an Indian citizen.
- The applicant should be a spouse of an Indian citizen.