Kotak Mahindra Bank comes with three-fold options when it comes to NRI fixed deposit range. These three options include NRE, NRO and FCNR as the types of fixed deposits available to the bank’s NRI customer-base. These options provide customers with guaranteed returns as per the prevailing Kotak FD rates. Let’s know about the schemes in detail clubbed with the current Kotak Mahindra NRI FD rates.
Kotak Mahindra NRI Fixed Deposit Rates 2020
- Kotak NRE/NRO FD Rates
| Kotak Mahindra Bank NRE/NRO FD Rates* | ||
| Tenure | Regular Individuals | Senior Citizens |
| 7 – 14 Days | 3.25% | 3.75% |
| 15 – 30 Days | 4.00% | 4.50% |
| 31 – 45 Days | 4.00% | 4.50% |
| 46 – 90 Days | 5.00% | 5.50% |
| 91 – 120 Days | 5.00% | 5.50% |
| 121 – 179 days | 5.00% | 5.50% |
| 180 Days | 5.50% | 6.00% |
| 181 Days to 269 Days | 5.50% | 6.00% |
| 270 Days | 5.50% | 6.00% |
| 271 Days to 363 Days | 5.50% | 6.00% |
| 364 Days | 5.50% | 6.00% |
| 365 Days to 389 Days | 5.90% | 6.40% |
| 390 Days (12 months 25 days) | 5.90% | 6.40% |
| 391 Days – Less than 23 Months | 5.90% | 6.40% |
| 23 Months | 5.90% | 6.40% |
| 23 months 1 Day – less than 2 years | 5.90% | 6.40% |
| 2 years – less than 3 years | 5.90% | 6.40% |
| 3 years and above but less than 4 years | 5.90% | 6.40% |
| 4 years and above but less than 5 years | 5.90% | 6.40% |
| 5 years and above up to and inclusive of 10 years | 5.50% | 6.00% |
Note: The aforementioned Kotak Mahindra NRE/NRO FD rates are applicable from 1st April 2020.
*No interest will be payable for NRE TDs staying less than 1 year.
- Kotak FCNR FD Rates
| Tenure | USD (<0.5 mio | USD (≥ 0.5 mio) | GBP | EUR | YEN | AUD | SGD |
| 1 year < 2 years | 1.04% | 1.00% | 0.64% | 0.00% | 0.00% | 2.00% | 2.00% |
| 2 years < 3 years | 1.00% | 0.50% | 0.27% | 0.00% | 0.00% | 1.50% | 2.00% |
| 3 years < 4 years | 0.75% | 0.40% | 0.20% | NA | NA | NA | NA |
| 4 years < 5 years | 0.65% | 0.30% | NA | NA | NA | NA | NA |
| 5 years only | 0.50% | 0.20% | NA | NA | NA | NA | NA |
Note: The aforementioned Kotak Mahindra FCNR rates are applicable from 1st April 2020.
Types of Kotak Mahindra Bank NRI FD Schemes
The bank provides three different types of fixed deposit schemes for Non-Resident Indians. These schemes are:
- Kotak Mahindra NRE Fixed Deposit
- Kotak Mahindra NRO Fixed Deposit
- Kotak Mahindra FCNR Deposits
Let us understand these schemes in detail w.r.t. the features and benefits:
- NRE Fixed Deposit
| Particulars | Details |
| Tenure | 1 – 10 years |
| Min. Deposit Amount | Rs. 50,000 |
| Taxation | Interest earned not taxed in India |
| Premature Withdrawal | Allowed for deposits below Rs. 2 crore; 0.50% penalty |
| Features |
|
- NRO Fixed Deposits
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Min. Deposit Amount | Rs. 50,000 |
| Taxation | Interest earned in taxable in India |
| Premature Withdrawal | Allowed |
| Features |
|
- FCNR Deposits
| Particulars | Details |
| Tenure | 1 – 5 years |
| Taxation | Not taxable in India |
| Premature Withdrawal | Allowed; penalty applicable to USD, GBP, AUD and SGD |
| Features |
|
Premature Withdrawal Facility
Premature withdrawal facility is allowed for NRI fixed deposits by Kotak Mahindra Bank. The following are the important aspects with regard to the same:
- Deposits must remain with the bank for a minimum of 1 year from the date of booking to earn interest
- Withdrawal made after completion of 1 year from the date of booking calls for penalty of 50% applicable to deposits in USD, GBP, AUD and SGD currencies
- There are non-callable deposits available with higher NRI FD rates applicable to deposits of and above Rs. 2 crore for NRE and NRO deposits
Documents Required to Open NRI FD with Kotak Mahindra Bank
In order to open a fixed deposit account, NRI customers need to submit the following documents for the purpose of identification and verification:
- Account Opening Form (fully filled and duly signed)
- Photocopy of Passport
- Copy of valid Visa (work or resident permit)
- Proof of address for correspondence
- Latest colored passport-sized photographs
Note: All the above documents must be attested by authorized signatories. This is not an exhaustive list.
How to Apply for NRI FD Schemes by Kotak Mahindra?
To open an NRI fixed deposit account with Kotak Mahindra Bank, customers can either visit the nearby NRI branch of the bank with the required documents or they can apply for the same online via the bank’s official website. Here is how customers may apply online:
One option is to apply for FD account using the internet banking option. This option is available to the existing customers of the bank. Simply login to the Kotak netbanking and proceed from there.
For new customers, applicants may follow the steps stated below:
- Open the official website of Kotak Mahindra.
- Click on NRI tab > Accounts & Deposits > Deposits.
- Once in the Deposits section, scroll down to find the 3 types of NRI FD Schemes.
- Click on “Apply Now” button, located with each deposit type.
- You will be redirected to a new page with an online form. Fill the entire form and submit by clicking on “Apply Now” button.
- A representative from the bank shall contact you shortly to guide you through the further steps.
Customers may call at 1860-266-2666 or +91-22-6600-6022 for further assistance.
Frequently Asked Questions (FAQs)
Who can open an NRI account with Kotak Mahindra Bank?
Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) qualify for opening an NRI fixed deposit account with the bank. Citizens of Pakistan and Bangladesh do not qualify as PIOs.
Do existing customers of Kotak Mahindra Bank get preferential fixed deposit rates when opening an NRI account?
Yes. The bank extends preferential NRI FD rates to its customers. Also, there is faster processing alongside doorstep services to the existing customers.
What is the minimum period for which an NRE or FCNR account must be maintained?
These accounts must be maintained for a minimum tenure of 1 year so as to get the interest credited.
What is the customer care number for NRI customers of Kotak Mahindra?
The following are the toll-free numbers for NRI customers:
| Country | Customer Care Number |
| USA | 1855-3656767 |
| Australia | 001180044990000 |
| Hong Kong | 0018004499000 |
| U.K. | 0080044990000 |
| Canada | 1855768420 |
| Singapore | 8001013054 |