All You Need To Know About NRI Banking Services At Kotak Bank

NRIs and people planning to move abroad can use Kotak Bank's banking services.

Find out more about the types of savings accounts and deposits Kotak offers and if they can be a good choice.

1. Kotak Bank NRI account types
2. How to open an NRI account in Kotak Bank
3. Kotak NRI account opening documents
4. Kotak NRI account minimum balance
5. Interest rates for Kotak NRI account
6. Interest rates for Kotak Bank’s FCNR Fixed Deposits
7. Kotak NRI account benefits
8. Kotak Mahindra Fixed Deposits
9. Kotak Remittance services platform
10. Receive international funds with Kotak
11. Send money abroad with Kotak
12. Overseas Education loan from Kotak Mahindra Bank
13. Kotak Forex Cards
14. Kotak NRI Customer care numbers
15. FAQs
16. Useful Links

1. Kotak Bank NRI account types

They also help NRIs with investments, loans, and sending money back home. But let's look more closely at the available NRI bank accounts. If you plan to spend most of the year abroad, you must change your regular bank accounts into NRI accounts. It is also true for Indian students who go abroad to study.

At Kotak Bank, there are two kinds of accounts for savings and checking: NRE accounts and NRO accounts.

• Non-Residential External (NRE) accounts are best for people whose income comes from outside India.
• Non-Residential Ordinary (NRO) accounts are best for people whose income comes from India.

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 accessible 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

NRE Platina Savings Account

Kotak Mahindra Bank made the Platina Savings Account for Non-Resident Indians (NRI). With this NRE savings account, customers can deposit or invest their foreign currencies in India and use Indian rupees for everyday transactions. Customers who open a Kotak Mahindra Bank Platina Savings Account get a Global Visa Platinum Debit Card and can make free deposits that they can send back home.

• Through the Kotak Mahindra Bank Platina Savings Account, customers can carry out home banking services in India.
• On opening this NRE account, customers are granted a Global Visa Platinum debit card - giving them the benefit of carrying out banking transactions across the globe.
• Customers have to maintain an average quarterly balance of Rs.1 lakh.
• For doubts, requests, grievances, or help relating to the processes of this savings account, customers have a dedicated relationship manager across all Kotak Mahindra Bank branches in the country.
• Customers can make quick and economic remittances into India by wire transfer or cheque.
• For transactions above $25,000, the preferential Forex rate will be applicable.
• Customers will earn an interest of 4% per annum on deposits that the Bank will pay half-yearly.
• Through phone banking, customers can make cheque requests 24/7.
• Customers can carry out net banking services through the Kotak Mahindra Bank Platina Savings Account.

NRO Rupee Savings Account

Kotak Mahindra Bank has rolled out the NRO Rupee Savings Account. NRO can park their savings earned in India in the Kotak Mahindra Bank Non-Resident Ordinary (NRO) Savings Account from their investments, rent, pension, etc. This NRO savings account benefits from an average quarter balance ofRs.10,000 and the sweep-in, sweep-out option of the funds in the report.

NRE Rupee Current Account

With an NRE Rupee Current Account from Kotak Mahindra Bank, you can open an Indian Rupee Current Account to put the money you earn from sources outside India. Anyone can quickly and economically remit into India by Cheque, Wire Transfer, or Click2Remit with a Low Average Monthly Balance of Rs. 25,000/- only.

NRO Rupee Current Account

Most of the money in NRO (Non-Resident Ordinary) accounts comes from income earned in India.

• At Par, you can get a chequebook and use phone banking 24 hours a day, seven days a week.
• Net Banking lets you access your accounts from anywhere in the world, based on your time zone, so you can transfer money and pay credit card and utility bills.
• There is home banking in India
• 2 Way Sweep gives you a chance to earn higher interest and keep track of your cash flow at the same time. It can only be opened jointly by NRIs/PIOs. But one can open the same account with a Resident Indian on a "survivor or former" basis.
• Interest earned on deposits can be taken home in full after taxes are paid.
• RBI allows repatriation of up to USD 1 million or the equivalent per fiscal year for "legitimate" reasons (like education, medical costs, employment, etc.).

2. 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

If you live outside of India, opening an NRI account online with Kotak Bank is the easiest way to get started. Here's how to do it:

• Fill out the online account opening form with the best way to reach you.
• A Kotak bank representative for NRI accounts will contact you within two business days.
• Gather your documents and make copies as needed.
• Get your documents attested if you live overseas.
• Follow the steps set out by the Kotak bank representative.
• Submit the required documents.
• Wait for account approval.
• Transfer money into your new account to make it active.

But the steps to open an account can differ for everyone because everyone's finances are different.

3. 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 and 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 and 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 through the application process.

4. Kotak NRI account minimum balance

NRI accounts at Kotak require a minimum average balance to avoid fees. Here is a breakdown of the minimum monthly credits for NRI bank accounts:

Kotak Bank NRI Account	Average minimum monthly balance
NRE Rupee Savings Account	₹ 10,000
NRO Rupee Savings Account	₹ 10,000
NRE Platina Saving Account	₹ 100,000
NRO Platina Saving Account	₹ 100,000
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.

5. 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 of interest rates you can expect for Indian Rupee accounts and foreign currency deposits:

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 NRE Fixed Deposits

Here are the interest rates for fixed deposits below ₹ two crores

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 change on September 23, 2021.

6. Interest rates for Kotak Bank’s FCNR Fixed Deposits

These are specifically for fixed deposits held in Kotak’s foreign currencies.

Kotak Bank currency deposit	1-3 years	3-4 years	4-5 years	Five years
US Dollars	0.10%	0.10%	0.15%	0.20%
British Pound	0.01%	0.01%	N/A	N/A
Euro	0.00%	N/A	N/A	N/A
Yen	0.00%	0.00%	N/A	N/A
Australian Dollars	0.01%	0.01%	N/A	N/A
Singapore Dollars	0.01%	0.01%	N/A	N/A

7. Kotak NRI account benefits

• Overall, Kotak Bank offers easy-to-open NRI accounts with features and services that make them easy to use.
• 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

8. Kotak Mahindra Fixed Deposits

Kotak Bank also offers fixed deposit accounts for someone looking for someone.

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

Five of Kotak Mahindra Bank's products have new features. There are two different kinds of savings accounts: NRE and NRO. The main difference is that the first one invests money from overseas while the second one invests money from assets in India.

Both are INR accounts, but they have different features built in. The Bank is doing something new by opening an NRE account before the person leaves the country using their visa and work permit.

Kotak Mahindra NRE FD

The Non-Resident External F.D. is an account in Indian rupees where one can change foreign currency earned outside India into INR at competitive exchange rates.

Maturity periods - Premature Withdrawal Allowed	Rs. 2 Cr & Above But Below Rs. 5 Cr	Rs. 5 Cr & Above But Below Rs. 10 Cr	Rs. 10 Crores & above But below Rs. 25 Cr#	Rs. 25 Cr & Above#
365 days ‐ Less Than 15 months	5.75%	5.95%	5.95%	5.95%
15 Months - Less than 18 Months	5.75%	5.95%	5.95%	5.95%
18 Months - Less than 2 Years	5.75%	5.95%	5.95%	5.95%
2 Year - Less than 3 Year	5.85%	6.00%	6.00%	6.00%
3 Year - Less than 4 Year	5.90%	6.00%	6.00%	6.00%
4 Year - Less than 5 Year	5.90%	6.00%	6.00%	6.00%
5 Year - Up to & inclusive of 7 Year	5.90%	6.00%	6.00%	6.00%

INTEREST RATES FOR DOMESTIC NRE FIXED DEPOSITS - PREMATURE WITHDRAWAL NOT ALLOWED

INTEREST RATES FOR NRE FIXED DEPOSITS effective from 1st July 2022 (subject to change from time to time)

Maturity periods - Premature Withdrawal Not Allowed	Rs. 2 Cr & Above But Below Rs. 5 Cr	Rs. 5 Cr & Above But Below Rs. 10 Cr	Rs. 10 Cr & Above But Below Rs. 25 Cr	Rs. 25 Cr & Above#
365 days ‐ Less Than 15 months	5.95%	6.15%	6.30%	6.30%
15 Months - Less than 18 Months	5.95%	6.15%	6.30%	6.30%
18 Months - Less than 2 Years	5.95%	6.15%	6.30%	6.30%
2 Year - Less than 3 Year	6.05%	6.20%	6.35%	6.35%

Kotak Mahindra NRO FD

The Non-Resident Ordinary F.D. is an Indian rupee account booked through earnings from Indian assets like rent, dividends on investments, etc. The report is used for all local transactions and payments.

For opening an NRO fixed deposit account, the interest rate offered on deposits below Rs.2 crores is mentioned in the tables below:

Maturity Period - Premature Withdrawal Allowed	Rs. 2 Crore & above but below Rs. 5 Crores #	Rs. 5 Crores & above but below Rs. 10 Crores #	Rs. 10 Crores & above but below 25 Crores #	Rs. 25 Crores & above #
7 - 14 Days	3.25%	3.25%	3.25%	3.25%
15 - 30 Days	3.25%	3.50%	3.50%	3.50%
31 - 45 Days	3.50%	3.75%	3.75%	3.75%
46 - 60 Days	3.50%	4.00%	4.00%	4.00%
61 - 90 Days	3.75%	4.25%	4.25%	4.25%
91 - 120 Days	4.50%	4.85%	4.85%	4.85%
121 - 179 Days	4.75%	5.00%	5.00%	5.00%
180 Days	5.15%	5.35%	5.35%	5.35%
181 Days to 270 Days	5.15%	5.35%	5.35%	5.35%
271 Days to 279 Days	3.25%	3.25%	3.25%	3.25%
280Days ‐ 364 days	5.25%	5.75%	5.75%	5.75%
365 days ‐ Less Than 15 months	5.75%	5.95%	5.95%	5.95%
15 months - less than 18 months	5.75%	5.95%	5.95%	5.95%
18 months - less than 2 Years	5.75%	5.95%	5.95%	5.95%
Two years and above but less than three years	5.85%	6.00%	6.00%	6.00%
Three years and above but less than four years	5.90%	6.00%	6.00%	6.00%
Four years and above but less than five years	5.90%	6.00%	6.00%	6.00%
Five years and above up to & inclusive of 7 years	5.90%	6.00%	6.00%	6.00%

Kotak Mahindra FCNR (B) FD

Foreign Current Non-Resident (FCNR) F.D. suggests the account is held only in foreign currency. The Term Deposit can be booked in designated currencies only. Other currencies deposited by the NRI are converted to the selected currency at a competitive exchange rate.

The interest rates for FCNR term deposits are provided below:

FCNR (B) Interest rates are effective from the date of 07 July 2022
Maturity	USD (< 0.5 Mio)	USD (≥ 0.5 Mio)	GBP	EURO	YEN	AUD	SGD
One year and above but less than two years	3.25%	3.25%	2.50%	0.49%	No Quote	3.25%	2.54%
Two years and above but less than three years	3.00%	3.00%	2.40%	0.72%	No Quote	3.35%	2.43%
Three years and above but less than four years	2.75%	2.75%	2.21%	0.80%	No Quote	3.4	2.75%
Four years and above but less than five years	2.50%	2.50%	No Quote	No Quote	No Quote	No Quote	No Quote
Five years only	2.50%	2.50%	No Quote	No Quote	No Quote	No Quote	No Quote

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

Let’s take a look at how to go about doing that. click here for more details: https://www.kotak.com/en/personal-banking/nri.html

9. Kotak Remittance services platform

Kotak Mahindra Bank, or Kotak, is a private bank based in Mumbai that helps people, businesses, and corporations with their money. Even though Kotak bank is a great option, let's ensure we understand how much it costs to send and receive money with them.

10. Receive international funds with Kotak

Kotak's Click2Remit service lets people from all over the world send money to India. Click2Remit works for people who have a Kotak account and those who don't. So, even if you don't have a Kotak account, the money can still be sent to your Indian bank account1 through Click2Remit. Before your sender can use Click2Remit's services, they must sign up for an account. You can use a wire transfer, a bank transfer, or a direct transfer to send money with Click2Remit.

Wire Transfer with Kotak Click2Remit

With a wire transfer or a demand draught, you can send money from USD, EUR, CAD, GBP, SGD, AED, JPY, CHF, DKK, or SEK to your INR bank account. Make sure to give your bank account number, Kotak's correspondent bank account number, and the SWIFT or IFSC code. One can do this method online, but depending on where your sender lives, they may need to go to a bank branch.

Kotak Mahindra Bank's Click2Remit is a money remittance company that offers transfers from 20+ countries to India through bank transfers, wire transfers, online transfers, and SWIFT transfers. One can send up to USD 20,000 and a minimum of USD 100 or similar in other currencies in 40 transfers a year. This limit differs in various transfer methods, but the maximum one can send this amount from Click2Remit.

The company is offering other tools such as:

• Compare Mode
• Transfer Charges Calculator

The company only offers personal transfers to friends and family, so the one who wants to transfer for any business purpose has to use any other service provider. Besides this, the company offers 224*7 customer assistance for people residing in India and for NRIs.

Click2Remit is highly secured and offers the best transfer services to its users by protecting their details and making transfers worry-free.

How it works

• Select the wire transfer option to enter details online, like your local Bank's name and receiver's details.
• Confirm and print the Deposit Slip with the details of the transfer.
• Submit the wire transfer form at your local overseas Bank and initiate the transfer.
• Kotak Mahindra Bank's Correspondent Bank will then receive the funds.
• On receipt of instructions from our Correspondent Bank, the money is transferred to the receiver.

Bank Transfer with Kotak Click2Remit

It can be done online through Click2Remit by people in Singapore, the UAE, and Australia. You can get the money into your bank account in India or through a demand draught. The least you can receive per transaction is 100 AED/AUD/SGD, and the most you can get in a month is 50,000 AED/SGD or 10,000 AUD in INR.

Direct Transfer with Kotak Click2Remit

Senders from the U.S. and Canada can use direct transfer, and the money can be put in your Indian bank account or sent to you as a demand draught. It is likely the easiest and fastest way to use Click2Remit to send money from these countries. The least you can get in one transaction is USD 100/CAD, and the most you can get in one month is USD 20,000/CAD.

Secure Wire Transfer

Use Kotak Mahindra Bank's wire transfer service to send money from your bank account to another country in a safe way. You can move money quickly from your account to an account at Kotak Mahindra Bank in India.

What do I need to know to set up a wire transfer?

• The account number and SWIFT code for Kotak Mahindra Bank's correspondent bank.
• The account number of the person who will get the money at Kotak Mahindra Bank Branch.
• Write your name and address in this format in the remittance message you send to your overseas banker.
• Indicate the purpose of the transfer and tell the Bank how to invest the money. (To book an FCNR term deposit, you need to say what it is and what currency it is in.) Ensure that the local Bank that is sending the money includes all the details in the message.
• Kotak Mahindra Bank SWIFT Code: KKBKINBB

Kotak Remittances from Exchange House

Transfer money at economical rates through any Exchange House or Money Transfer Agent.

How it works

• Transfer money at economical rates through any Exchange House or Money Transfer Agent.
• Through agents in FATF Countries, you can send money at a low cost.
• This Indian Rupee remittance is made especially for NRIs in the Middle East. Choose the branch or designated outlet of an Exchange House that is most convenient for you.
• Register yourself with the selected Exchange House or Agent
• Specify the amount and send money to anyone in India

Kotak Foreign Currency Cheques

How it works

• Deposit a cheque favoring your Kotak Mahindra Bank Account
• Enclose your pay-in-slip (with the name of the beneficiary and account number)
• Send via first class mail / regular mail only to any of our branches, and we will have your funds collected

Charges to receive money with Kotak

Even though Kotak doesn't charge a fee to receive money, the exchange rate takes payment out of the money. Kotak has a lower exchange rate than Reuters or Google. This rate is called the mid-market exchange rate, and banks use it to move money between each other.

Exchange Rate	$1	$1000
Mid-market	₹ 69.45	₹ 69,450
Kotak	₹ 68.77	₹ 68,770
Difference	₹ 0.68	₹ 680

You can see how a slight change in the exchange rate can cause Kotak to pay a hefty fee.

How long does it take to get money from Kotak?

• It depends on what method your sender used.
• A direct transfer can take anywhere from 5 to 7 business days.
• Bank transfers can take 2-4 business days

Want your transfer to arrive within one business day? 90% of international transfers to India come within 24 hours of receiving payment. And you get the same rate on Google, plus transparent fee pricing.

11. Send money abroad with Kotak

Kotak Bank has a remit platform that makes it easy for Indian residents and NRIs with Kotak NRE accounts to send money to a bank account abroad. If you live in India, you can use Kotak Remit even if you don't have a Kotak account. The service is offered in 15 different currencies and can be used for the following:

• Keeping in touch with close relatives who live abroad.
• Education or medical care abroad. Immigration or work abroad.
• Student fees.
• Travel for education or medical care.

How to send money abroad with Kotak

If you already have a Kotak account, you can access the Kotak Remit platform through your Net Banking.

If you don't already have a Kotak account, you must sign up at the Kotak Remit website and go through the one-time registration process. Remember that you will need to use your Aadhaar Number and upload a copy of your PAN Card to do this.

As soon as your application is accepted, you can send money.

Add international beneficiary

Once you are registered on the site, enter your transfer details. Next, you will be prompted for your beneficiary's details. It includes name, bank name, bank account number, a SWIFT code, and personal information. Verify your transaction and hit confirm.

Send money to a beneficiary

You can pay for the transfer from your Kotak savings account or another Indian bank account using an NEFT or RTGS wire transfer. For Kotak account holders, the most money they can send each year with Kotak Remit is USD 25,000. The limit for people who don't have an account is USD 10,000 per year. Let's say you want to send more than USD 25,000. If that's the case, you'll have to go to the nearest Kotak bank branch that can handle the foreign exchange and give them the forms and paperwork for sending money abroad.

Charges for sending money with Kotak

The charge per transaction is ₹1000 INR plus GST. You get the Kotak bank exchange rate, not the mid-market exchange rate you see on Reuters or Google.

Exchange Rate	USD	IN
Kotak Remit	$1	₹ 70.57
Mid-Market	$1	₹ 69.44

collected on June 3, 2019

So to send USD 1 would require ₹70.57 INR instead of the mid-market rate of ₹69.44. This becomes an additional fee to you as the sender, on top of the ₹1,000 INR fee.

How much time it takes to send money with Kotak

• The transfer can take 2-5 days to arrive in the recipient’s bank account.
• Check the status of the money transfer
• You can check the status of your transfer through the Kotak Remit platform. You can also contact the Kotak Remit call center with any questions.

The actual cost of international transfers with Kotak

Kotak has been making strides in providing international transfer services for Indians and NRIs compared to other banks in India. But it still comes with a cost. First, the benefits are easier to access if you are a Kotak account holder already. Second, weak exchange rates can eat away at what you send and costlier r than other providers. Third, transfers can be done in up to two days.twoLastly, the caps on how much you can receive may need to be clarified for your circumstances.

12. Overseas Education loan from Kotak Mahindra Bank

Why is your education limited if your dreams are beyond the limit? Don't worry; you; will secure your admission to the best universities abroad and take help from Kotak Mahindra Bank education loans. The Bank provides up to INR 20 lakh for university access. And the interest rate on a loan remains the same as that you get for studies in India. However, the loan quantum can be higher here because it includes the student travel expenses and all the necessities during the course period.

Kotak Mahindra Bank approves the below-mentioned universities for the students' overseas studies.

• Harvard University
• Yale University
• Princeton University
• Massachusetts Institute of Technology
• Stanford University
• University of Cambridge
• University College London
• Imperial College London
• University of Oxford
• The University of Edinburgh
• Australian Catholic University
• Australian National University
• Bond University
• Central Queensland University
• Charles Darwin University
• University of New South Wales
• McGill University
• University of Toronto
• University of British Columbia (UBC)
• Queen’s University
• University of Western Ontario

Features of Kotak Mahindra Bank Student Loan Scheme

• Objective: To provide term loans to Indian students for pursuing higher education in India and abroad where admission has been secured
• Quantum of Loan: For studies in India, up to INR 10 Lakhs, and for studies abroad, INR 20 Lakhs
• Repayment Period: The repayment needs to be made within a maximum of 5-7 years.
• Interest rate: Educational loans generally vary between 11.5% and 24%. The bank has recently lowered its minimum rate for girl students to 10.25% for loans up to Rs.7.50 lakhs

Age Eligibility

There is no specific restriction regarding a student’s age to qualify for an education loan.

The age of joint applicant / co-borrower / guarantor should be minimum of 21 years at the time of loan origination, and the maximum age at the time of loan maturity can be 70 years.

Suppose the student was a minor while the joint applicant / co-borrower / guarantor executed the document for the loan. In that case, the bank will obtain a letter of ratification from them upon attaining a majority.

Student Eligibility

• The student should be an Indian National
• The student shall have secured admission in India or abroad through an entrance test or merit-based selection process

Studies abroad

• Graduation: Reputed universities.
• Post-graduation: MCA, MBA, MS, and other courses shall be declared from time to time.
• Other courses such as CIMA - London, CPA in the USA, CFA, CISA, and other approved courses shall be declared.
• Degree/Diploma courses like aeronautical, pilot training, shipping, etc., provided these are recognized by competent regulatory bodies abroad for employment in India/abroad.

Eligible Courses: Studies abroad

• Graduation: Reputed universities.
• Post-graduation: MCA, MBA, MS, and other courses shall be declared from time to time.
• Other courses such as CIMA - London, CPA in the USA, CFA, CISA, and other approved courses shall be declared. Degree/Diploma courses like aeronautical, pilot training, shipping, etc., are recognized by competent regulatory bodies abroad for employment in India/abroad.

Documents required for Overseas education loan

Document	Applicant	Co-borrower	Guarantor
Application Form	Yes	Yes	Yes
Two photographs	Yes	Yes	Yes
Proof of Identity	Yes	Yes	Yes
Proof of Residence	Yes	Yes	Yes
Signature verification	Yes	Yes	Yes
Income Details	No	Latest payslip or Form 16	Latest payslip or Form 16
Proof of Ownership	No	Yes	Yes
Proof of Relationship	Yes	Yes	Yes
Confirmed admission letter	Yes	No	No
Letter from college	Details of the course and fee structure to be paid	No	No
Academic Pass out Mark sheet/Certificate	Yes	No	No

13. Kotak Forex Cards

Most of us want to ensure that our trips abroad, whether for work or fun, go smoothly and don't trouble us. When traveling abroad, paying in foreign currency is usually the most annoying part, especially if you only have cash or a traveler's check. A credit or debit card has benefits, but the markup on foreign currency and extra fees make this choice unworkable. Applying for a forex card is the best thing to do instead of running around looking for an ATM or money exchange.

Kotak Mahindra has come up with forex cards that eliminate all these problems. The card can be loaded with foreign currency ahead of time, which would be taken off each time it is used.

Types of Kotak Mahindra Forex Travel Cards

Kotak Mahindra has one forex travel card offering: the Kotak Mahindra Multi Currency World Travel Card. With this card, traveling to more than one country will be easy. One can load it with up to 13 currencies, and switching between currency wallets is easy. The Verified by VISA feature on the card makes it the safest way to pay. The forex travel card can be used anywhere in the world without extra fees.

The Currencies That Can Be Preloaded Into The Card Are As Follows:

• U.S. Dollar (USD)
• Great Britain Pound (GBP)
• Singapore Dollar (SGD)
• Euro (EUR)
• Hong Kong Dollar (HKD)
• South African Rand (ZAR)
• Saudi Riyal (SAR)
• Canadian Dollar (CAD)
• Australian Dollar (AUD)
• Swiss Franc (CHF)
• Japanese Yen (JPY)
• Swedish Krona (SEK)
• United Arab Emirates Dirham (AED)

Kotak Mahindra Multi Currency World Forex Travel Card Rates / Fees And Charges

In the table below, you can see the costs of the Kotak Mahindra Multi Currency World Forex Travel Card:

Type of facility	Charges
Card issue fee	Rs.250 plus applicable GST
Reload fee	Rs.75 plus applicable GST
The convenience fee for online reload	Rs.275 plus applicable GST
The convenience fee for customer contact reload	Rs.75 plus applicable GST
Lost card reissue fee	Subject to the currency being used
Statement request	Nil
Chargeback fee	Nil
Refund charges	Nil
Charge slip retrieval fee	Nil
Balance inquiry at overseas ATMs	Subject to the currency being used
Cash withdrawal	Subject to the currency being used

Eligibility Criteria for Kotak Mahindra forex Cards

The eligibility criteria for the Kotak Mahindra Multi-Currency Forex Travel Card are as follows:

• The applicant must be an Indian citizen who lives in India or a foreign citizen who lives in India. The applicant must have the proper paperwork for their trip.

Documents Required for Kotak Mahindra Forex Cards.

When you apply for a Kotak Mahindra Multi Currency World Forex Travel Card, you must send in certain documents based on where you plan to go. Applicants must fill out the Multi-Currency application form for amounts up to USD 25,000 if they are going abroad for business, work, school, or medical expenses. For amounts over USD 25,000 and up to USD 250,000, applicants must submit the Multi-Currency application form, Form A2, and a copy of their passport. This is true whether they travel for leisure, study abroad, do business, work, get medical care, or leave the country.

Amounts above USD 250,000 can only be put on the card if the person wants to study, get medical care, or move abroad. These people will need to send in the following papers:

• Form A2. Copy of passport and visa. Copy of the multi-currency application form.
• Tickets.
• Estimate from a doctor or hospital (if the money is for medical care) or a report from the university (if the money is for studying abroad) to show that the money is needed and why it is needed. For business travel that an individual doesn’t do, applicants must send in the following documents, no matter how much money they want to put on the card:
• LERMS (Liberalized Exchange Rate Management System) letter on company letterhead. Multi-Currency application form.

14. Kotak NRI Customer care numbers

USA:	1855 365 6767
Singapore:	8001013054
Hong Kong:	1.80045E+11
U. K.:	80044990000
Canada:	18557684020
Australia:	1.18004E+12

15. FAQs

Click here for more details: https://www.kotak.com/en/customer-service/important-customer-information.html

Who exactly is an NRI?

A non-resident Indian is an Indian citizen living abroad either due to employment outside the country, living outside the country for whatever reason, or transferring to work outside the country.

Are investments or deposits in the Kotak Mahindra Bank Platina NRE Savings Account subject to tax?

No, the Kotak Mahindra Bank Platina Savings Account deposits are tax-free.

How can I open the Kotak Mahindra Bank Platina Savings Account if I am overseas?

Since you are overseas, the whole account opening procedure can be done online. One can upload all the required documents to the Kotak Mahindra Bank branch for verification.

Can I repatriate funds from my Kotak Mahindra Bank Platina NRE Savings Account without restrictions?

Yes, NRE accounts like this account have no restrictions about repatriation. One can do it freely.

If I repatriate funds to India, will it be in foreign or Indian currency?

It will be in Indian currency.

What is the minimum amount for opening an NRE and NRO Fixed deposit?

To open an NRE or NRO Fixed deposit, you need to make a minimum investment of Rs.50,000.

16. Official Links

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/deposits/fcnr-deposits.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nre-saving-account/platina-saving-account/fees-and-charges.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nre-saving-account/platina-saving-account.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nre-saving-account/rupee-savings-account/fees-charges.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nro-saving-account/platina-saving-account.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/structured-products/max-yield-non-resident-ordinary-fixed-deposit.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nro-saving-account/rupee-saving-account.html

https://www.kotak.com/en/personal-banking/nri/accounts-deposits/saving-account/nre-saving-account.html