Documents Required For NRE Rupee Saving Account | Kotak Mahindra Bank
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NRE Rupee Savings Accounts Documents

Keep your hard earned money from abroad safe at home.

NRE Rupee Savings Account
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Non Resident Indian

Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:

  1. Photocopy of Indian Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
  2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
  3. Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
  4. Latest colour photograph (passport sized)

Documentation for Non Resident Indian, while sending the account opening from / documents overseas:

  1. Photocopy of Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
  2. Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
  3. Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
  4. Latest colour photograph (passport sized)

The documents mentioned above need to be attested by:

  1. Overseas branch bank official of an Indian Scheduled Commercial Bank including Kotak Mahindra bank OR
  2. Bank official of Overseas commercial Bank of Kotak Mahindra bank. List of branches are uploaded on www.kotak.com OR
  3. Notary Public abroad / Court Magistrate / Judge OR
  4. Indian Embassy/Consulate General in the country where the non-resident customer resides.

Person of Indian Origin

Documentation for Person of Indian Origin (PIO), while submitting the  account opening form / documents at Kotak Bank Branches in India:-

  1. Photocopy of Foreign Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
  2. Copy of valid Visa / Work / Residence Permit (required only if the country of mailing address is different from the country of citizenship and India, the visa could be either in the passport or given separately); and
  3. Additionally, applicant has to provide any of the below mentioned document, if the place of birth is outside India:
    • Copy of Indian passport of spouse OR
    • Copy of Indian passport held by self or parents / grandparents at any time OR
    • PIO Card OR
    • OCI (Overseas Citizen of India) Card
  4. Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
  5. Latest colour photograph (passport sized)

Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-

  1. Photocopy of Foreign Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
  2. Copy of valid Visa / Work / Residence Permit (required only if the country of mailing address is different from the country of citizenship and India, the visa could be either in the passport or given separately); and
  3. Additionally, applicant has to provide any of the below mentioned document, if the place of birth is outside India:
    • Copy of Indian passport of spouse OR
    • Copy of Indian passport held by self or parents / grandparents at any time OR
    • PIO Card OR
    • OCI (Overseas Citizen of India) Card
  4. Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
  5. Latest colour photograph (passport sized)

The documents mentioned above need to be attested by:

  1. Overseas branch bank official of an Indian Scheduled Commercial Bank including Kotak Mahindra bank OR
  2. Bank official of Overseas commercial Bank of Kotak Mahindra bank. List of branches are uploaded on www.kotak.com OR
  3. Notary Public abroad / Court Magistrate / Judge OR
  4. Indian Embassy/Consulate General in the country where the non-resident customer resides.

Seafarer Employed with Foreign Vessels

Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-

  1. Photocopy of Passport pages where your name, photograph, date and place of birth, specimen-signature, date of issue / expiry and address details are recorded; and
  2. Copy of valid Transit / Work Visa (the visa could be either in the passport or given separately); OR Copy of Continuous Discharge Certificate (CDC). The CDC must indicate latest discharge stamp / last date of arrival in India, or a declaration that you are sailing for the first time; and
  3. Valid Contract Copy OR Original letter on the letterhead from agent / principal carrying logo and address providing contract details namely: 1. Name of the employee 2. Employment in the principal shipping company (Name of the principal where employed & Address of the overseas company) 3. Name of the vessel & flag. 4. Name of the port. 5. Commencement of contract. 6. Tenure. 7. Salary in foreign currency. 8. Passport no.; and
  4. Merchant Navy Declaration - Format provided in the Account Opening Form; and
  5. Proof of Mailing Address (Indian Address only); and
  6. Latest colour photograph (passport sized)

Disclaimers

All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.

Frequently Asked Questions

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In which currency is my NRE savings account maintained?

Your NRE savings account will be maintained in Indian Rupees.

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Can I repatriate funds held in my NRE savings account?

Yes, the funds held in your savings account are fully and freely repatriable (both principal and Interest).

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What is the minimum amount required to open NRE savings account?

The minimum amount required to open NRE savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Monthly Balance of Rs. 10,000/- only.

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How does average quarterly balance calculated?

Average quarterly balance is the sum of daily closing balance of all the calendar days in a quarter divided by the number of days in that quarter.

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Are these accounts taxable in India?

As per current guidelines, the principal amount as well as interest earned on NRE Account is exempted from Income Tax in India.

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