Max Yield NRO Fixed Deposit Features

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Higher Yield post tax by availing DTAA benefits

Minimum amount required for booking Max Yield NRO
Fixed Deposit is Rs. 50,000/- only

Interest earned on deposit is at par with resident deposit

Interest earned on deposit is fully repatriable after payment of tax.

Other Features

Max Yield NRO deposit tenure is same as that of resident deposit
Interests on Max Yield NRO deposit are compounded quarterly
Phone Banking and Net Banking facilities are available
It can be jointly opened by NRIs/PIOs and Resident Indians
The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-15% (plus applicable surcharge and cess) as per the country of residence.

List of counties with DTAA facility

Rates of TDS on Interest as per the Double Taxation Avoidance Agreement (DTAA)
(There is no DTAA with countries other than mentioned below and hence with respect to residents of such countries, normal TDS rate will apply)

Sr. NO.	COUNTRY OF RESIDENCE OF INVESTOR	COUNTRY IN WHICH TAXED/DTAA	APPLICABLE TDS RATES
1	Armenia	Article 11	10%
2	Australia	Article XI	15%
3	Austria	Article 11	10%
4	Bangladesh	Article 12	10%
5	Belarus	Article 11	10%
6	Botswana	Article 11	10%
7	Brazil	Article 11	15%
8	Belgium	Article 11	15%
9	Bulgaria	Article 12	15%
10	Canada	Article 11	15%
11	China	Article 11	10%
12	Czech Republic	Article 11	10%
13	Cyprus	Article 11	10%
14	Denmark	Article 12	15%
15	Finland	Article 11	10%
16	France	Article 12	10%
17	Germany	Article 11	10%
18	Hungary	Article 11	10%
19	Iceland	Article 11	10%
20	Indonesia	Article 11	10%
21	Ireland	Article 11	10%
22	Israel	Article 11	10%
23	Italy	Article 12	15%
24	Japan	Article 11	10%
25	Jordan	Article 11	10%
26	Kazakhstan	Article 11	10%
27	Kenya	Article 12	15%
28	Korea (South)	Article 12	15%
29	Kuwait	Article 11	10%
30	Kyrgyz Republic	Article 11	10%
31	Luxembourg	Article 11	10%
32	Malaysia	Article 11	10%
33	Malta	Article 11	10%
34	Mongolia	Article 11	15%
35	Montenegro	Article 11	10%
36	Morocco	Article 11	10%
37	Myanmar	Article 11	10%
38	Namibia	Article 11	10%
39	Nepal	Article 11	15%
40	Netherlands	Article 11	10%
41	New Zealand	Article 11	10%
42	Norway	Article 12	15%
43	Oman	Article 12	10%
44	Philippines	Article 12	15%
45	Poland	Article 12	15%
46	Portugal	Article 11	10%
47	Qatar	Article 11	10%
48	Romania	Article 12	15%
49	Russian Federation	Article 11	10%
50	Saudi Arabia	Article 11	10%
51	Serbia	Article 11	10%
52	Singapore	Article 11	15%
53	Slovenia	Article 11	10%
54	South Africa	Article 11	10%
55	Spain	Article 12	15%
56	Sri Lanka	Article 11	10%
57	Sudan	Article 11	10%
58	Sweden	Article 11	10%
59	Switzerland	Article 11	10%
60	Syria	Article 11	10%
61	Tanzania	Article 12	12.50%
62	Tajikistan	Article 11	10%
63	Trinidad and Tobago	Article 11	10%
64	Turkey	Article 11	15%
65	Turkmenistan	Article 11	10%
66	U.A.E	Article 11	12.50%
67	United Kingdom	Article 12	15%
68	United Mexican State (Mexico)	Article 11	10%
69	Uganda	Article 11	10%
70	Ukraine	Article 11	10%
71	USA	Article 11	15%
72	Uzbekistan	Article 11	15%
73	Vietnam	Article 11	10%
74	Zambia	Article 11	10%

NOTE:

There is no DTAA with countries other than mentioned above and hence with respect to residents of such countries, normal TDS rate will apply.
In the case of Greece, Libya, Mauritius and Egypt, the Interest is taxable in India at the rates prescribed in Income Tax Act, 1961, and hence effectively no DTAA benefit will be given for residents of this countries and normal TDS rate will apply.
In the case of Bulgaria, the DTAA benefits can be given only to Nationals of Bulgaria and therefore in such cases DTAA declaration needs to be modified accordingly.
In the case of Thailand, the DTAA benefits shall not be available.
Permanent Account Number (PAN) shall be mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement (DTAA). In absence of PAN, withholding tax will be deducted on interest earned at the rate of 30% (plus applicable surcharge and taxes).

Disclaimers

Double Taxation Avoidance Agreement (DTAA) allows earning a higher yield due to the reduced TDS rate applicable for the residence of the country with which India has signed a bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country in the format prescribed along with self-declaration as per bank format.
The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-25% (plus applicable surcharge and cess) as per the country of residence.

Non Resident Indian

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

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
Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
Latest colour photograph (passport sized)

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

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
Copy of valid Visa / Work / Residence Permit (the visa could be either in the passport or given separately); and
Proof of Mailing Address (local or overseas address as selected for communication on the account opening form); and
Latest colour photograph (passport sized)

The above documents mentioned under a, b and c needs to be attested by:

An overseas bank official located and operating in Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, UAE, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and USA only. OR
Any Branch of an Indian Scheduled Commercial Bank having overseas branch OR
Notary Public or Equivalent Authority OR
The Indian diplomatic mission in the applicant’s country of residence OR
Self-Attestation. In case of Self Attestation, all documents submitted should be signed by respective account holders with the words ‘TRUE COPY’. Additionally,
- A signed cheque drawn in favour of Kotak Mahindra Bank A/c - (your name) on your existing account in India or abroad AND
- An original bank account statement (not more than 3 months old) or
- Original credit card statement (not more than 3 months old) or
- Original utility bill (electricity/piped gas/telephone/water - not more than 3 months old)

Notes:

Entry Work/Residence Visa accompanied with employment contract and customer signed declaration will be accepted to open an account. The customer has to submit the valid permanent visa before expiry of the Entry Work/Residence Visa failing which the account will be blocked/ closed.
Bridging Visa for customers resident in Australia can be accepted for account opening. For bridging visa - copy of customer passport which bears the original expired visa date along with email of bridging visa needs to be submitted.

Person of Indian Origin

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

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
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
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
Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
Latest colour photograph (passport sized)

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

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
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
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
Proof of Mailing Address (Indian or overseas address as selected for communication on the account opening form); and
Latest colour photograph (passport sized)

The above documents mentioned under a, b, c and d needs to be attested by:

An overseas bank official located and operating in Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, UAE, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and the USA only. OR
Any Branch of an Indian Scheduled Commercial Bank having overseas branch OR
Notary Public or Equivalent Authority OR
The Indian diplomatic mission in the applicant’s country of residence OR
Self-Attestation. In case of Self Attestation, all documents submitted should be signed by respective account holders with the words ‘TRUE COPY’. Additionally,
- A signed cheque drawn in favour of Kotak Mahindra Bank A/c - (your name) on your existing account in India or abroad AND
- An original bank account statement (not more than 3 months old) or
- Original credit card statement (not more than 3 months old) or
- Original utility bill (electricity/piped gas/telephone/water - not more than 3 months old)

Seafarer Employed with Foreign Vessels

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

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
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
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
Merchant Navy Declaration - Format provided in the Account Opening Form; and
Proof of Mailing Address (Indian Address only); and
Latest colour photograph (passport sized)

Disclaimers

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