Established in February 2003, Kotak Mahindra Bank offers a wide range of banking and financial products to retail and corporate customers in India.
While their own remittance service Click2Remit has been a useful feature for many NRIs, others are not so happy with them. From waiting periods of 2-3 months to open an NRE account to the lack of electronic options to send money back to India, there are many problems associated with a relationship with this bank.
But it does offer some useful features too. Here’s a look.
Kotak Mahindra NRE Account Features
- Interest at 4% p.a. on savings account deposits, payable on a half-yearly basis.
- Customers are granted a Gold debit card on opening an NRE account, which can be used across all ATMs, retail and online merchant establishments in India and abroad.
- High interest rates on NRE fixed deposits of 7.3%, for FDs opened on or after October 2018.
- NRIs can get home loans with 50% discount on processing fees in the NRE Mariner saving account.
- Dedicated relationship managers across all branches in the country offer personalized investment advice.
- Documents can even be picked up from home, which is a good thing for senior account holders.
- Principle and interest are fully repatriable.
- Customers can make cheque requests through phone banking, 24/7.
- The initial debit cards and cheque books are all sent to the home address, without any charge.
- Online GUI is interactive and user-friendly. Net banking can be used to pay credit card and utility bills too.
- Kotak Mahindra Bank NRI Royale Signature Card allows customers to earn and redeem points for purchases outside India, across a host of options, including airline tickets, movies, airmiles and more.
- Click2Remit service offers easy and economical remittance services to India.
- One of the lowest average quarterly balance requirements among NRE accounts of ₹10,000.
- Preferential forex rate for transaction above US$10,000.
- Hashtag banking for account statement, directly via your Twitter accounts.
- Kotak’s Sweep-In Facility provides dual opportunity to monitor cash flows and earn higher interest at the same time.
- Zero opening fees for online investment account.
- Long waiting times for accounts to be opened have been reported by some NRI customers. This waiting period could be as long as 2-3 months.
- Interest rates on savings account are among the lowest, especially compared to banks like YES Bank, which offer 7% p.a. interest for account balance of more than ₹1 lakh and 6% p.a. for balance up to ₹1 lakh.
- Poor customer services. Some customers have complained regarding the time taken to address queries and refund money.
- No presence outside India, apart from some Middle East nations.
- Customers have complained against deduction of false charges on accounts.
- Slow processing of home loan applications.
- Excellent remittance services
- Among the best exchange rate offered
- High interest rate on NRE fixed deposits
- Collection of documents from home
- Poor customer service
- Limited presence outside India
- Low interest rate on savings account
- Slow processing of account opening and loan requests
Have you used Kotak Mahindras NRE services? What has been your experience so far? Please share with us below so others can benefit.