Kotak NRI Royale Signature Credit Card

The Kotak NRI Royale Signature credit card is tailormade for NRIs and might be the best option among premier credit cards in India. Here’s why.

Kotak Mahindra’s Royale Signature NRI card is their flagship card offering for NRIs. It is available for people with an NER/NRO term deposit with the bank of a minimum of ₹1 lakh. It has been specifically designed for Indians living overseas and includes some great deals and rewards, including an exciting 2x reward on international spending, as compared to spending in India. With an annual fee of just ₹1000 and no joining fee, it certainly seems to be value for money. It even allows you to make purchases in Indian rupees, which could save you a lot of money otherwise charged in foreign exchange mark-up. There are some travel benefits too.

Kotak NRI Royale Signature Credit Card Review Features

  1. No joining fees and annual fees of ₹1000
  2. Only NRI/NRE account holders in the age-bracket of 18 to 75 years are eligible for the card. The NRI primary card holder should have an Indian residential address.
  3. 1 reward point is awarded for every ₹200 spent in India, where 1 reward point equals ₹1
  4. Earn 2X reward points for every purchase outside India
  5. Reward points are converted into currency at all partner merchant outlets
  6. Purchases for travel, shopping and dining can be made in Indian rupees
  7. The redeemed points can be used for retail purchases, airmiles, movie tickets and more
  8. 1% fuel surcharge waiver on transactions between ₹500 and ₹3,000
  9. Complimentary access to airport lounges all over India, with all applicable benefits
  10. Insurance coverage of up to ₹2.5 lakhs against fraudulent use
  11. Railway surcharge waiver for transactions on IRCTC
  12. 3.10% interest rate on outstanding balances
  13. SMS alerts, e-mail statements and phone banking services
  14. Credit limit of up to 80% of the card holder’s fixed deposit amount
  15. Foreign exchange mark-up fee of 3.5% for use outside India

Limitations

  1. No welcome bonus
  2. ₹599 charge for add-on cards
  3. Only NRE/NRO account holders who have invested a minimum of ₹1 lakh are eligible to apply, although it is unclear whether this amount needs to be maintained
  4. NRIs need to have a residential address in India
  5. No concierge services
  6. No golf course benefits
  7. ₹500 charge if a cheque bounces
  8. No benefits on car rentals
  9. Cap on surcharge waiver for IRCTC tickets at ₹500 a year, which is quite low
  10. Not too many options for redeeming reward points

Advantages

  1. Payments in India can be made in Indian rupees
  2. Airport lounge access at domestic airports
  3. Fuel surcharge waiver
  4. Railway surcharge waiver
  5. Low annual fee

Disadvantages

  1. No welcome gifts
  2. High interest rate
  3. Not too many travel benefits
  4. Might need to maintain a fixed deposit of ₹1,00,000 to obtain the card and continue to use it

Have you used this credit card? Let us know in comments if you have, what your experience have been.

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