What is a Kotak Bank NRE Fixed Deposit?
The Kotak Bank NRE FD is a financial instrument through which Non-Resident Indians invest money for a predetermined time and grow that money by earning interest. The account offers a higher interest rate than that of a savings account. The principal amount invested by the investor and the interest earned on it are completely repatriable, which allows for the transfer of the entire fund value back to a foreign bank without any interruptions. Kotak Bank NRE FD is a convenient financial instrument that helps you invest and grow your foreign income in India.
Rate of Interest on Kotak Bank Non-Resident External (NRE) FD Account Deposits
The interest rates received on Kotak Bank NRE fixed deposit accounts amounting to below ₹3 crore are as follows:
|
Rate of Interest (% P.A.) |
| Term |
₹3 Crore & above to less than ₹10 Crore |
₹10 Crore to ₹300 Crore and above |
| 91 days |
NA |
6.65% |
| 92 days to 120 days |
NA |
6.65% |
| 121 days to 179 days |
NA |
6.65% |
| 180 days |
NA |
6.65% |
| 181 days to 270 days |
6.60% |
6.80% |
| 271 days to 279 days |
6.00% |
6.00% |
| 280 days ‐ 364 days |
7.00% |
7.00% |
| 365 days ‐ less than 15 months |
7.05% |
7.00% |
| 15 months - less than 18 months |
7.05% |
7.00% |
| 18 months - less than 2 Years |
7.10% |
6.95% |
| 2 years and above but less than 3 years |
6.90% |
6.85% |
| 3 years and above but less than 4 years |
6.65% |
6.70% |
| 4 years and above but less than 5 years |
NA |
NA |
Note: *Interest rates effective from May 2025. Kotak Bank NRE FD rates are subject to change without prior notice.
Why Choose a Kotak Bank NRE FD Account?
The Kotak Bank NRE FD account offers its customers various benefits, including:
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Kotak Bank NRE FD provides tax benefits on interest earned over time.
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The bank catering to different needs of various individuals offers a flexible tenure to deposit money ranging from 91 days to less than 5 years.
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Upon maturity, the fixed deposit is automatically renewed for the same time period.
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Investment can begin with an amount as low as ₹50,000.
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The rate of interest earned is on par with resident deposits.
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Kotak Bank NRE FD provides the benefit of a loan of up to 90% of your FD fund value.
What Are the Eligibility Criteria for a Kotak Bank NRE FD Account?
In order to invest in the Kotak Bank NRE FD account, the following conditions must be fulfilled:
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The customer must fall under one of the following categories: NRI, PIO, OCI, Indian seafarer, Indian government employees with a diplomat’s passport, or student studying abroad.
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Must have valid ID proof, including an Indian passport and a PIO card.
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Required to show authentic overseas address proof.
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Must present valid proof, including a student visa or employment visa.
Documents Required to Open Kotak NRE FD Account
The general documents required for opening a Kotak Bank NRE FD account are:
-
Documents to be submitted by NRIs
At the time of submitting an application to open an NRE FD account at Kotak Bank, the following duly signed documents are to be submitted:
-
Documents to be submitted by OCIs / PIOs
While submitting an application to open an NRE FD account at Kotak Bank, the following duly signed documents are to be submitted:
-
Documents to be submitted by Students
Students, while submitting an application to open an NRE FD account at Kotak Bank, have to submit the following duly signed documents:
-
Documents for Seafarers
Seafarers, while submitting an application to open an NRE FD account at Kotak Bank, have to submit the following duly signed documents:
Conclusion
One of the easiest ways for NRIs to judiciously invest and grow their earnings from abroad is by investing in a Kotak Bank NRE FD account. You can easily manage your funds in India without any worries. The account can be easily opened and maintained and also provides higher, tax-free returns. Keeping yourself up to date with Kotak Bank NRE FD rates lets you analyse and compare the rates and get the best interest in your FD investments.
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