Introduction to study

NRI Banking is becoming popular among the Non-resident

customers. As India is showing progress more & more NRI investing in the
country. Banks should try to give their top class service to the NRIs as
they are looking for convenience, speed, high yield on investments with
manageable risk, reasonable cost & quality services.
The main objective of this project report is to find out about the
how Kotak Mahindra Bank is providing services to NRI (non-resident
Indian) customers through NRI Banking.
In NRI Banking. I find out that Kotak Mahindra Bank offers many products
and services to the customers, who help customers to transfer money
from abroad through various transfers modes like direct transfer, wire
transfer, bank transfer, cheque transfer. Kotak Mahindra Bank has its own
portal website through which customer can transfer money easily and
quickly the name of that portal website is www.click2remit.com.There are
different charges on transfer according to currency transfer by the
customer.
As the work provided to me was that to interact with NRI customer who is
having NRI accounts with Kotak Mahindra Bank and need to tell them
about their non-maintenance charges on accounts, minimum balance is to
require to maintain in accounts, information about the other NRI products
and services provided by banks etc. I also try to find out on which point
the Kotak Mahindra Bank is leading and lagging in NRI Banking part so
that it improve and customer can get more better products and services.
Objective of study:

To get an overview of NRI BANKING in Kotak Mahindra bank.

To analyse:To analyze the growth of NRI banking services.

To observe the facility provided to NRI by Kotak Mahindra banks.

1.2 Scope of study:The scope of the study is to extend the knowledge about Banking
services provided by kotakMahindra bank.

1. 3 Methods of Data collection

Primary data:The source of primary data were questionnaires and personal
interviews.

Source:Customer survey through questionnaires.

Secondary data:The source of data were internet, books, newspaper and
articles.
Source : internet websites, NRI banking books
1.4 Sampling:The questionnaires were given into the hand of people at their doorstep or
else the answers of questions were collected with personal interaction
and to some people it was emailed to their email id for their responses.
Sample size:- 100
1.5 Data analysis :On the basis of responses of people on given questionnaires I have made
analysis and have given in the form of charts of the same data.
1.6 Limitation of the study:

For Survey NRI is not available easily.

Data interpretation part in some problem came.

1.7Duration of the study:Short term Project

Place :Navi Mumbai

On the basis of responses of people on given questionnaires I have made analysis
and have given in the form of charts of the same data.

Chapter 2

PROFILE OF THE COMPANY

Date of Establishment
Revenue
Market Cap
Corporate Address

21-11 1985
1726.77 ( USD in Millions )
1196425.1749801 ( Rs. in Millio
27 B K C ,C 27 , G Block , Band
(E)Mumbai-400051,
www.kotak.com

Management Details

Chairperson Shan
MD Uday
Directors - Farida Khambata,
Sarda, Prakash Apte, Amit De
Edwin Newman, Dipak Gupta, C

Business Operation
Background

Bank - Private

Financials

Total Income - Rs. 117483.20

Mar 2015)
Net Profit - Rs. 18659.786
Mar 2015)

Company Secretary
Bankers

Established in 1985, the Kota

been one of India's m
conglomerates. In February
Finance Ltd, the group's flags
the license to carry on banking
Bank of India (RBI). This ap
history since Kotak Mahindra
non-banking finance company i

No Bankers Details in A.R

Auditors

SB Billimoria& Co

2.1 INTRODUCTION TO THE ORGANISATION

Established in 1985, The Kotak Mahindra group has long been one of India's most
reputed financial organizations. In February 2003, Kotak Mahindra Finance Ltd, the
group's flagship company was given the license to carry on banking business by the
Reserve Bank of India (RBI). This approval creates banking history since Kotak
Mahindra Finance Ltd. is the first company in India to convert to a bank.
In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was
given the license to carry on banking business by the Reserve Bank of India (RBI).
This approval created banking history since Kotak Mahindra Finance Ltd. is the first
non-banking finance company in India to convert itself in to a bank as Kotak
Mahindra Bank Ltd. The bank has a base of 8000+ employees.
The Bank offers comprehensive business solutions that include Trade Services Cash
Management Service and Credit facilities, keeping in mind the needs of the business
community.
Some of its financial services include commercial banking, stock broking, mutual
funds, life insurance and investment banking. Established under the brand of Kotak
Mahindra Finance Limited in 1984, it was given the license to carry on with banking
business by the Reserve Bank of India in February 2003. It is the first company in
the Indian banking history to convert to be converted from a private financial
institution to a bank. Today it has more than 20,000 employees and Rs. 10,000 crore
in revenue.UdayKotak is Executive Vice Chairman & Managing Director of Kotak
Mahindra Bank Ltd. Dr. Shankar Acharya is the chairman of board of Directors in the
company.Kotak Mahindra Bank is part of the Kotak Mahindra Group with a net worth
of over Rs. 5,997 crore. Today the group provides services to around 5 million
customers. Kotak Mahindra Bank Limited celebrated their silver jubilee i.e. 25 years
in banking sector. Kotak Mahindra Bank has over 323 branches and a customer
account base of over 2.7 million. Spread all over India, not just in the metros but in
Tier II cities and rural India as well, we are redefining the reach and power of
banking.

HISTORY:

The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance
Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak &
Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986,
and that's when the company changed its name to Kotak Mahindra Finance Limited.

Since then it's been a steady and confident journey to growth and success. 1986
Kotak Mahindra Finance Limited starts the activity of Bill Discounting
1987
Kotak Mahindra Finance Limited entered the Lease and Hire Purchase market
1990
Started the Auto Finance division
1991
Started the investment banking division. Took over FICOM, one of India's largest
financial retail marketing networks
1992
Entered the Funds Syndication sector
1995
Brokerage and Distribution businesses incorporated into a separate company Kotak Securities. Investment banking division incorporated into a separate company
- Kotak Mahindra Capital Company.
1996
The Auto Finance Business had been hived off into a separate company - Kotak
Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited). Kotak
Mahindra took a significant stake in Ford Credit Kotak Mahindra Limited, for
financing Ford vehicles. The launch of Matrix Information Services Limited marked
the Group's entry into information distribution.
1998
Entered the mutual fund market with the launch of Kotak Mahindra Asset
Management Company.
2000
Kotak Mahindra tied up with Old Mutual plc.for the Life Insurance business. Kotak
Securities launched its on-line broking site (now www.kotaksecurities.com).
Commencement of private equity activity through setting up of Kotak Mahindra
Venture Capital Fund.
2001
Matrix sold to Friday Corporation Launched Insurance Services
2003
Kotak Mahindra Finance Ltd. converted to a commercial bank - the first Indian
company to do so.
2004
Launched India Growth Fund, a private equity fund.

2005
Kotak Group realigned joint venture in Ford Credit; Bought Kotak Mahindra Prime
(formerly known as Kotak Mahindra Primus Limited) and sold Ford credit Kotak
Mahindra. Launched a real estate fund

2006
Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company
and Kotak Securities.
2008:
Launched a Pension Fund under the New Pension System.
2009:
Kotak Mahindra Bank Ltd. opened a representative office in Dubai, entered
Ahmedabad Commodity Exchange as anchor investor.
2010:
Ahmadabad derivatives and commodities exchange a Kotak anchored enterprise,
became operational as a national commodity exchange
2011:
Celebrating silver jubilee i.e. 25 years.
2015
Bank has merged with Kotak Mahindra Bank with effect from 1 April 2015.
2.3 PRODUCTS AND SERVICES:

Personal Banking:
Offers a wide range of products and services in deposits, loans investments,
insurances, forex, services, demat services, online services, and wealth
management services.

NRI Banking:
Offers money transfers, investments products such as international deposits,
mutual funds, money transfers facilities, remittances facilities, loans etc.

Priority Banking:

It provides products and services to high net worth individuals clients such as
deposits loans cards investments.

Business Banking:
It caters to SME, NRI and corporate offerings a spectrum of products and
services.

2.4 AWARDS

Kotak Investment Banking was honoured with Best Investment Bank and Best
Equity House in India at Finance Asia Best Bank Awards 2008.

Kotak Mutual Fund's Kotak Bond Short-term was awarded ICRA Mutual
Fund Gold

Award in the short-term Debt category for 1 year & 3 years 2008.

Kotak Investment Bank bagged Best Investment Bank in the domestic

category in India by Finance Asia for the second year in a row.

Kotak Mutual Fund was given the best debt fund house and also was
awarded wealth creator award at Outlook Money NDTV Profit 2007
awards.

Won Gold Award for Best Innovation Worlds first socially powered bank
account and Gold Award for Best App developed Worlds first banking
application using Twitter awards at the Indian Digital Media Awards 2014
for Kotak Jifi

Recognised as Highest Fundraising Company in Corporate Challenge

category in Standard Chartered Mumbai Marathon 2014

Kotak Mahindra Bank was ranked 292nd among India's most trusted
brands according to the Brand Trust Report 2012, a study conducted by
Trust Research Advisory. In the Brand Trust Report 2013, Kotak Mahindra
Bank was ranked 861st among India's most trusted brands and
subsequently, according to the Brand Trust Report 2014, Kotak Mahindra
Bank was ranked 114th among India's most trusted brands. [10]

Won National Securities Depository Ltd. (NSDL) award in the Best

Performer in account Growth Rate category 2013, for Demat Accounts [11]

Won the Asian Banker award for stellar customer service and receiving
positive reviews/feedback from its customers[12]

2.5 Vision AND Mission

Our customers will enjoy the benefits of dealing with a global Indian brand that best
understands their needs and delivers customized pragmatic solutions across multiple
platforms.
We will be a world class Indian financial services group. Our technology and
best practices will be bench-marked along international lines while our
understanding of customers will be uniquely Indian.

We will be more than a repository of our customers' savings. We, the group, will be
single window to every financial service in a customer's universe.
Kotak Mahindra Bank is one of best bank in private banking. For all the necessary
banking facility is available and they gave us a good solutions for the problems.
First and for most this is that i have Kotak Mahindra Bank account Which is
really benefit for me . They have given a free credit card facility even if i have less
salary like say 15k per month. I have been using this services and there is no burden
for
me
like
extra
charges
and
all.
Kotak Mahindra Bank is a cool banking. If your looking for any insurance
policy also they provide you this. If youre looking for loans they give a
best solutions how to handle this and get the loans. Many other things which is really
use full for us.

Chapter 3
NRI Banking

3.1 Introduction
As per RBI guidelines, the residential status of an Indian changes to that of the NonResident, in the event of his stay abroad being more than 183 days. This period of
183 days is not applicable in certain cases like going overseas for employment or
business. It is mandatory to inform the bank of your change of your residential
status.

With a view to attract the savings and other remittance into India through banking
channels from the person of Indian Nationality / Origin who are residing abroad and
bolster the balance of payment position, the Government of India introduced in 1970
Non-Resident(External) Account Rules which are governed by the Exchange Control
Regulations. The funds held in Non-Resident (External) Accounts (NRE Accounts)
qualify for certain benefits like exemptions from taxes in India, free repatriation
facilities, etc.NRI banking facilities are available to NRIs and PIOs.

While opening a NRI accounts, customer requires the following documents:

(a). Copies of passport pages where name ,address, specimen signature ,
photograph and visa details are recorded and copy of valid visa/work permit(the visa
could be either in the passport or given separately).
(b). Details of existing bank account in India like

Account number

Type of account

Branch name with full postal address including PIN Code and
telephone number of the branch.
A

NON

RESIDENT-

INDIAN(NRI)?

A Non Resident Indian (NRI) as per FEMA 1999 is an Indian citizen or Foreign
National of Indian Origin resident outside India for purposes of employment, carrying
on business or vocation in circumstances as would indicate an intention to stay
outside India for an indefinite period. An individual will also be considered NRI if his
stay in India is less than 182 days during the preceding financial year.
To meet the specific needs of non-resident Indians related to their remittances,
savings, earnings, investments and repatriation, the Government of India introduced
in 1970 Non-Resident (External) Account Rules which are governed by the
Exchange Control Regulations.
"Non Resident Indian" (NRI) means an Indian citizen or a foreign citizen of Indian
origin (excluding citizens of Bangladesh and Pakistan) residing outside India.
Students studying abroad are also treated as NRIs.
Indian citizen who stays abroad for an indefinite period on employment, business or
on any vocation is a Non-Resident. Diplomats posted abroad, persons posted in UN
Organizations and Officials deputed by PSU on temporary assignments are also
treated as Non-residents
PIO CARD SHCEME

The Government has launched a comprehensive Scheme for the Persons of Indian
Origin-called the PIO Card Scheme. Under this Scheme, Persons of Indian Origin
up to the fourth generation (great grandparents) settled throughout the world, except
for a few specified countries, would be eligible. The Card would be issued to eligible
applicants through the concerned Indian Embassies/High Commissions/Consulates
and for those staying in India on a long term visa, the concerned Foreigners
Regional Registration Officer (Delhi, Mumbai, Calcutta, Chennai) would do the same.
The fee for the card, which will have a validity of 20 years, would be US$1000.
In this scheme, unless the context otherwise requires"Person of Indian origin" means a foreign citizen (not being a citizen of Pakistan,
Bangladesh and other countries as may be specified by the Central Government
from time to time) if,

He/she at any time held an Indian passport; or

He/she or either of his/her parents or grandparents or great grandparents was

born in and permanently resident in India as defined in the Government of India
Act, 1935 and other territories that became part of India thereafter provided
neither was at any time a citizen of any of the aforesaid countries (as referred to in
2(b) above); or

He/she is a spouse of a citizen of India or a person of Indian origin covered under

(i) or (ii) above.

Besides making their journey back to their roots simpler, easier and smoother, this
Scheme entitles the PIOs to a wide range of economic, financial, educationaland
cultural benefits. The benefits envisaged under the Scheme include:

No requirement of visa to visit India;

No requirement to register with the Foreigners Registration Officer if continuous

stay does not exceed 180 days. If continuous stay exceeds 180 days, then
registration is required to be done within a period of 30 days of the expiry of 180
days;

Parity with Non-Resident Indians in respect of facilities available to the latter in

economic, financial, educational fields etc. These facilities ill include:

Acquisition, holding, transfer and disposal of immovable properties in India except

of agricultural/plantation properties;

Admission of children in educational institutions in India under the general

category quota for NRIs- including medical/engineering colleges, IITs, IIMs etc.

Various housing schemes of Life Insurance Corporation of India, State

Governments and other Government agencies;

All future benefits that would be extended to NRIs would also be available to the
PIO Card holders;

However, they shall not enjoy political rights in India.

KEY BENEFITS
NRI-Banking follows a modular structure. The various modules render our NRI
Banking solution offerings (which are stated below) in a seamlessly integrated
fashion.
The Masters module permits maximum parameterization to be done, enabling the
end user to make all changes with regard to Interest Rates or with regard to any
changes
as
per
directives
from
Head
Office
/
RBI.
Maintains
Bank, Branch and holiday details
Facilitates maintenance of Instrument, Interest rate and overdue interest rate details
Masters. Inventory, Currency, Country, Exchange rate and return reason details are
also maintainedFavors opening, authorization and freezing of AccountsTransaction
entry and
passing
is
made
easy
Provisions availed for issuing, passing and stop payment of cheques.
Supports Account closure, Preclosure, Renewal & overdue renewal of Deposits.
Aids
Day
Begin,
Day
End
&
Month
End
Processing
Processes Quarterly, and transfer to Inoperative & Half Yearly - SB Interest
Calculation.
Hastens Deposit Receipt Printing, Changing to RFC, Interest Payment & Overdue
Process.
Supports Acceptance and Execution of standing instruction.
3.2 OPENING OF NRI ACCOUNT
HOW
TO
OPEN
NRI
ACCOUNTS
WITH
A
BANK:
To open an NRE account please complete the account opening form and mail it to
the branch of your choice along with ;
Passport copy
Visa/residence permit
2 photographs
initial money remittance
Your signature may be verified by anyone of the following;
Indian Embassy/consulate
Any person known to the Bank
Notary public
Any of our offices abroad
You can open
NRE Saving Bank a/c / Current Accounts
Fixed Deposits in Indian Rupees

 Fixed Deposits in Foreign Currency

NRO accounts (Rupee accounts for crediting income in India )
You can authorize a resident to operate your account through a Power of Attorney or
Letter
of
Authority
Nomination Facility available (Nominee can be a resident Indian also)
NRI Products and Services:

Official wealth management advisory partners of Overseas Indian Facilitation

Centre (OIFC) for PravasiBharatiya Divas 2010.

A comprehensive product suite to cater to the financial needs of the

NRIs/PIOs.

Global Debit Card for NRE account and an Access India Debit Card for NRO
account.

High quality convenience banking with Net Banking with Net Banking and
Phone Banking facility.

DTAA benefit for NRO deposit available to more than 74 countries across the
globe.

Dedicated Relationship Manager to assist with all the customers financial

requirements.

Click2Remit-state of the art online remittance portal which is available in

currencies at competitive Forex rates.

Online Account Opening facility to assist the customer for opening of bank
account sitting anywhere in the world.

Online assistance- live Chat, Click2Remit, and SMs2Call.

NRI Investment services- mutual funds (offline and online). Online MF

services can be used by NRIs across the world.

3.3 TYPES OF NRI ACCOUNTS:

NON-RESIDENT ORDINARY(NRO) ACCOUNTS

NON-RESIDENT EXTERNAL(NRE) ACCOUNTS

FOREIGN CURRENCY NON RESIDENT(FCNR)

3.3.1 NON-RESIDENT ORDINARY (NRO) ACCOUNTS:

It is ideal way to manage your income originating in India.NRO Accounts available in
form of Savings and Term Deposits to manage your income in India. It is partially
repatriable. An NRO account accepts both foreign currency and Indian rupee. The
time period of an NRO Accounts is from 14 days to 10 years. There are also special
products like Max Yield Deposits where a customer can earn a higher return on NRO
deposits through DTAA benefits. Taxes currently at 30% plus service tax and
education cess on DTAA rates. This account includes checking, saving and fixed
accounts. Purpose of NRO account is to deposit the dues earned in India in Rupees
and foreign exchange funds. In NRO accounts, minimum balance is to be require to
maintained that is of Rs. 10,000/- and deposits of Rs.50,000/- . In NRO Accounts,
repatriation is up to USD q million per financial year subject to documentation and
conditions current income like rent, dividend, and pension is repatriable subject to
CA certificate and proof of nature of income. Loan (against Fixed Deposit) is
available up to 85% of the loan amount subject to RBI guidelines. In NRO Accounts
joint holder can be Indian residents or NRIs both. Frequency of interest (Fixed
Deposit) is quarterly. NRO accountholder can access India (local) debit cum ATM
card.

BENEFITS OF NRO ACCOUNTS:

1. Two sweep-in facility:
The dual advantage of the attractive returns of a term deposit and the liquidity of
saving account. Fund above a pre-set limit in customer saving account are
automatically swept into high interest term deposit account. Customer money is,
however, completely liquid as they can access their funds in the term deposit
account anytime they choose.
2. Auto Renewal of Term Deposits:
Automatically renew the customer deposit on maturity. This ensures that the
interest earned is maximized.
3.Overdraft against deposit
An overdraft of up to 85% against Rupee/forex term deposit. This special overdraft
facility against term deposit means that funds maximum liquidity.

4. Repatriation:
Repatriation is up to USD 1 million per financial year subject to documentation
and conditions current income like rent, dividend, and pension is repatriable subject
to CA certificate and proof of nature of income.
5. Loans (against Fixed Deposits):
Loan (against Fixed Deposit) is available up to 85% of the loan amount subject to
RBI guidelines.

3.3.2 NON-RESIDENT EXTERNAL(NRE) ACCOUNTS:

NRE Accounts are fully repatriable. NRE Accounts accepts only foreign currency.
Transfers can be done in NRE Accounts from overseas or through NET BANKING
and portal website of Kotak Mahindra Bank that is Click2Remit. The term period of
an NRE Account is 1 year to 3 year. The principal and interest earned in an NRE
Account are completely tax free and exempt from Income Tax in India. This Account
includes checking, savings, and fixed accounts. Purpose of Account is to deposit
foreign funds received from any travels cheques, foreign currency brought through
normal banking channels into account. Accepts maturity proceeds of investments
purchased from even NRE/FCNR Accounts. In NRE Accounts, minimum balance is
require to maintained of RS.10, 000/- and Deposits of Rs.50, 000/-. In NRE Account,
joint holder can only be NRIs. Loan is available up to 85% for loan value up to an
upper limit of Rs.100 lakh per RBI guidelines. A chequebook for savings accounts is
available. Frequency of interest (Fixed Deposit) is quarterly.NRE Accountholder can
access international debit cum ATM card.

BENEFITS OF NRE ACCOUNTS:

1.Net Banking:
Log to www.kotak.comto have complete access and control over finances,
anytime, and from any place in the world.
2.Global Debit Card:
This account holder can access international debit cum ATM Card. They can
access this card anywhere in the world.

3.Tax On Interest:

The principal and interest earned in an NRE Account are completely tax free
and exempt from Income Tax in India.
4. Repatriation:
It is freely repattriable.
5.Loan(against Fixed Deposits) :
Loan is available up to 85% for loan value up to an upper limit of Rs.100 lakh
per RBI
guidelines
3.3.3FOREIGN CURRENCY NON RESIDENT (FCNR):
FCNR Deposits delivers the three way benefits of attractive returns, complete
repatriation and zero tax liabilities. It maintains the accounts in the following major
currencies which are as follows:

USD

GBP

EUR

JPY

It protect the money from exchange rate fluctuations. Tax deducted at source
(TDS) certificates is issued. Purpose of account is to deposit foreign funds
received from any travels cheques, foreign currency, other NRE/FCNR
accounts and proceeds of repatriable investment. The term period of FCNR is
1 year to 5 year. It is fully repatriable. Loan against fixed deposit is available
up to 85% for loan value upto an upper limit to Rs. 100 lakhs per RBI
guidelines. In this, minimum balance is requiring to maintain that is USD 1000,
GBP 500, EUR 1000, and JPY 110,000. In this joint holders can only be nonIndian Residents (NRIs).

BENEFITS OF FOREIGN CURRENCY NON-RESIDENT:

Tenure:

The FCNR Term Deposit can be held for minimum period of one year and maximum
period of five years.

Mandate Facility:

Appoint a family member or trusted friend to manage the account.

Auto Renewal:
Automatically renew the deposit on maturity. This ensures that the interest
earned is maximized.

Overdraft Against Deposits:

An overdraft of up to 85% against Rupee/forex term deposit. This special
overdraft facility against term deposit means that funds maximum liquidity.

Repatriation:

It is freely repatriable.

Convenience Banking:

Manage customer term deposit account with ease and efficiency.

Net Banking:
Time and place is of no consequence when customer wants to access
their finance. Just log on to www.kotak.com

Phone Banking:
Just dial 91-22-55006022 from any corner of the world for account
inquires transaction and details on services offers by Kotak

3.4 Features of NRE , NRO and FCNR

Features

NRE

NRO

FCNR

Repartriability

Fully

Partially

Fully

Currency

Rupee

Rupee

USD,GEP,JYP,&EUR

Term

1yr-3yrs

14 days-10yrs

1yrs-5yrs

Tax on interest

Tax free

Taxes currently at Tax free

30%plus service tax
and education cess
on DTAA rates

Type of account

Checking,
fixed

saving,

Checking,
fixed

saving, Fixed

Purpose of account

To deposit foreign
funds received from
To deposit
any:

Traveler's
cheques
Foreign
currency
Other
NRE/FCNR
a/c
Proceeds
of
repatriable
investments

dues earned
in India in
Rupees
foreign
exchange
funds

To deposit foreign
funds received from
any:

Traveler's
cheques
Foreign
currency
Other
NRE/FCNR a/c
Proceeds
of
repatriable
investments

Savings:INR10,000
Deposit:INR50,000
Minimum balance
requirements

Period for
deposit
holding

Savings:INR10,000
Deposits:INR50,000

USD1000,
GBP500,
EUR1000, JPY110,000

1-3 years

15 days-10 years

Only with NRIs

Indian Residents and Only with NRIs

NRIs

1-5years

fixed
Joint

Interest rate

NRE rupee rates

NRO rupee rates

Tax deducted
source

at

Frequency
interest(fixed
deposits)

of

Exempt
30% plus service tax
and cess

Quarterly

Quarterly

FCNR rate

Exempt

Half-yearly

Freely Repatriation
Repatriation

Repatriable up to Freely Repatriation

USD 1 million per
financial year subject
to
documentation
and
conditions.
Current income like
rent,
dividend
,
pension
is
repatriable subject to
CA certificate and
proof of such nature
of income

Available up to 85%
Loans(against fixed Available up to 85%
of the loan amount
deposits)
for loan value up to
subject
to
RBI
an upper limit of
guidelines.
rs.100 lakhs per RBI
guidelines.

Cheque book for Available

Saving account

Available

Available up to 85% for

loan value up to an
upper limit of rs.100
lakhs
per
RBI
guidelines.

Debit/ATM Card for International

debit Access India (local)
Saving account
cum ATM card
debit cum ATM card
-

3.5 TAX BENEFITS for NRIs

Interest on NRE & FCNR deposits is free of income tax.

Tax @ 30% will be deducted at source on all interest income in NRO accounts.

On permanent return to India, income on all investments out of foreign exchange

funds would be eligible for a flat tax rate of 20% (excluding surcharge) till maturity
of the investments.

CLICK2REMIT:
www.Click2remit.com is portal website of Kotak Mahindra bank limited through which
customers can transfer money easily. This is completely online mode of sending
money from overseas to India. A customer needs to follow three steps to transfer
money to India that is:

Firstly they have register on www.click2remit.com

details about themselves.

by providing important

Secondly, they have to provide their bank details.

Thirdly, provide the information about the receivers account details (with any
bank) in India.

Any person who wishes to make payment (in foreign currency) to an individual in
india (in Indian rupees) can use click2remit money transfers. Customer can make
remittance in nine currencies that is U.S.Dollars, Canadian Dollars, Singapore
Dollars, Pound Sterling, Euro, Japanese Yen, UAE Dirham, Swiss Franc and
Australian Doll
REMITTANCES:

Following are four online remittances through which customer can easily transfer
the money by using the portal website of kotak Mahindra bank limited that is
www.click2remit.com.

Direct Transfer

Bank Transfer

Wire Transfer

Cheque Transfer

DIRECT TRANSFER:

Direct transfer uses ACH clearing, full form of ACH is Automated Clearing House. In
the United States, the ACH Network is highly reliable and efficient nationwide
electronic funds transfer system which enables interbank clearing of transactions
among participating financial institutions. customer may use their checking account
or their saving account with US Bank affiliated to the ACH network.

PROCEDURE TO MAKE DIRECT TRANSFER:

Customer has to register themselves their personal details on click2remit.

They also need to enter their bank account details that is bank account
number and ABA Routing number that would enable them directly debit their
account using the ACH facility.

On the basis of customer authorization bank would initiate two-sub dollar

credits and one sub-dollar debit (equivalent to sum of the two sub-dollar
credits) on their account.

Once the sub dollar entries are reflected in customers account, they need to
verify the same on click2remit, and after successful verification, the account is
immediately activated. On activation they can initiate a transaction.

ABA/ROUTING NUMBER
The American Bankers Association Number (ABA) or Routing number is also called
Routing Transit number. It is nine digit identification number assigned to each
financial institution and each branch office of that financial institution. Without the
ABA/Routing number, transmitting funds is not possible. The ABA number can be
found on the bottom of the cheque.

DEBITED OF MONEY FROM CUSTOMER ACCOUNTS:

Money will be debited from customer account on the second or third working day
from the date when the customer makes the transaction. Do take account all
holidays like weekends, public holidays, in India and the US while calculating
working days.

CHARGES FOR USING DIRECT TRANSFER:

Remittance Service charge:

A nominal USD 2 charges (inclusive of service tax 10.3%) for amounts of

USD 1000 or below for electronic credits into bank accounts( over100 key banks in
India), for credit to credit card accounts no remittance service charge applicable for
higher amounts.

Foreign Currency Conversion Charge:

A nominal charge of rs.25 (service tax @ 10.3% will be additional) will be

levied on every remittance request where foreign currency conversion is carried out.
This charge would be deducted from the amount to be paid to the beneficiary.
EXCHANGE RATE USED IN DIRECT TRANSFER:

Direct transfer from click2remit offers customer the best exchange rates. They
check indicative exchange rates by clicking on the transfer charges link on the
click2remit home page. Actual rates applied while converting the dollar

amount transferred by customer into Indian rupees may be different from

displayed rates because of intra-day movements in the rupee dollar exchange
rate.

For guaranteed rate transfer customer get confirmed USD/INR rates during
the course of their transaction for current dated requests. The exchange rate
that is applied for their current dated guaranteed rate transfer transaction may
be different from the indicative exchange rates displayed on the exchange
rate calculator

BANK TRANSFER:
Bank transfer is online money transfer facility for remitters in Europe. Remitters
having internet banking facility for their checking accounts with banks in
UK/Germany can use this bank transfer.
Additionally, only customers of banks offering the following will be able to use this
facility:

Online third party funds transfers/payments on their internet banking website

A Remarks or message to receipt field while making the online third- party
transfer, to enter the tracking number generated on click2remit.

Currencies supported GBP and EURO.

BENEFITS OF BANK TRANFERS:

Electronic transfers into any Kotak Mahindra bank account with 250 branches
in India.

Electronic transfers into accounts with nearly 100 other banks and over
70,000 banks branches in India.

Electronic transfers into any Visa Debit/ credit card account in India.

CUSTOMER NEED TO ENTER A NEW TRACKING NUMBER ON THEIR

INTERNET BANKING ACCOUNT FOR EVERY NEW TRANSACTION:
If customer are sending money to the same beneficiary again, they must make a
new request on money transfer and enter the new tracking number in their internet
banking account.

BENEFICIARY RECEIVE THE MONEY:

It will take up to 2 days working days to credit a Kotak Bank account

from the moment customer transfer the funds from the overseas bank
account.

For the third party banks a additional working day or more may be
taken depending on the policies of that bank.

WIRE TRANSFER:

It is easy transfer. Internet-based wire transfer mechanism thats much more efficient
than offline wire transfers. Errors are minimized with a unique tracking number- given
to customer each time customer use.
Online wire transfer that allows customer to check the status of their remittance
online at any time. Currently, customer can remit money in nine currencies which are
AED, AUD, CAD, CHF, EURO, GBP, USD, and SGP. However, payments to their
beneficiary in India will be made only in Indian rupees.

EXCHANGE RATE WILL BE APPLIED ON CUSTOMER REMITTANCE:

The exchange rate prevalent on the day their funds are converted to Indian rupees is
the rate that will be applied on their remittance. Bank online calculator will let know
the customer about the prevailing exchange rate whenever customer book their
remittance in order that customer have fair idea of how much their beneficiary in
India can expect to receive in Indian rupee.

CUSTOMER HAVE TO INFORM TO THEIR LOCAL BANK:

Once the transaction process is complete on the site, customer will get a screen
showing the remittance instruction with bank copy and a customer copy. Customer
need to take a printout of bank copy, fill in the necessary details, and submit it to
their local bank with their sign, along with their payment instructions. The customer
copy is for their reference and customer can keep it with them.

BENEFICIARY WILL RECEIVE THE MONEY:

It will typically take up to 2 working days to credit and Kotak bank account
from the moment customer transfer funds from their overseas bank account.

For third party an additional working day or more may be taken depending on
the policies of that bank.

CHEQUE TRANSFER:

Cheque transfer is money transfer option through which customer can send money
to India by mailing a foreign currency cheque drawn on any local bank- to P.O Box
in their country. It is currently available for remitters in the United States. Customer
should not send Cashiers cheques since they will not be processed.

PROCEDURE OF CHEQUE TRANSFER:

Register on click2remit, click on check option providing relevant details

pertaining to the amount customer would like to send, their bank details and
their beneficiarys details.

Print the remittance instruction form after customer complete their transaction
and attach it to their check.

Post both the remittance instruction form and their check to bank collection
boxes in their country at the address provided.

The bank will clear their check in their country and bank will dispatch their
remittance to their beneficiary once the bank receives clear funds.

BEFORE MAILING CHECK TO ANY OF KOTAK BANK COLLECTION

BOXES ENSURES FOLLOWING:

Write the date in keeping with the format in their country.

The cheque is payable in to Kotak bank a/c beneficiary name.

Check amount should state the exact amount customer entered on this site
while booking their remittance.

On the memo area of their check, mention their unique transaction Reference
Number

Ensure that check is not post dated.

Mailing address for the check Kotak Mahindra Bank ,PO Box 11448A New
York 10286 1448

3.6 CLICK2REMIT-MODES OF TRANSFER:

US

WIRE BANK/DIRECT
TRANSFER
TRANSFER

CHECK
LOCK BOX

REMARKS

Available

Available

All
modes
have
been
activated

NA

Popular
modes
available

NA

Popular
modes
available

Available
(ACH)

UK

Available

Available
(Net Transfer)

GERMANY

Available

Available
(Net Transfer)

CANADA

Available

NA

NA

ACSS will be
enabled

SINGAPORE

Available

NA

NA

GIRO will be
enabled

AUSTRALIA

Available

NA

NA

Bank transfer
will
be
enabled

JAPAN/SWISS/

Available

NA

NA

Popular
modes
available

UAE

CLICK2REMIT-TRANSFER CHARGES:

CURRENCY

TRANSACTION
AMOUNT SLABS

C2R

R2I

M2I

USD

0-500

USD 2

USD 3

USD 2

GBP

EUR

JPY

AUD

SGD

CAD

CHF

501-1000

USD 2

USD 5

USD 2

1000 and above

No charge

USD 9

No charge

0-500

GBP 2

GBP 3

GBP 2

501-1000

No charge

GBP 5

No charge

1000 and above

No charge

GBP 5

No charge

0-800

EUR 2

EUR 2

EUR 2

800 and above

No charge

EUR 3

No charge

1000 and above

No charge

EUR 5

No charge

0-10,000

JPY 1000

JPY 1000

NA

10,000 & above

JPY1000

JPY 1000

NA

0-1500

AUD 5

AUD 6

AUD 5

1500 & above

No charge

AUD 12

No charge

0-1000

SGD 5

SGD 6

SGD 5

1001-2000

SGD 5

SGD 6

SGD 5

2000 & above

No charge

SGD 6

No charge

0-1000

CAD 4

CAD 15

CAD 4

1001-1500

CAD 4

CAD 15

CAD 4

1501 and Above

No Charge

CAD 15

No Charge

0-1000

CHF 4

NA

CHF 4

1001-1500

CHF 4

NA

CHF 4

AED

1501 and Above

No Charge

NA

No Charge

0-1000

AED 10

AED 15

AED 10

1001-4000

AED 10

AED 15

AED 10

4001 and Above

No Charge

AED 15

No Charge

INR 25+St

34-125^^

INR 25

FC C

Note: Remit2India collects money as service charge which varies currency slab wise
and ranges from min of INR 34 to INR 125.

Services offered by kotak Mahindra bank to NRIs

3.7 Accounts and Deposits:
3.7.1Saving A/C:

Platina Savings Account NRE:

Features and benefits:-

1.Preferential Pricing on a host of products and services

2. Global Visa Platinum Debit Card allows access to your bank account anytime
3. Dedicated Relationship Manager across branches in India
4. Average Quarterly Balance (AQB) requirement of INR 1,00,000 only
5.Easy and Economical1 Remittances
Transfer or Click2Remit

into

India

by

Cheque

or Wire

6. Preferential Forex rate for transaction above USD 25,000/- or equivalent

7. Fully and freely repatriable deposit (both principal and Interest)
8.Interest is earned on daily closing balance on your savings account at 4.00% and
is paid on half yearly basis
9 .At Par Cheque book along with 24/7 access through phone banking
10. Complimentary Net Banking facility.

Platina Savings Account - NRO

Features and benefits:

Preferential Pricing on a host of products and services

Dedicated Relationship Manager across branches in India

Average Quarterly Balance (AQB) requirement of INR 1,00,000 only

Higher Yield post tax by availing DTAA benefits

Easy and Economical2 Remittances into India by Cheque or Wire Transfer

or Click2Remit

Preferential Forex rate for transaction above USD 25,000/- or equivalent

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

Interest is earned on daily closing balance on your savings account at 4.00%

and is paid on half yearly basis

Access India Debit Card allows access to your bank account anytime,
anywhere on all VISA ATMs and at merchant locations while being in India

At Par Cheque book along with 24/7 access through phone banking

Complimentary Net Banking facility.

Non Resident External (Rupee) Savings Account

Features and benefits:

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Personalized investment advisory customized to risk return

Fully and freely repatriable deposit (both principal and Interest)

Interest is earned on daily closing balance on your savings account

at 4.00% and is paid on half yearly basis

Global Debit Card allows access to your bank account anytime, anywhere on
all VISA ATMs and at merchant locations both in India and abroad

At Par Cheque book along with 24/7 access through phone banking

Net Banking allows you to access account from across geography as per
your time zone and convenience to carry out banking transaction from transfer
of payment, book term deposit to payment of credit card and utility bills in
India

Home Banking Services in India

Way Sweep provides a dual opportunity to earn higher interest and manage
cash flow at the same time

The principal amount and the interest earned on an NRE Account are exempt
from Income Tax in India

It can be jointly opened by NRIs/PIOs only. However, the same be opened

jointly with Resident Indian on former or survivor basis

Non Resident Ordinary (Rupee) Savings Account:

Features and benefits:-

Low Average Quarterly Balance of Rs. 10,000/- only

Higher Yield post tax by availing DTAA benefits

Easy and Economical2 Remittances into India by Cheque or Wire Transfer or

Click2Remit

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Personalized investment advisory customized to risk return

Interest earned on deposits is fully repatriable after payment of tax. However,

RBI allows repatriation up to one million USD or equivalent per financial year
for bonafide purposes (For e.g. education, medical expenses, employment
etc.).

Interest is earned on daily closing balance on your savings account

at 4.00% and is paid on half yearly basis

Access India Debit Card allows access to your bank account anytime,
anywhere on all VISA ATMs and at merchant locations while being in India

At Par Cheque book along with 24/7 access through phone banking

Net Banking allows you to access your account as per convenience to carry
out banking transaction from transfer of payment, book term deposit to
payment of credit card, utility bills in India and much more

Home Banking Services in India

Way Sweep provides a dual opportunity to earn higher interest and manage
cash flow at the same time

It can be jointly opened by NRIs/PIOs and Resident Indian

The principal amount in account is exempt from taxes in India. However, the
interest earned will be subject to a tax of 30% (plus applicable surcharge and
cess). On availing DTAA facility, the TDS rate applicable would be in range of
10-15% as per the country of residence based on the prevailing DTAA
Agreement from time to time.
3.7.2 Current Account:-

Non Resident External (Rupee) Current Account

Features and benefits:-

Low Average Quarterly Balance of Rs. 25,000/- only

Easy and Economical1 Remittances into India by Cheque or Wire Transfer

or Click2Remit

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Personalized investment advisory customized to risk return

Fully and freely repatriable deposit (both principal and interest)

Global Debit Card allows access to your bank account anytime, anywhere on
all VISA ATMs and at merchant locations both in India and abroad

At Par Cheque book along with 24/7 access through phone banking

Net Banking allows you to access account from across geography as per
your time zone and convenience to carry out banking transaction from transfer
of payment, book term deposit to payment of credit card and utility bills in
India

Home banking services in India

Way Sweep provides a dual opportunity to earn higher interest and manage
cash flow at the same time

It can be jointly opened by NRIs/PIOs only. However, the same be opened

jointly with Resident Indian on former or survivor basis

Non Resident Ordinary (Rupee) Current Account

Features and benefits

Low Average Quarterly Balance of Rs. 25,000/- only

Easy and EconomicalRemittances into India by Cheque or Wire Transfer or

Click2Remit.

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Personalized investment advisory customized to risk return

Access India Debit Card allows access to your bank account anytime,
anywhere on all VISA ATMs and at merchant locations while being in India

At Par Cheque book along with 24/7 access through phone banking

Net Banking allows you to access account as per your convenience to carry
out banking transaction from transfer of payment, book term deposit to
payment of credit card and utility bills in India

Home Banking Services in India

Way Sweep provides a dual opportunity to earn higher interest and manage
cash flow at the same time

It can be jointly opened by NRIs/PIOs and Resident Indian.

3.7.3 Term Deposit

Non Resident External (Rupee) Term Deposit

Features and benefits

Minimum amount required for booking NRE Term Deposit is Rs. 50,000/- only

Auto renewal of term deposits on maturity

Fully and freely repatriable deposit (both principal and Interest)

Interest earned on deposit is at par with resident deposits (senior citizen rates
are not applicable on NRE deposit)

Interests on NRE deposit are compounded quarterly

To earn interest on fixed deposit, it needs to be kept for a minimum of one

year and above, up to a maximum of 10 years

Phone Banking and Net Banking access facilities are available

It can be jointly opened by NRIs/PIOs

The principal amount and the interest earned on NRE deposit is exempted
from Income Tax in India.

NON RESIDENT ORDINARY TERM DEPOSIT

Features and benefits

Minimum amount required for booking NRO Term Deposit is Rs. 50000 only

Auto renewal of term deposits on maturity

Interest earned on deposits is fully repatriable after payment of tax. However,

RBI allows repatriation up to one million USD or equivalent per financial year
for bonafide purposes (For e.g. education, medical expenses, employment
etc.).

Interest earned on deposit is at par with resident deposits (senior citizen rates
are not applicable on NRO deposit)

NRO deposits tenure is same as that of resident deposits

Interests on NRO deposit are compounded quarterly

Phone Banking and Net Banking facilities are available

It can be jointly opened by NRIs/PIOs and Resident Indian

The principal amount on deposit is exempt from taxes in India. However, the
interest earned will be subject to a tax of 30% (plus applicable surcharge and
cess).

Foreign Currency Non Resident Deposit

Features and benefits

Available in the form of term deposit in USD, EURO, GBP, YEN, CAD, AUD,
CHF and SGD currencies

Auto renewal of term deposits on maturity

Fully and freely repatriable deposit (both principal and Interest)

FCNR deposits can be booked by debiting the NRE account with KMBL or
any other bank in India or remittances received from abroad through normal
banking channel

Interest earned on Fixed Deposit is linked to the LIBOR and are being notified
by RBI from time to time - currently at LIBOR plus 200 bps for 1-3 years and
LIBOR plus 300 bps for 3-5 years

Interest on FCNR deposits compounded on 180 days

To earn interest on fixed deposit, it needs to be kept for minimum of one year
and above up to maximum of 5 years

Phone Banking and Net Banking facilities are available

It can be jointly opened by NRIs/PIOs

The principal amount and the interest earned on FCNR deposit is exempted
from Income Tax in India.

Currency:
Transfer Mode:
Delivery Mode:
Enter Amount:
Indicative
Exchange
Rate
Actual exchange rate applied to your transaction will be as prevailing on the date
and
time of conversion of your money
Confirmed
Exchange
Rate (Fixed
Rupee
transfer)
Exchange rate is confirmed at the time of transfer initiation. Specify amount in
Rupees
that you want your receiver to get.

4.4 PAN CARD For NRIs

For all Indian citizens who are liable to pay tax under the Income Tax Act, 1961,
or are required to enter into financial transactions in India, it is mandatory to have
a Permanent Account Number.
The Permanent Account Number (PAN) is a combination of 10 alphanumeric
numbers issued by the Income Tax Department. The Department has entrusted
UTI Investor Services Ltd. (UTIISL) with the task of managing IT PAN Service
Centers wherever the IT department has an office in the country. The National
Securities Depository Limited (NSDL) has also been engaged to allot PAN cards
from TIN Facilitation centers.
Applying for a PAN
Form 49A, which is the application form for a PAN, can be downloaded from the
Income
Tax,
UTIISL
and
NDSL
websites:
www.incometaxindia.gov.in&www.utiisl.co.intin.nsdl.com
The forms care also available at the IT PAN Service Centers and TIN Facilitation
Centers. A tatkal or priority service has been provided for, to enable speedy
allotment of the PAN card through the Internet. The PAN is allotted through e-mail
on priority in 5 days as against the normal 15 days to the applicant upon online
payment through a credit card. The PAN has lifetime validity.
The necessity for a PAN Card to NRIs
Apart from income returns which must carry the PAN, it is mandatory to submit the
PAN in all financial transactions, like the purchase and sale of property in India,
payments for purchase of vehicles, foreign visits, securing a telephone
connection or making time deposits in a bank worth over Rs.50,000.
For NRIs, PAN is necessary to conduct monetary transactions in India, invest in
stocks, and pay tax on their Indian income.
The application for a PAN must be accompanied by:

a recent colored photograph of size 3.5 cms x 2.5 cms on the application form .

a proof of residence and identity (attested school leaving/matriculation

certificate/degree/credit
card/voter
identity/ration/passport/driving
license/telephone/electricity bill/employer certificate .

code of the concerned Assessing Officer of the IT Department obtainable

from the IT office where form is submitted .

Chapter 4
DATA ANALYSIS& INTERPRETATION of DATA

Banking channel used mostly for banking

OPTIONS

Customers

Result in %

Branch banking

30

30%

Internet Banking

36

36%

Mobile banking

10

10%

ATM

24

24%

Total

100

100

Customers
Branch banking
Internet Banking
Mobile banking
ATM

Chart 5.1.a

INTERPRETATION :

The above chart shows that 30% customers use branch banking, 36%
internet banking, 10% mobile banking and 24% customers use ATM for
Banking. Final revel is internet banking 36% is most useful for banking
channel

Do you like to use Exchange rate Calculator?

OPTIONS

Customers

Result in %

Yes

60

60%

No

40

40%

Customers
Yes
No
4th Qtr

Chart 5.2.b
INTERPRETATION:
Data interpretation of do you like to use exchange rate calculator From Graph
Yes 60% and No 40%, Final reveal is Yes 60% use exchange rate calculator
this is useful for currency convertibility

Do you have PAN card?

OPTIONS

Customers

Result in %

Yes

80

80%

No

20

20%

Table 5.3
INTERPRETATION:
Data interpretation of do you have PAN card. From graph Yes 80% and No 20%.
Final reveal is 80% Yes PAN card is necessary for bank account.

Do you use DEMAT account for buying and selling of shares?

OPTIONS

Customers

Result in %

Yes

58

58%

No

42

42%

Customers
Yes
No

Chart 5.4.d
INTERPRETATION:
Data interpretation of do you have DEMAT account for buying and
selling of shares. From graph Yes 58% and No 42%.
Final reveal is Yes 58% DEMAT account is most useful for buying and selling
of shares.

Tax benefits you want for Tax exemption

OPTIONS

Customers

Result in %

>30%

22

22%

40%

18

18%

50%

24

24%

60%

38

38%

Customers
>30%
40%
50%
60%

Chart 5.5.e
INTERPRETATION:
Data interpretation of how much tax benefits you wants tax exemption. From graph
>30% is 22%, 40% is 18%, 50% is 23% and last one is 50 more than is 37%. Final
reveal is more than 50< is 37% want tax exemption, more tax exemption is more
profitable for bank Customers

Sort of banking activity used.

OPTIONS

Customers

Result in %

Personal

42

42%

Investment

12

12%

related
Overseas
transactions

28

28%

Taking loan

18

18%
Table 5.6

Customers

Personal
Investment related
Overseas transactions
Taking loan

INTERPRETATION:
Data interpretation of what is sort of banking activity will you use. From graph
Personal account 42%, investment related 12%, overseas transactions 28%, Taking
loans 18%,
Final reveal is personal account 42% is more using for banking activity

Customers are still using traditional ways of banking transaction

OPTIONS
>20%

Customers

Result in %

8%

30%

46

46%

40%

28

28%

50%

18

18%

Customers
>20%
30%
40%
50%

Table 5.7

INTERPRETATION:
Data interpretation of how many customers are still using traditional ways of banking
transaction. From graph >20% is 8%, 30% is 46%, 40% is 28% and < 50% is 21%.
Final reveal is 30% people are using traditional ways of banking transaction.

Would you use electronic delivery of your account notice and statements?
OPTIONS

Customers

Result in %

Yes

42

42%

No

58

58%

Customers
Yes
No
4th Qtr

Chart 5.8.h
INTERPRETATION:
Data interpretation, would you use electronic delivery of your notice and statements?
From graph Yes 42% and No 58%. Final reveal is No; people still like to use offline of
notice and statements of account.

Type of account used.

OPTIONS

Customers

Result in %

NRE ACCOUNT

40

40%

NRO ACCOUNT

36

36%

FCNR ACCOUNT

24

24%

Customers
NRE ACCOUNT
NRO ACCOUNT
FCNR ACCOUNT

INTERPRETATION:
From the above chart we can conclude that there are 40% customers have NRE
Account, 36% customers have NRO Account and 24% customers have FCNR
Account .
Final reveal is there are 40% of customers who prefer to have NRE Account.

Was it easy to open an account with the bank?

OPTIONS

Customers

Result in %

Yes

80

80%

No

20

20%

Customers
Yes

No

4th Qtr

Chart 5.10.j
INTERPRETATION:
80% of customer says that it is easy to open an account with Kotak Mahindra Bank,
whereas 20% customers find it difficult to open the same.
Final reveal that it is easy to open an account with the bank.

feeling

about

OPTIONS

overall

service

quality

Customers

Result in %

Excellent

16

16%

Good

38

38%

of

the

bank

Average

56

56%

Poor

16

16%

Customers
Excellent
Good
Average
Poor

INTERPRETATION:
Data interpretation of what do you feel about overall service quality of your bank.
From graph Excellent 16%, Good 38%, average 30% and poor 18%. Final reveal is
38% good service provide their bank.

Awareness about Click2remitt service provided by the bank.

OPTIONS

Customers

Result in %

Yes

58

58%

No

42

42%

Customers
Yes
No
4th Qtr

INTERPRETATION:
From the above graph 58% customer know about the service and 42% customers
are not aware of the service.

Bank officer have knowledge of bank services and product.

OPTIONS

Customers

Result in %

Yes

62

62%

No

38

38%

Customers
Yes
No
4th Qtr

Chart 5.13.m
INTERPRETATION:
Data interpretation bank officer have knowledge of bank services and product. From
graph Yes 62% and No 38%, Final reveal is Yes, Bank officer have knowledge of
bank product and services.

Satisfaction with the survey.

OPTIONS

Customers

Result in %

Yes

100

100%

No

0%

Table 5.14

Chart 5.14.n
INTERPRETATION:
Data interpretation, are you satisfied with this survey? From graph Yes 100%
and No 0%. Final reveal is yes 100% all people satisfied with this survey.

Chapter 6
Finding & Conclusion

Findings :

Customers were satisfied from the quick response and good customer
relationship.

Customers found employees of Bank of Baroda very helpful, as they

were providing quick services on the standing instructions of the
customers.

Customers are influenced by variety of product and services provided to

various categories of people.

CONCLUSION :

NRI Banking today stands as one of the most profitable business for banks. With
India having one of the largest NRI populations and a very prosperous one too, NRI
banking is one hot business no bank can afford to ignore today.
As per my experience in the NR banking department I came to know about the
various transfer procedures that are at present available in the international market
i.e. the remittances available. Also I came to know about the problems & difficulties
that the NR customers face while making online transfers.

Kotak Mahindra Bank Limited is having widespread transfer modes & NRI products.
It has various facilities that provide convenience to the customers residing in faraway countries for remitting their money to India. They provides better quality
services to their customers by keeping in mind the service quality dimensions .
They provides variety of services by performing at their best level. They handle the
complaints by understanding customers expectations and resolve it.

BIBLIOGRAPHY

1.) www.kotak.com
2.) www.google.com
3.) www.wikipedia.com
4.) www.click2remit.com
5) www.scribd.com

QUESTIONNAIRE
NAME: -

OCCUPATION:

Professional

Service

Student

Others (specify)

1.Which banking channel do you use mostly for banking?

( ) Branch Banking,
Mobile Banking,
2.
(

( ) Internet Banking,
) ATM,

Do you have PAN card?

) Yes

) No

3.Which Type of account do you use?

(

)NRE Account

) FCNR Account

)NRO Account

4. Was it easy to open an aacount with the bank?

(

) Yes,

( ) No

5.How much Tax benefits you want for Tax exemption?

( ) >30%

( ) 40%

( ) 50%

( ) 50<

6.What sort of banking activity will you use?

( ) personal accounts,
( ) overseas transactions

( ) investment related,
( ) taking loans,

7.Would you use electronic delivery of your account notice and statements?
( ) Yes, ( ) No
8. Do you get proper information about other services of the bank?
( ) Yes,

( ) No

9.Does bank officer have knowledge of bank services and product.

( ) Yes, ( ) No
10.How Many Customers are still using traditional ways of banking
transaction?
( ) >20%,

( ) 30%,

( ) 40%,

( ) < 50%

11.Do you like to use Exchange rate Calculator?

(

) Yes

) No

12. Do you have PAN card?

(

) Yes

) No

13. What do you feel about overall service quality of your (Kotak Mahindra
Bank) bank?
( )Excellent, ( )good,
( )average, ( )poor
14. Are you satisfied with this survey?
( ) Yes, ( ) No