UNIVERSITY OF MUMBAI

Master of commerce (M.COM)

PROJECT REPORT

ON

NRI BANKING IN KOTAK MAHINDRA

SUBMITTED BY

SHIVANI MANE

PROJECT GUIDE

1
 DECLARATION

I SHIVAVNI MANE student of BUNTS INSTITUTE FOR HIGHER EDUCAION , studying in M.COM
(FINANCE) (Semester III ) hereby declare that I have completed this project report on” study
of “NRI Banking In Kotak Mahindra ” And has not been submitted to any other university or
institute for the award of any degree, diploma etc. The information is submitted to me is
true and original to the best of my knowledge.

Date……………… ………………………………….

Place: -Juinagar, Navi Mumbai (Name & Sign of Student)

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 BUNTS INSTITUTE FOR HIGHER EDUCATION

JUINAGAR, NAVI MUMBAI 400706

CERTIFICATE

This is to certify that SHIVANII MANE student of MCOM Semester III has completed his
project on NRI Banking In Kotak Mahindr. “and has submitted a satisfactory report under
the guidance of ………………..... in the partial fulfillment of MCOM course of University of
Mumbai in the academic year 2020-2021.

…………………… …………………… …………………………

Project guide Coordinator Principal

……. ………………………….

University Examiner

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 ACKNOWLEDGEMENT

I, SHIVANI MANE would take this opportunity to thank the University for providing me an
opportunity to study .................... This has been a huge learning experience for me.

With great pleasure I take this opportunity to acknowledge people who have made this
project work possible.

First of all I would sincerely like to thank …………………….... for helping me to gather
information and guiding me for doing this project.

I would also like to thank the teaching staff of college, my colleagues, Librarians and other
peoples for providing their help as and when required to complete this project.

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 INDEX

SR.NO TOPIC PAGE.NO.

1 CHAPTER 1. 1 TO 3
1. PROFILE OF COMPANY
21.1 INTRODUCTION TO THE ORGANISATGION
2.2HISTORY
1.3PRODUCT AND SERVICE
1.4AWARDS
1.5VISION AND MISSION

2 CHAPTER 2. 4 TO 13
2.RESEARCH METHODOLOGY
2.1 OBJEC TIVE
ss2.2 SCOPE OF STUDY

2.3METHODS OF DATA COLLECTION

PRIMARY
SECONDAY
2.4 SAMPALING
2.5 DATA ANALAYSIS
2.6LIMITATION OF STUDY
2.7DURATION OF STUDY
3 CHAPTER 3. 14 TO 48
3 NRI BANKING
3.1INTRODUCTION
3.2OPENING OF NRI ACCOUNT
3.3TYPES OF NRI ACCOUNTS
3.4FEATURES OF NRE ,NRO,AND FCNR
3.5 TAX BENFITS OF NRI
3.6 CLICLK 2REMIT-MODES OF TRANSFER
3.7SERVICESES OFFERD BY KOTAK MAHINDRA BANK TO NRI’S
4 CHAPTER 4 49 TO 62
4.1 DATA ANLAYSIS AND INTERPRETATION OF DATA
5 CHAPTER 5 63 TO 64
5.1 FINDINGS
5.2 CONCLUSION

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 NRI BANKING IN KOTAK MAHINIDRA

CHAPTER 1

PROFILE OF THE COMPANY

Date of Establishment 21-11 1985

Revenue 1726.77 ( USD in Millions )
Market Cap 1196425.1749801 ( Rs. in Millions )
Corporate Address 27 B K C ,C 27 , G Block ,
BandraKurlaComplex,Bandra (E)Mumbai-400051,
Maharashtra
www.kotak.com
Management Details Chairperson - Shankar Acharya 
MD - Uday Kotak
Directors - Farida Khambata, S Mahendra Dev, N P
Sarda, Prakash Apte, Amit Desai, Asim Ghosh, Mark
Edwin Newman, Dipak Gupta, C Jayaram
Business Operation Bank – Private
Background Established in 1985, the Kotak Mahindra group has
been one of India's most reputed financial
conglomerates. In February 2003, Kotak Mahindra
Finance Ltd, the group's flagship company was given
6
 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
Financials Total Income - Rs. 117483.209 Million ( year ending
Mar 2015) 
Net Profit - Rs. 18659.786 Million ( year ending
Mar 2015)
Cssompany Secretary
Bankers No Bankers Details in A.R

Auditors SB Billimoria& Co

1.1 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

7
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. Uday 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

1.2HISTORY:

The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance
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

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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.

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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

_Vysya_ Bank has merged with Kotak Mahindra Bank with effect from 1 April 2015.

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1.3 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.

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1.4 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.

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Won ‘Gold Award for Best Innovation – World’s first socially powered bank account’ and
‘Gold Award for Best App developed – World’s 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.

Won National Securities Depository Ltd. (NSDL) award in the Best Performer in account
Growth Rate category 2013, for Demat Accounts 

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

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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 you’re 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.

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15
 CHAPTER 2

2. RESEARCH METHODOLOGY

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 NRI’s 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.

2.1 Objective of study:-

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

To analyse the growth of NRI banking services.

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

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2.2 Scope of study:-

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

2. 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

2.4 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

2.5 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.

2.6 Limitation of the study:

• For Survey NRI is not available easily.

• Data interpretation part in some problem came.

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2.7Duration 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.

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 CHAPTER 3

NRI Banking

3.1 Introduction

As per RBI guidelines, the residential status of an Indian changes to that of the Non-Resident,
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:

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(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
20
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;

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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.

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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 )

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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 customer’s 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.

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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.

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3.3.1BENEFITS 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.

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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:

27
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
travel’s 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 non-Indian Residents
(NRIs).

BENEFITS OF FOREIGN CURRENCY NON-RESIDENT:

Tenure:

28
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

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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, saving, Checking, saving, Fixed

fixed fixed

To deposit foreign
Purpose of account To deposit foreign funds
funds received from
To deposit received from any:
any:
dues earned in India in Traveler's cheques
Traveler's cheques
Rupees Foreign currency
Foreign currency
foreign exchange funds Other NRE/FCNR a/c
Other NRE/FCNR a/c
Proceeds of repatriable
Proceeds of repatriable
investments
investments

Savings:INR10,000
USD1000, GBP500,
Deposit:INR50,000
EUR1000, JPY110,000
Savings:INR10,000

Deposits:INR50,000
Minimum balance
requirements

1-3 years
1-5years

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 15 days-10 years

Period for fixed deposit Only with NRIs Only with NRIs
Joint holding

NRE rupee rates Indian Residents and FCNR rate

NRIs

Interest rate
Exempt Exempt
NRO rupee rates

Tax deducted at source

30% plus service tax

Quarterly Half-yearly
and cess
Frequency of
interest(fixed deposits)

Quarterly
Freely Repatriation Freely Repatriation

Repatriation Repatriable up to 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

31
 Available up to 85% Available up to 85% for
for loan value up to an loan value up to an upper
upper limit of rs.100 limit of rs.100 lakhs per
Loans(against fixed lakhs per RBI RBI guidelines.
deposits) guidelines. Available up to 85% of
the loan amount
subject to RBI
guidelines. -
Available

Cheque book for

Saving account
Available
International debit cum
ATM card
-
Debit/ATM Card for
Saving account

Access India (local)

debit cum ATM card

32
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 by providing important details about

themselves.

Secondly, they have to provide their bank details.

Thirdly, provide the information about the receiver’s 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

33
 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

34
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

35
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:

36
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 that’s 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.

37
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 Cashier’s
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 beneficiary’s 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.

38
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:

WIRE BANK/DIRECT CHECK REMARKS

TRANSFER LOCK BOX
TRANSFER

US Available Available Available All modes have

been activated
(ACH)

UK Available Available NA Popular modes

available
(Net Transfer)

39
GERMANY Available Available NA Popular modes
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 C2R R2I M2I

AMOUNT SLABS

USD 0-500 USD 2 USD 3 USD 2

501-1000 USD 2 USD 5 USD 2

1000 and above No charge USD 9 No charge

GBP 0-500 GBP 2 GBP 3 GBP 2

501-1000 No charge GBP 5 No charge

40
 1000 and above No charge GBP 5 No charge

EUR 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

JPY 0-10,000 JPY 1000 JPY 1000 NA

10,000 & above JPY1000 JPY 1000 NA

AUD 0-1500 AUD 5 AUD 6 AUD 5

1500 & above No charge AUD 12 No charge

SGD 0-1000 SGD 5 SGD 6 SGD 5

1001-2000 SGD 5 SGD 6 SGD 5

2000 & above No charge SGD 6 No charge

CAD 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

CHF 0-1000 CHF 4 NA CHF 4

1001-1500 CHF 4 NA CHF 4

1501 and Above No Charge NA No Charge

AED 0-1000 AED 10 AED 15 AED 10

1001-4000 AED 10 AED 15 AED 10

41
 4001 and Above No Charge AED 15 No Charge

FC C INR 25+St 34-125^^ INR 25

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

3.7 Services offered by kotak Mahindra bank to NRI’s

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 into India by Cheque or Wire Transfer or Click2Remit

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

42
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:-

43
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

44
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

I Access ndia 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.

45
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

46
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

47
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

48
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.

49
Currency:            

Transfer Mode:  

Delivery Mode:  

Enter Amount:

50
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.

PAN CARD For NRI’s

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.

51
 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 NRI’s, 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

4.1 DATA ANALYSIS& INTERPRETATION of DATA Banking channel used

mostly for banking

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

OPTIONS Customers Result in %

52
 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 4.1.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

2 . Do you like to use Exchange rate Calculator?

OPTIONS Customers Result in %

Yes 60 60%

No 40 40%

53
 Customers
Yes
No

4th Qtr

Chart 4.2.

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

3.Do you have PAN card?

OPTIONS Customers Result in %

Yes 80 80%

No 20 20%

54
 Customers
Yes
No
3rd Qtr

Chart4.3

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.

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

OPTIONS Customers Result in %

Yes 58 58%

No 42 42%

55
 Customers
Yes
No

Chart4.4

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.

5. Tax benefits you want for Tax exemption

OPTIONS Customers Result in %

>30% 22 22%

40% 18 18%

50% 24 24%

60% 38 38%

56
 Customers
>30%
40%
50%
60%

Chart 4.5

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

6. Sort of banking activity used.

OPTIONS Customers Result in %

Personal 42 42%

Investment related 12 12%

Overseas transactions 28 28%

Taking loan 18 18%

57
 Customers

Personal
Investment related
Overseas transactions
Taking loan

Chart4.6

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

7. Customers are still using traditional ways of banking transaction

OPTIONS Customers Result in %

>20% 8 8%

30% 46 46%

40% 28 28%

50% 18 18%

58
 Customers
>20%
30%
40%
50%

Chart no 4.7

INTERPRETATION:

Data interpretation of how many customers are still using traditional anlays 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.

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

OPTIONS Customers Result in %

Yes 42 42%

No 58 58%

59
 Customers

Yes
No

4th Qtr

Chart 4.8

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.

9. Type of account used.

OPTIONS Customers Result in %

NRE ACCOUNT 40 40%

NRO ACCOUNT 36 36%

60
 FCNR ACCOUNT 24 24%

Customers
NRE ACCOUNT
NRO ACCOUNT
FCNR ACCOUNT
4th Qtr

Chart 4.9

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.

10. Was it easy to open an account with the bank?

OPTIONS Customers Result in %

Yes 80 80%

No 20 20%

61
 Customers

Yes Chart 4.10

No

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.

11. What do you feeling about overall service quality of the bank

OPTIONS Customers Result in %

Excellent 16 16%

Good 38 38%

Average 56 56%

Poor 16 16%

62
 Customers
Excellent
Good
Average
Poor

Chart4.11

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.

12. Awareness about Click2remitt service provided by the bank.

OPTIONS Customers Result in %

Yes 58 58%

No 42 42%

63
 Customers
Yes
No

4th Qtr

Chart4.12

INTERPRETATION:

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

13. Bank officer have knowledge of bank services and product.

OPTIONS Customers Result in %

Yes 62 62%

No 38 38%

64
 Customers
Yes
No

4th Qtr

Chart 4.13.

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.

14. Satisfaction with the survey.

OPTIONS Customers Result in %

Yes 100 100%

No 0 0%

65
 Customers
Yes
No
3rd Qtr

Chart 4.14

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 5

5 . Finding & Conclusion

5.1 Findings :

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

Customers found employees of Kotak Mahindra Bank 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.

5.2.CONCLUSION :
66
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 far-away 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

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QUESTIONNAIRE

NAME: -

OCCUPATION:

Professional

Service

Student

Others (specify)

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

( ) Branch Banking, ( ) Internet Banking, ( ) Mobile

Banking, ( ) ATM,

2. Do you have PAN card?

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( ) Yes ( ) No

3.Which Type of account do you use?

( )NRE Account ( )NRO Account

( ) FCNR 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, ( ) investment related,

( ) overseas transactions ( ) 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%

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11.Do you like to use Exchange rate Calculator?

( ) Yes ( ) No

12. Awareness about Click2remitt service provided by the bank.

( ) 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

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