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Changing your status to NRI is essential to continue seamless banking in India. Discover how to complete the process quickly and securely.
Learn all about NRI services
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NRI (Non-Resident Indian) accounts are designed for Non-Resident Indians and persons of Indian origin (PIO)/overseas citizens of India (OCI). There are 2 types of NRI accounts – NRE and NRO. These accounts allow NRIs to manage their finances in India, including receiving income, making investments, and conducting transactions in compliance with RBI regulations.
An individual is eligible for the NRI status if they are an Indian citizen residing abroad for employment, business, or any purpose indicating an intention to stay outside India indefinitely. According to the Foreign Exchange Management Act (FEMA), a person staying abroad for more than 182 days during a financial year is classified as an NRI.
The choice depends on your requirements. An NRE (Non-Resident External) account is ideal for parking foreign earnings, as funds are freely repatriable and tax-free in India. An NRO (Non-Resident Ordinary) account is suited for safe and secure returns on income generated within India, such as rent or pension.
NRI income earned abroad and deposited in an NRE account is not taxable in India. However, income earned in India and held in an NRO account, such as rental income or interest, is taxable as per the Indian Income Tax Act provisions. Tax liability depends on the source and type of income. Contact a tax expert to know more details.
Yes, you can manage your NRI accounts through online banking. Most banks, including Kotak, offer secure digital banking services (mobile and net) for NRIs, allowing you to check balances, transfer funds, pay bills, and access statements from anywhere in the world.
