Open NRI Account in Singapore

Kotak Mahindra Bank offers a comprehensive suite of options designed for NRIs in Singapore. Whether you’re supporting family, investing back home, or building long-term wealth in India, Kotak enables you to do it all with clarity and confidence.

Choose from NRE and NRO savings accounts, tax-efficient fixed deposits, or FCNR deposits in SGD and other major currencies, giving you the flexibility to manage earnings, savings, and investments efficiently across currencies.

Why do NRIs in Singapore choose Kotak

NRIs can access banking from Singapore without any hassle. Here’s what the Kotak NRI account offers:

• Seamless cross-border banking: Transfer money effortlessly to and from India with competitive FX rates digitally, ensuring speed, convenience, and full control.
• Efficient wealth creation and currency flexibility: Grow your savings through tax-free NRE Fixed Deposits, diversify with FCNR deposits in SGD and other currencies, and access curated investment opportunities in India.
• End-to-end financial ecosystem: From everyday banking to investments and NRI home loans, manage all your India-linked financial needs through a single, integrated platform.
• Always-on, trusted experience: Bank securely across time zones with a robust digital interface backed by Kotak’s NRI round-the-clock support.

Interest Rates on Kotak NRI Accounts

Kotak Bank provides NRI customers in Singapore with access to NRE, NRO, and FCNR deposit facilities.

Check the current interest rates here:

• NRE/NRO Savings Accounts
• NRE Fixed Deposits
• NRO Fixed Deposits
• FCNR Deposits

Disclaimer: Interest rates are indicative and subject to change without prior notice.

Which Type of NRI Account is Right for You?

*Terms and conditions apply. Subject to RBI/FEMA regulations, source of funds verification, and proper documentation. There is no limit on outward remittance of current income. Consult with your RM for specific guidance.

Quick guide for Indians in Singapore

• Earning in SGD and remitting home? - NRE Account
• Getting rent or pension from India? - NRO Account
• Want to keep savings in Singapore dollars? - FCNR Deposit

How to Open an NRI Account from Singapore

Step 1: Choose the accounts (NRE, NRO or FCNR) relevant to your needs.

Step 2: Keep your documents ready. When opening an account from Singapore, you will be required to submit copies of your PAN, Passport, Address proof and status proof (Visa/PIO)*. The complete list of documents required is mentioned in a separate section below.

*Please note: Original self-attested notarized copies of Visa and Address proof will be required. You can get the documents attested from the following authorities:

• Overseas branch bank official of an Indian Scheduled Commercial Bank including Kotak Mahindra bank
• Bank official of Overseas commercial Bank of Kotak Mahindra bank. List of branches are uploaded to www.kotak.bank.in
• Notary Public abroad / Court Magistrate / Judge
• Indian Embassy/Consulate General in the country where the non-resident customer resides.

Step 3: Go to the Kotak website and click on “Apply Now” to open the account. You will be re-directed to the Kotak online account opening journey. Fill all of your personal details required and upload the documents. As part of the journey, Kotak will arrange a courier to collect the documents. Please ensure that you send the original notarized copies of your Visa and Address Proof.

Step 4: Your account will be opened once your documents are verified. Do not forget to keep your account funded.

Step 5: Once your account is activated, you get access to online banking, investment options, book FDs, etc. You can start banking in India from Singapore now!

Who is Eligible to Open a Kotak NRI Account?

Non-Resident Indian (NRI), including PIOs, OCIs, Indian students studying in Singapore, Indian government officials posted abroad, and seafarers on international vessels (as per RBI/FEMA rules. You must follow all relevant RBI and FEMA guidelines.

Documents Required for NRI Account Opening

Identity Proof (Passport is mandatory)

NRI Status Proof

• Singapore Visa
• OCI/PIO card
• Singapore residence permit

Foreign Address Proof (compulsory as communication address)

• Passport/OCI/PIO card with address
• Driving License
• Letter issued by a foreign embassy/mission in India
• Utility bill not older than 3 months
• Rent agreement along with the latest utility bill

Indian Address Proof (if registering Indian address)

• Aadhaar card
• Passport
• Driving License
• Government-issued ID
• CDC/e-FRRO registration

Tax Compliance

• PAN card