A REPORT ON

NON-RESIDENT INDIAN (NRI) BANKING

AT

KOTAK MAHINDRA BANK LIMITED

BY

SIDHI MEHTA

Under the guidance of

Mr. ANUP PAL

Retail Liabilities

A report submitted in Partial Fulfillment of the requirements of

MBA Program of

FACULTY OF MANAGEMENT STUDIES, MLSU, UDAIPUR

(FINANCIAL SERVICES MANAGEMENT)

(Session 2010-2012)

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DECLARATION

I Sidhi Mehta, declares that the report on “NRI BANKING” is an original work done by me

And has not been submitted to any college /Institute/University in any mean possible.

SIDHI MEHTA

M.B.A (FSM)

III-SEMESTER

ACKNOWLEGDEMENT2

I express my sincere gratitude to Kotak Mahindra Bank Ltd. and Faculty of Management Studies, Udaipur which gave me this opportunity to carry on my Summer Internship Project.

I am greatly indebted to my project supervisor Mr. Anup Pal (Head of Department) for the constant guidance throughout the course of this work and for providing me all necessary information for my project work.

I am also thankful to Mrs.Chaitali Thakor (Assistant manager) for given me necessary information at anytime.

EXECUTIVE SUMMARY

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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.

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TABLES OF CONTENTS

Certificate (i)

Declaration (ii)

Acknowledgement (iii)

Executive Summary (iv)

Kotak Mahindra Bank 7

History 7-10 Product & Services 11 Awards 12

Introduction 13

NRI Banking 13 NRI Products & Services 14 Types of NRI Accounts 15

NRO Account 16

Benefits of NRO Account 17

NRE Account 18

Benefits of NRE Account 19

FCNR Account 20

Benefits of FCNR Account 21

Features of NRO, NRE, FCNR Accounts 22-23

Click2remit 24

Remittances 25

Direct transfer 26 Procedure to make direct transfer 26 ABA/routing number 26 Debited of money from customers account 27 Charges for using direct transfer 27

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Exchange rate used in direct transfer 27-28 Bank transfer 29

Benefits of bank transfer 29 Customer need to enter new tracking number 30 Beneficiary receive the money 30

Wire transfer 31 Exchange rate will be applied on customer remittances 31 Inform local bank 31 Beneficiary receive the money 32

Cheque transfer 33 Procedure of cheque transfer 33 Kotak Bank Collection Boxes 34

Click2Remit-Modes of Transfer 35

Click2Remit-Transfer Charges 36-37

Research Methodology 38

Practical work done 39-40

Conclusion 41

Bibliography 42

KOTAK MAHINDRA BANK :

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Kotak Mahindra Bank is one of India’s leading financial private banking institutions.

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. Uday Kotak 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 7

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.

1986:

Kotak Mahindra finance limited starts the activity of Bill Discounting.

1987:

Kotak Mahindra finance limited enters the Lease and Hire purchase.

1990:

Started the Auto Finance Division.

1991:

Started the investment banking division. Took over the FICOM one of the 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:

Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities.

Investment banking division incorporated into a separate company - Kotak Mahindra Capital

Company.

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1998:

 Enters 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:

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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.

PRODUCTS AND SERVICES:

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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.

AWARDS:

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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.

INTRODUCTION:

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NRI BANKING:

NRI Baking is for those people who are non-resident Indian. Basically the product range includes NRE accounts, NRO Accounts and FCNR Accounts.

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.

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NRI Products and Services:

Official wealth management advisory partners of Overseas Indian Facilitation Centre (OIFC) for Pravasi Bharatiya 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

TYPES OF NRI ACCOUNTS:

1. NON-RESIDENT ORDINARY(NRO) ACCOUNTS14

2. NON-RESIDENT EXTERNAL(NRE) ACCOUNTS3. FOREIGN CURRENCY NON RESIDENT(FCNR)

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

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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

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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.

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

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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.com to have complete access and control over finances, anytime, and from any place in the world.

2. Global Debit Card :

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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

FOREIGN 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:

1. USD2. GBP3. EUR

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4. JPY5. 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:

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

2) Mandate Facility :Appoint a family member or trusted friend to manage the account.

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

4) 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.

5) Repatriation: It is freely repatriable.

6) Convience Banking :Manage customer term deposit account with ease and efficiency.

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

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

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Features of NRE , NRO and FCNR

Features NRE NRO FCNR

Repatriability

Currency

Term

Tax on interest

Type of account

Purpose of account

Minimum balance requirements

Period for fixed deposit

Joint holding

Fully

Rupee

1yr-3yrs

Tax free

Checking, saving, fixed

To deposit foreign funds received from any:

Traveler's cheques

Foreign currency

Other NRE/FCNR a/c

Proceeds of repatriable investments

Savings:INR10,000Deposit:INR50,000

1-3 years

Only with NRIs

Partially

Rupee

14days-10yrs

Taxes currently at 30%plus service tax and education cess on DTAA rates

Checking, saving, fixed

To deposit dues earned in

India in Rupees

foreign exchange funds

Savings:INR10,000Deposits:INR50,000

15 days-10 years

Indian Residents and NRIs

Fully

USD,GBP,JYP,&EUR

1yr-5yrs

Tax free

Fixed

To deposit foreign funds received from any:

Traveler's cheques

Foreign currency

Other NRE/FCNR a/c

Proceeds of repatriable investments

USD1000, GBP500, EUR1000, JPY110,000

1-5years

Only with NRIs

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Interest rate

Tax deducted at source

Frequency of interest(fixed deposits)

Repatriation

Loans(against fixed deposits)

Cheque book for Saving account

Debit/ATM Card for Saving account

NRE rupee rates

Exempt

Quarterly

Freely Repatriation

Available up to 85% for loan value up to an upper limit of rs.100 lakhs per RBI guidelines.

Available

International debit cum ATM card

NRO rupee rates

30% plus service tax and cess

Quarterly

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

Available up to 85% of the loan amount subject to RBI guidelines.

Available

Access India (local) debit cum ATM card

FCNR rate

Exempt

Half-yearly

Freely Repatriation

Available up to 85% for loan value up to an upper limit of rs.100 lakhs per RBI guidelines.

-

-

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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 Dollars.

REMITTANCES:

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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:

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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:

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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.

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BANK TRANSFER:

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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:

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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:

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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.

BENEFICIARY WILL RECEIVE THE MONEY :

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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:

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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.

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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”

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CLICK2REMIT-MODES OF TRANSFER:

WIRE TRANSFER

BANK/DIRECT TRANSFER

CHECK LOCK BOX

REMARKS

US Available Available(ACH)

Available All modes have been activated

UK Available Available(Net Transfer)

NA Popular modes available

GERMANY Available Available(Net Transfer)

NA Popular modes available

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/UAE

Available NA NA Popular modes available

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CLICK2REMIT-TRANSFER CHARGES:

CURRENCY TRANSACTION AMOUNT SLABS

C2R R2I M2I

USD 0-500 USD 2 USD 3 USD 2501-1000 USD 2 USD 5 USD 21000 and above No charge USD 9 No charge

GBP 0-500 GBP 2 GBP 3 GBP 2501-1000 No charge GBP 5 No charge1000 and above No charge GBP 5 No charge

EUR 0-800 EUR 2 EUR 2 EUR 2800 and above No charge EUR 3 No charge1000 and above No charge EUR 5 No charge

JPY 0-10,000 JPY 1000 JPY 1000 NA10,000 & above JPY1000 JPY 1000 NA

AUD 0-1500 AUD 5 AUD 6 AUD 51500 & above No charge AUD 12 No charge

SGD 0-1000 SGD 5 SGD 6 SGD 51001-2000 SGD 5 SGD 6 SGD 52000 & above No charge SGD 6 No charge

CAD 0-1000 CAD 4 CAD 15 CAD 41001-1500 CAD 4 CAD 15 CAD 4

4001 and Above No Charge AED 15 No Charge

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

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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

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

RESEARCH METHODOLOGY

Objective of Project:

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The main objective of the project report is that what are products and services are offered by Kotak Mahindra Bank to NRI customer through NRI Banking.

Secondly, there are various modes of transfer available in world through which customer can transfer his money to India.

Thirdly, there are charges on various transfer according to amount of money transfer.

Fourthly, there is portal website of Kotak Mahindra Bank through which customer can transfer money easily and from any corner of world.

SECONDARY DATA:

The secondary data was given by bank; it was the data of around 450 NRI customers with their overseas as well as India’s contact number of South Gujarat who is having both NRE and NRO accounts with bank. That data contain the CRN NUMBER (customer relationship number) and their account number. First of all I need to update the data of NRI customer with current account balance in system then I need to call on customer overseas contact number as well as India’s number as given in the system to informed them about the account details and ask them to maintain minimum balance in account and also explain them about the transfer procedure that how can they make transfers from abroad to India.

PRACTICAL WORK DONE:

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According to work allotted to me, I need to update the customer’s data regarding their current balance as well as updating their preferred contact number to get in contact with the customer and inform them regarding their account status.

I made interaction with customer informed them about their account details and even explained them about non- maintenance charges if an average balance is not maintained in their respective account.

Get in calling them and told them about the transfer procedure. Also explain about the how they can make online transfer through overseas.

Call to customer at their convenient time as per informed by international calling codes and their timing to call respective country that is as follows:

International Calling Code

Country Codes Timings

USA 001 After 6pm

UK 0044 After 3 pm

UAE 0097 12PM-7PM

KENNYA 00254 12pm- 7pm

AUSTRALIA 0061 Till 3pm

SINGAPORE 0065 10 am – 6pm

AFRICA 0025 12pm- 7pm

OMAN 00968 12pm -6pm

UGANDA 00256 12pm- 7pm

CANADA 001 After 7pm and before10am

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Spoke to customer and made them transfer online, it usually takes 4 to 5 days to get credited in their respective account and most happening experience was that customer was polite and even gave reference of their respective friends and relatives for opening NR accounts.

CONCLUSION:

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.

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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 & NR products. It has various facilities that provide convenience to the customers residing in far-away countries for remitting their money to India.

BIBLIOGRAPHY:

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1.) www.kotak.com

2.) www.google.com

3.) www.wikipedia.com

4.) www.click2remit.com

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