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)

1
 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

2
 ACKNOWLEGDEMENT

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.

3
 EXECUTIVE SUMMARY

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.

4
 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

5
  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
 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

6
KOTAK MAHINDRA BANK:

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.

7
HISTORY:

The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance Limited. This
company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. Industrialists
Harish Mahindra and Anand Mahindra took a stake in 1986, and that's when the company changed its
name to Kotak Mahindra Finance Limited. Since then it's been a steady and confident journey to
growth and success. 1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting.

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.
8
1996:

Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities.
Investment banking division incorporated into a separate company - Kotak Mahindra Capital
Company.

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.

9
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.

10
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.

11
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.

12
 INTRODUCTION:

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.

13
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

14
TYPES OF NRI ACCOUNTS:

1. NON-RESIDENT ORDINARY(NRO) ACCOUNTS

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

15
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.

16
BENEFITS OF NRO ACCOUNTS:

1. Two sweep-in facility:

The dual advantage of the attractive returns of a term deposit and the liquidity of saving account.
Fund above a pre-set limit in customer saving account are automatically swept into high interest term
deposit account. Customer money is, however, completely liquid as they can access their funds in the
term deposit account anytime they choose.

2. Auto Renewal of Term Deposits:

Automatically renew the customer deposit on maturity. This ensures that the interest earned is
maximized.

3. Overdraft against deposit:

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

4. Repatriation:
Repatriation is up to USD 1 million per financial year subject to documentation and conditions
current income like rent, dividend, and pension is repatriable subject to CA certificate and proof of
nature of income.

5. Loans (against Fixed Deposits):

Loan (against Fixed Deposit) is available up to 85% of the loan amount subject to RBI guidelines.

17
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.

18
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:

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

19
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. USD
2. GBP
3. EUR
4. JPY
5. 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).

20
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.

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 Fully Partially Fully

Currency Rupee Rupee USD,GBP,JYP,&EUR

Term 1yr-3yrs 14days-10yrs 1yr-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

Purpose of account To deposit foreign To deposit To deposit foreign

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

Minimum balance Savings:INR10,000 Savings:INR10,000 USD1000, GBP500,

requirements Deposit:INR50,000 Deposits:INR50,000 EUR1000,
JPY110,000

Period for fixed 1-3 years 15 days-10 years 1-5years

deposit

Joint holding Only with NRIs Indian Residents and Only with NRIs
NRIs

22
Interest rate NRE rupee rates NRO rupee rates FCNR rate

Tax deducted at Exempt 30% plus service tax Exempt

source and cess

Frequency of Quarterly Quarterly Half-yearly

interest(fixed
deposits)

Repatriation Freely Repatriation Repatriable up to Freely Repatriation

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

Loans(against fixed Available up to 85% Available up to 85% Available up to 85%

deposits) for loan value up to an of the loan amount for loan value up to an
upper limit of rs.100 subject to RBI upper limit of rs.100
lakhs per RBI guidelines. lakhs per RBI
guidelines. guidelines.

Cheque book for Available Available -

Saving account

Debit/ATM Card for International debit Access India (local) -

Saving account cum ATM card debit cum ATM card

23
 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.

24
 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

25
DIRECT TRANSFER:

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

 PROCEDURE TO MAKE DIRECT TRANSFER:

 Customer has to register themselves their personal details on click2remit. They also need
to enter their bank account details that is bank account number and ABA Routing number
that would enable them directly debit their account using the ACH facility.

 On the basis of customer authorization bank would initiate two-sub dollar credits and one
sub-dollar debit (equivalent to sum of the two sub-dollar credits) on their account.

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

 ABA/ROUTING NUMBER

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

26
  DEBITED OF MONEY FROM CUSTOMER ACCOUNTS:

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

 CHARGES FOR USING DIRECT TRANSFER:

 Remittance Service charge:

A nominal USD 2 charges (inclusive of service tax 10.3%) for amounts of USD 1000 or
below for electronic credits into bank accounts( over100 key banks in India), for credit to credit
card accounts no remittance service charge applicable for higher amounts.

 Foreign Currency Conversion Charge:

A nominal charge of rs.25 (service tax @ 10.3% will be additional) will be levied on every
remittance request where foreign currency conversion is carried out. This charge would be
deducted from the amount to be paid to the beneficiary.

 EXCHANGE RATE USED IN DIRECT TRANSFER:

 Direct transfer from click2remit offers customer the best exchange rates. They check
indicative exchange rates by clicking on the transfer charges link on the click2remit home
page. Actual rates applied while converting the dollar amount transferred by customer
into Indian rupees may be different from displayed rates because of intra-day movements
in the rupee dollar exchange rate.

27
 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.

28
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.

29
 CUSTOMER NEED TO ENTER A NEW TRACKING NUMBER ON THEIR
INTERNET BANKING ACCOUNT FOR EVERY NEW TRANSACTION:

If customer are sending money to the same beneficiary again, they must make a new
request on money transfer and enter the new tracking number in their internet banking
account.

 BENEFICIARY RECEIVE THE MONEY:

 It will take up to 2 days working days to credit a Kotak Bank account from the
moment customer transfer the funds from the overseas bank account.

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

30
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.

31
 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.

32
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.

33
 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”

34
 CLICK2REMIT-MODES OF TRANSFER:

WIRE BANK/DIRECT CHECK REMARKS

TRANSFER TRANSFER LOCK BOX

US Available Available Available All modes have

(ACH) been activated

UK Available Available NA Popular modes

(Net Transfer) available

GERMANY Available Available NA Popular modes

(Net Transfer) 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/ Available NA NA Popular modes

UAE available

35
 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
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
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

CAD 0-1000 CAD 4 CAD 15 CAD 4

1001-1500 CAD 4 CAD 15 CAD 4
4001 and Above No Charge AED 15 No Charge

36
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.

37
 RESEARCH METHODOLOGY

Objective of Project:
 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.

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PRACTICAL WORK DONE:

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

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UGANDA 00256 12pm- 7pm

CANADA 001 After 7pm and before10am

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.

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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.
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.

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BIBLIOGRAPHY:

1.) www.kotak.com

2.) www.google.com

3.) www.wikipedia.com

4.) www.click2remit.com

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