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Old November 17th, 2017, 06:12 PM
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Join Date: May 2011
Default Re: Kotak Mahindra Bank Rupee Advantage Plan

Rupee Advantage Plan is a special deposit which enables you to earn high yield tax free and fully repatriable income on your foreign currency deposits

Rupee Advantage Plan

Invest in an Indian Rupee deposit for NRIs & PIOs and benefit from lower tax with high and secured returns.

Interest earned is exempted from Income tax in India

Fully and freely repatriable deposit

It can be jointly opened by NRIs/PIOs only

Tenure from 1 year 1 day
up to 5 years

Invest through your foreign currency funds or Indian repatriable funds in FCNR deposits in USD/GBP/EURO/JPY/AUD/CAD/CHF

Minimum FCNR amount is USD 25,000 Rest of all currencies 50,000 (GBP, EURO, JPY, AUD, CAD and CHF)

Assured returns (in Rs. ) irrespective of the future movements in currency markets


NRIs and PIOs as per FEMA definition

Seafarers of Indian nationality / origin employed by overseas shipping companies, or

Indian government employees with Diplomat passports, or

Students pursuing studies in foreign countries.

NRI’s – Non-Resident Indians

An NRI is an Indian citizen who stays outside India:

For employment or business; or

Intends staying outside India for an uncertain period; or

Is an official deputed abroad by Government / Public Sector Undertakings on temporary assignments

PIOs – Persons of Indian Origin

A foreign citizen is deemed to be of Indian origin if:

He/she, at any time held an Indian passport

He/she or either of his/her parents or any of his/her grandparents was a citizen of India

He/she is a spouse of a PIO / Indian citizen

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