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- Non-Resident Indian customers of Mashreq Neo can open Non-Resident – External (NRE) Account seamlessly and view both UAE account as well as NRE Account balance on Mashreq Neo App. They can also benefit from the best-in-class services and offerings of the two banks.
Dubai, UAE: Mashreq NEO announced its collaboration with Kotak Mahindra Bank (“KMBL”/” Kotak”) to enable seamless digital account opening for its Non-Resident Indian (NRI) customers in the UAE.
This collaboration enables Mashreq NEO’s UAE based NRI customers to digitally open an NRE account with Kotak Mahindra Bank in India, through a seamless process that can be completed within minutes. In line with Kotak’s customer-centric proposition, the partnership will extend high speed, greater convenience, and totally secure banking to Mashreq NEO’s Non Resident Indian customers who opt to bank with Kotak. With this integration Mashreq NEO customers can view their Kotak NRE account balance and remit funds from their Mashreq Neo account to the Kotak NRE account and benefit from the best-in-class services and offerings of the two banks.
Fernando Morillo, Group Head of Retail Banking, Mashreq, said, “Our collaboration with Kotak Mahindra Bank underlines Mashreq Neo's dedication to bridging borders and simplifying global financial interactions for our valued NRI customers. This partnership not only offers international banking convenience but is also a testament to our unwavering commitment to innovation, security, and customer-centricity. We believe that in this digital age, banking should be immediate, transparent, and effortless, regardless of geographic boundaries. Through this synergy with Kotak, we are offering our Non Resident Indian clientele in the UAE a banking experience that truly encapsulates our vision, breaking barriers and setting new benchmarks.”
Virat Diwanji, Group President and Head Consumer Bank, Kotak Mahindra Bank, said, “Kotak Mahindra Bank is delighted to collaborate with Mashreq Bank by offering seamless digital account opening experience to their Non Resident Indian customers. This collaboration further strengthens our commitment to offer best-in-class digital banking services and products to customers across the globe. ”
The joint value proposition will be through host-to-host integration and will facilitate a seamless process that is fully digital, paperless and operates in real-time leading to instant account activation.
Mashreq customers can now open a Kotak Mahindra Bank NRE account simply by logging into their Mashreq Neo app and completing all the formalities online. Here, they can also view the balance of their UAE and Indian accounts, conduct money transfers to their NRE account, and enjoy competitive interest rates on their savings offered by Kotak Bank.
To be eligible to open an NRE account with Kotak Mahindra Bank, Indian nationals residing in the UAE need be active Mashreq customers with up-to-date KYC details as well as a valid Emirates ID, Pan Card (optional) and Indian passport.
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About Mashreq
Mashreq is more than half a century old bank, yet proudly thinks like a challenger, start-up, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers, all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them reach fulfillment, achieve financial goals, and unlock their vision of success.
Reassuringly present in major financial centers of the world, Mashreq’s home and global HQ remains in the Middle East, offering services wherever opportunity takes its customers.
Find your way to Rise Every Day at Mashreq.com/RiseEveryDay
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.
The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the
unbanked and insufficiently banked. As on 30th June, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,788 branches and 3,047 ATMs, and branches in GIFT City and DIFC (Dubai).
For more information, please visit the Company’s website at https://www.kotak.com
For further information, please contact:
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