In an effort to improve financial inclusion in the UAE, Mashreq NEO has collaborated with Kotak Mahindra Bank (“KMBL”/” Kotak”) to enable non-resident Indian (NRI) customers to open a digital account in the country.
Mashreq NEO’s UAE-based NRI customers can now open a NRE digital bank account with Kotak Mahindra Bank in India in a matter of 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.
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.”
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. Additionally, they can benefit from the services and offerings of the two banks.
Virat Diwanji, group president and head consumer bank, Kotak Mahindra Bank, said: “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. In addition, it is paperless and operates in real-time leading to instant account activation.
Mashreq customers can now open a Kotak Mahindra Bank NRE account 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.