India’s Kotak Mahindra Bank Ltd. announced on Aug. 30 the launch of a credit card designed for the Non-Resident Indian segment, which includes Indian citizens who have migrated to another country, are of Indian origin but born outside India, or are of Indian origin but reside permanently outside India.
Consumers may apply for the so-called NRI card against a term deposit of 100,000 rupees (US$2,133 or 1,679 euros) or more. The card’s credit limit is up to 80% of the term deposit. The issuer does not assess an annual fee for the card.
Card features include four times reward points on international purchases; a fuel-surcharge waiver; the choice to redeem cash, credit or merchandise with reward points; and a facility to convert purchases into 0% installments over three months.
“The card provides customers the ability to purchase and pay in rupees,” an official from the bank tells PaymentsSource. “This will help these nonresident Indians save the mark-up fee on currency conversion, which otherwise would be levied when using their international credit cards in India.”
The bank’s branch in the city of Kozhikode will issue the card first, according to a statement from Kotak Mahindra.
Kerala has a high number of nonresident Indians, most of whom make a living in countries in the Persian Gulf, including the United Arab Emirates, Bahrain, Qatar and Oman.
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