Kotak Mahindra Bank (KMB) has introduced a fixed deposit credit card for bank’s non-resident Indian customers. According to bank sources the NRI can get this credit card against a fixed deposit of Rs 1 lakh and above and the credit limit of the card is up to 80% of the deposit.
During the launch of the credit card Mr C. Javaram, Executive Director of the bank, said the cardholders will get offers such as four times reward points on international spends, fuel surcharge waiver, choice on redemption of rewards points and no-charge equated monthly installments for three months.
On this card, the cardholders will get the freedom to pay in rupee for their purchases which is will help them in saving on the ‘forex mark-up fee’. Normally the cardholders have to pay forex mark-up fee on using their international credit cards in India. Bank’s NRI customers while travelling in India can make payments of their travel, shop and dine in rupee through the card.
On the occasion Jayaram also made an official announcement of the opening of bank’s branch in Kazhikode, it is the fourth branch in Kerala the other three are already operating in Kottayam, Kochi and Thiruvananthapuram.
He told that bank will be expanding its overseas business. Following this bank’s offshore asset management business operating from offices in Dubai, London, New York, San Francisco and Singapore will be expanded. The bank has filed an application with the Reserve Bank to get permission for opening of overseas branches.
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