Mashreq NEO, the digital banking arm of Dubai-based Mashreq Bank, has collaborated with Kotak Mahindra Bank, an Indian banking and financial services company, 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 secure banking to Mashreq NEO’s NRI customers who opt to bank with Kotak.
With this integration Mashreq NEO customers can view their Kotak non-resident external (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 – Retail Banking Mashreq Bank
“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.”
Mr. Virat Diwanji, Group President and Head of Consumer Bank, Kotak Mahindra Bank, said that “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 offering 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, and 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 to be active Mashreq customers with up-to-date KYC details as well as a valid Emirates ID, Pan Card (optional) and Indian passport.
